Coti plans transition to Ethereum layer-2 network in 2024

ZTX Collects $13 Million in Seed Funding for Web3 Metaverse PlatformSingapore-based Web3 metaverse platform ZTX, a joint blockchain venture by ZEPETO and Jump Crypto, has raised a total of $13 million in its most recent seed funding round. The platform, currently undergoing development, will serve as an immersive three-dimensional open world where Web3 creators can interact and trade digital assets.Photo by Markus Winkler on Unsplash“We’re excited to share news about our fundraising round,” said Chris Jang, Co-CEO of ZTX. “We have been building steadily and discreetly for well over a year, and with our token launch happening in the coming months we want to emphasize the commitment that our investors, just like our team, have toward our vision to provide an infrastructure layer to creators.”Global backing for ZTXThe latest funding round led by Web3 infrastructure firm Jump Crypto attracted investors from around the world, such as Parataxis Capital, MZ Web3 Fund, Collab+Currency, and more, due to its promising outlook in the Web3 sphere.“We believe that ZTX has the potential to create a unique world, setting it apart from all other Web3 metaverse projects. The seamless integration of digital asset creation and trading in the metaverse with Web3 technology is truly exciting, making their application within Web3 applications a natural fit. Moreover, the ZTX team’s expertise in both the metaverse and Web3 is exceptional, and we have high expectations for their future endeavors,” said Yuki Kanayama, General Partner at MZ Web3 Fund.Strong foundation and team expertiseZTX’s creator ZEPETO also offers solid promise as South Korea’s leading metaverse platform that touts over 400 million lifetime users. It is the fourth-largest metaverse platform in the world, holding its spot among the same ranks as Roblox, Fortnite, and Minecraft. It has also partnered with major brands such as Gucci and Starbucks along with celebrities like the K-pop girl group Blackpink.Made up of industry veterans from tech and Web3 giants like Apple, Roblox, Solana, Cosmos, and more, the ZTX team plans to utilize its various underlying advantages to globalize Web3 and bring it to a wider mainstream audience.The team has consistently been building the ZTX ecosystem from the ground up. In a recent development, the platform ran its first private, invite-only beta test last month, dubbed “Playtest”. It has also worked with Dust Labs, the software provider for NFT projects such as DeGods and y00ts, to launch ZTX Partner Wearables, a community-driven initiative that provides tools to IP partners for creating 3D assets and contributing to the expansion of the narrative within an open-world environment.“As a crypto-focused venture fund, we back visionary teams who are using decentralized technology to shape the next wave of consumer products. We are thrilled to be part of this round, supporting ZTX’s exceptional team and their unique advantages. ZTX can provide a distinct infrastructure layer for diverse NFT projects and Web3 builders with its creator-focused tooling, and we look forward to helping ZTX succeed in its ambitious mission,” said Stephen McKeon, Partner at Collab+Currency.Future projectZTX’s upcoming activities include the launch of the Genesis Home Mint, featuring 4,000 bespoke 3D District Homes. This collection offers benefits such as a district membership in one of the four districts — Arts, Financial, Fashion, and Games — as well as exclusive access to future releases, events, and enhanced gameplay experiences within ZTX.

Korean Travel Rule Solution Provider Partners with ACAMS to Enhance AML MeasuresConnect Digital Exchanges (Code), the Korean Travel Rule solution provider, announced today that it has forged a partnership with the Association of Certified Anti-Money Laundering Specialists (ACAMS), the largest international membership organization of its kind.©Pexels/Savvas StavrinosTravel RuleThe Travel Rule, issued by the Financial Action Task Force (FATF) to prevent money laundering and terrorist financing, requires virtual asset service providers to screen the information of the senders and recipients of crypto transactions.Code’s collaboration with ACAMSCode will collaborate with ACAMS to develop more effective anti-money laundering (AML) measures in Korea by producing anti-financial crime experts, and enhancing Travel Rule regulations. ACAMS offers internationally recognized training programs, with more than 40,000 certified AML specialists in over 175 countries and regions.More about CodeCode was jointly established by Korea’s major crypto exchanges Bithumb, Coinone, and Korbit in August 2021. Code recently published a report containing the Travel Rule operation results over the past year in Korea and its recommendations.

South Korea is weighing a fiat-backed stablecoin, balancing monetary sovereignty against the fact that global stablecoins are dominated by the U.S. dollar while domestic payments are already near-instant.Photo by DrawKit Illustrations on UnsplashThin domestic need despite sovereignty aimsThe case for a won-pegged token is facing challenging headwinds. As a recent Korea Economic Daily report highlighted, skeptics argue the won's limited global demand and lack of reserve currency status would curb its adoption internationally. Domestically, the need is even less apparent. A study by NH Investment & Securities noted that with retail payments settling in seconds via biometrics or passwords, and with world-leading credit card and bank account penetration, the efficiency gains from a stablecoin are marginal at best. Despite this, the appeal of digital currencies is growing. Transactions in dollar-backed stablecoins USDT and USDC on Korea’s five main exchanges totaled nearly $71 billion between January and August, according to CryptoQuant. This rising adoption presents both an opportunity and a threat. While some analysts believe stablecoins could smooth exchange-rate volatility, the Bank of Korea (BOK) has expressed concern. In a recent working paper, Son Min-kyu of the central bank commented that the widespread use of dollar-backed stablecoins could entrench the dollar's dominance, while also amplifying run risk and market volatility in Treasuries during periods of stress. Scarce short-term collateralSeoul also faces a unique structural hurdle: a shortage of short-term government bonds to use as collateral. Unlike the U.S., where stablecoin issuers rely on a deep market for Treasury bills, Korea’s bond market is dominated by long-dated paper. Kim Pil-kyu of the Korea Capital Market Institute (KCMI) described short-term sovereign bills as vital for a stablecoin’s value preservation, a resource Korea currently lacks. As South Korea deliberates, other major economies are forging ahead on divergent paths. Japan is moving to authorize privately issued stablecoins this fall, while the European Union has brought them under its comprehensive Markets in Crypto-Assets (MiCA) regulation. UK’s cap plan clashes with pro-innovation pushThis regulatory balancing act is also playing out in the U.K., where a policy rift is emerging. According to the Financial Times, the Bank of England has proposed capping individual holdings of widely used stablecoins at £10,000–£20,000, with a £10 million limit for businesses. Industry groups argue the plan would be expensive to implement and could blunt the U.K.’s competitive edge in digital finance. The central bank's caution also contrasts with the government's pro-innovation stance, with finance minister Rachel Reeves recently pledging to promote the use of stablecoins and tokenized securities. For Seoul, the global shift toward tokenized money is undeniable. With seemingly limited domestic demand and various structural challenges, a won-backed stablecoin is, for now, an idea worth watching as the broader financial landscape evolves.