NEOPIN works with Japan’s Jasmy to develop RWA-based DeFi products

Lotte Data Communication launches NFT donation campaign for children’s rehab centerSouth Korean IT service company Lotte Data Communication is running an NFT donation campaign dedicated to building a children’s rehabilitation center on its NFT marketplace KottonSeed, according to local newspaper The Herald Business on Friday.Photo by Markus Winkler on UnsplashNFTs for charitySponsored by the South Korean Ministry of Health and Welfare, the Korea Disabled People’s Development Institute, the non-profit organization Todag Todag and Hanam City’s Disabled People Family Support Center, the donation campaign will run throughout this month, rewarding every participant with one free “Good Seed NFT”. For each NFT distributed, Lotte Data Communication vowed to donate KRW 1,004 ($0.77). In Korean, the number 1,004 has the same pronunciation as “angel.”The company explained that the project aims to go beyond using NFTs simply as a form of virtual assets, but rather inspire a spirit of giving by showcasing the various ways that NFTs can be used. KottonSeed will also partake in more donation campaigns incorporating Good Seed NFTs in the future to contribute to this objective.“Through this donation campaign, we wanted to demonstrate that there are no limits to the use of NFTs. We hope this becomes an opportunity for many people to feel that positive influences can reach even the places that tend to go unnoticed in our daily lives through NFTs.”Bringing NFTs to various sectorsKottonSeed — currently a beta service — offers NFT marketplace and wallet services that support blockchain networks like Ethereum, Polygon and Klaytn and a variety of payment methods, making it easy for anyone to buy, sell and own NFTs. Lotte Data Communication has been making strides to increase KottonSeed’s presence in the NFT market since its launch earlier this year. It has been incorporating NFTs into various sectors such as proof of participation in activities, product promotion, sports marketing and environmental, social and governance (ESG) efforts.

Data Labs leverages blockchain technology for data-based travel itinerary appFounded in 2021, Data Labs is changing the landscape of travel by leveraging blockchain and NFT technology to offer a wallet service called “MyInfo Market,” where users can store and control their own data, according to an article published by Korean news outlet Data News.In particular, MyInfo Market can be used in tandem with the company’s travel app Yeohaengdaelo, which utilizes users’ travel-related data to recommend travel destinations and organize and share itineraries. Users can directly manage their personal preference information on MyInfo Market and selectively submit the information necessary to receive rewards. “It’s not just a travel itinerary app, it’s also a way for individuals to earn money using their own data,” said Kim Jong-hyun, CEO of Data Labs.Photo by Eva Darron on UnsplashSeamless travel experienceYeohaengdaelo integrates Naver Blog, Instagram and KakaoTalk services into one app, aimed at relieving the stress that comes with travel preparation, Kim explained. It utilizes data such as the region a user is traveling to, their travel companions and information on facilities, as well as their travel preferences and patterns. The app also provides real-life services such as discounts at designated restaurants near the travel site.Building trust and valueThe company explained that it intends to maintain a cyclical data ecosystem where users can willingly provide their data to get travel recommendations and receive suitable compensation for that information in return. Because the ecosystem is blockchain-based, it provides a safe method of personal information management.Since the launch of Yeohaengdaelo in July, Data Labs has been developing a business model that can secure a solid user base and revenue for affiliated businesses. It expects to reach 55,000 members next year and 2.14 million members by 2028. The company also expects to use the business model as a basis for generating KRW 500 million (approximately $386,000) in revenue next year by linking marketing channels, issuing discount coupons for kids’ amenities and providing data royalties.In the future, Data Labs plans to expand Yeohaengdaelo to include not only travel preparation services but also information on various discounts that users can receive based on the location they are in. Efforts like this will be necessary to provide unique user experiences, the company said.Data Labs is also currently receiving support through Y&Archer’s tourism acceleration program. Y&Archer is a Korean investment and acceleration firm known for its AC Program, which discovers, accelerates and supports startups through various projects.“In the past, companies profited from personal data, but Yeohaengdaelo allows individuals to monetize their data. Our goal is to create a world where individuals can regain the rights (to their own data) and be at the center of Web3 content,” Kim said.

Dubai’s VARA grants WadzPay ‘initial approval’ of trading licenseIn the latest demonstration of the emirate’s crypto-friendly credentials, Dubai regulator, the Virtual Assets Regulatory Authority (VARA), has granted an “Initial Approval” license to WadzPay.WadzPay was founded in 2018 in Singapore as a business-to-business (B2B) technology firm that concentrates its efforts on enabling digital asset-based transaction processing and settlement. This licensing approval is a significant step forward for the startup, as it inches closer to obtaining a full-fledged Virtual Asset Service Provider (VASP) license.Photo by Paul MARSAN on UnsplashGearing up for service roll-outWith this approval in hand, WadzPay is gearing up to offer a range of virtual asset services, specifically under the forthcoming VASP License for Transfer and Settlement, as well as Broker-Dealer trading activities.That said, the current VARA license places certain restrictions on WadzPay’s offerings. While WadzPay is known for providing a wide array of services to businesses (B2B) and individual users through its B2B2C platform, the “Initial Approval” license limits its scope to only a subset of its virtual asset products and services.Flurry of approvalsDubai has taken center stage in the realm of crypto-friendly jurisdictions, granting a flurry of operational licenses to numerous crypto firms and exchanges in recent months. The regulatory framework in Dubai is underpinned by robust guidelines for VASPs. To operate fully within this framework, crypto firms must navigate a meticulous three-tier licensing process, starting with provisional approval, followed by a minimal viable product (MVP) license, culminating in a total market product license.One of the recent beneficiaries of VARA’s approvals is Backpack, a virtual currency wallet provider. Last month, Backpack received its VASP license, allowing the introduction of the Backpack Exchange to the market. However, similar to WadzPay’s situation, Backpack’s license comes with certain limitations.It permits the offering of crypto exchange services within Dubai but restricts the rollout of other virtual asset services. The Backpack Exchange sets itself apart with advanced features, including zero-knowledge (ZK) proof-of-reserves, multi-party computation (MPC) for secure custody and lightning-fast order execution capabilities.Nomura portfolio company approvalsKomainu, a collaborative venture involving financial heavyweights like Nomura, CoinShares and Ledger, is another notable success story. After a diligent licensing journey, Komainu secured its full operating license from VARA, approximately 10 months after obtaining its MVP license in November 2022.Laser Digital, a crypto division under the vast umbrella of financial giant Nomura, also earned its operational license from VARA in August. Through its dedicated subsidiary, Laser Digital Middle East FZE, based conveniently in Dubai, Nomura has showcased its VASP license. The permit enables the firm to offer a suite of services, including brokerage, virtual asset management and investment offerings within the emirate.Notably, Laser Digital’s licensure followed closely on the heels of Binance, the global crypto exchange. Binance secured its operational minimum viable product (MVP) license from VARA, paving the way for providing crypto exchange and virtual asset broker-dealer services within the region.This flurry of licensing activities and approvals in Dubai is suggestive of the emirate’s commitment to fostering a progressive and regulated crypto environment.