Google Cloud becomes a Volunteer Validator for gaming blockchain XPLA

Fujitsu Launches Blockchain Collaboration With Asian Development BankFujitsu, the Tokyo-based global information technology solutions company, announced that it will be launching a new blockchain-based platform at the end of this month.The announcement was made via a press release published to the Japanese company’s website on Thursday. This comes after the successful completion of a year-long pilot trial using Fujitsu’s blockchain technology, ConnectionChain. The trial focused on enhancing cross-border settlements of securities in various regions, including Japan, China, South Korea, and Southeast Asian nations, as stated in the company’s press release.Photo by Shubham Dhage on UnsplashInitial trial project successBuilding upon the positive outcomes of the trial project, Fujitsu is set to introduce the Fujitsu Web3 Acceleration Platform at the end of June. The pilot initiative commenced in January 2022 in collaboration with the Asian Development Bank, based in the Philippines, along with ConsenSys, a blockchain infrastructure company, enterprise technology firm R3, and Soramitsu, a blockchain tech company headquartered in Tokyo.Fujitsu intends to further explore the potential of blockchain technology and the decentralized nature of the emerging internet wave known as Web3 to foster market connections and societal growth. The company is part of a consortium of prominent Japanese firms that announced the establishment of a “Japan Metaverse Economic Zone” on February 23. By leveraging blockchain and the metaverse, which is an essential component of Web3, Fujitsu envisions opportunities for expansion and development across various industries and economies.Metaverse use caseThere’s a growing need for a genuine metaverse to serve as a hub that connects different industries, emphasizing the suitability of blockchain for this purpose. Companies often have their own Application Programming Interfaces (APIs) that they prefer to use exclusively. To overcome this fragmentation, a transparent and decentralized medium is required, which blockchain technology can provide.Fujitsu is a significant player in the Japanese digital technology services sector, with consolidated revenues of 3.7 trillion yen ($28 billion) for the fiscal year that ended on March 31, according to information available on its website. The company’s commitment to exploring the potential of blockchain and its involvement in the creation of the “Japan Metaverse Economic Zone” showcases its interest in driving innovation and connectivity in the evolving digital landscape.Late last year, the company entered into a strategic agreement with SettleMint, a low-code platform for blockchain application development, in an effort to accelerate development of its enterprise blockchain and track and trust solutions. In February, the firm announced the launch of its Web3 Acceleration Platform, which it describes as “a future community for users in start-ups, partner companies, and universities working to build the next generation of Web3 applications and services.”As Fujitsu prepares to launch its new platform, the industry eagerly anticipates the impact it will have on cross-border settlements and market connectivity. With the potential for blockchain and the metaverse to revolutionize industries and economies, Fujitsu’s foray into this space adds further confidence in Web3 development given the company’s stature.

Binance’s Entry Followed by Increased Scrutiny on Foreign Executives in Korean Crypto FirmsSince Binance’s acquisition of South Korean crypto exchange GOPAX earlier this year, it appears that South Korean financial authorities have tightened their oversight of virtual asset service providers (VASPs), according to an article by local news outlet News1.Photo by Vadim Artyukhin on UnsplashAuthorities had previously instructed existing VASPs to report any changes in their location or registered executives. However, according to industry sources on Monday, authorities recently issued a notice to VASPs, emphasizing the importance of reporting the appointment of foreign executives as well. This change in authorities’ approach is not unrelated to the recent incidents involving Binance and GOPAX, which have caused ripples in the Korean market.Ongoing leadership changesBinance acquired a majority stake in Streami, the operator of GOPAX, back in February after GOPAX struggled to make principal and interest payments on its own decentralized finance (DeFi) service, GOFi, in the wake of the FTX collapse that happened in November 2022. In doing so, Binance injected capital into GOPAX in order to provide a solution for the issue.This marked Binance’s entry into the Korean market, with the number of monthly active users in the country soaring since then. A survey conducted in June by blockchain-based polling app Cratos also revealed that the Korean public had an overall favorable opinion towards the acquisition.Following the acquisition, Streami underwent multiple leadership transitions with Lee Jun-haeng resigning and Binance’s Asia Pacific Head, Leon Sing Foong, taking over. Shortly after, Foong also stepped down, and the baton was passed to Lee Joong-hoon, GOPAX’s former Vice President. It is also notable that Foong recently left Binance altogether amid regulatory scrutiny.Streami subsequently submitted reports to the Financial Intelligence Unit (FIU) under the Financial Services Commission in line with requirements to inform the regulatory body about these changes. However, the FIU has not yet granted its approval, likely due to the legal challenges Binance is currently facing in multiple jurisdictions worldwide.In a seeming effort to address this regulatory roadblock, Streami has recently decided to delegate yet another CEO whose identity has not yet been disclosed. This marks the third leadership shift in just half a year.On the other hand, crypto trading platform Crypto.com also acquired the exchange OKBIT last year. However, its process of entering the Korean market was quite different from that of Binance, as the platform received proper approval for changes in executive positions, such as the appointment of Rafael de Marco e Melo as Chief Financial Officer.Mounting roadblocksIt appears that authorities have now decided to form a more robust oversight system, including monitoring changes in foreign executive appointments at VASPs. However, some argue that such regulatory changes could be perceived as a hindrance for global exchanges looking to enter Korea’s lucrative crypto market where there is a high level of investor sentiment from up to seven million individual investors.To operate as a virtual asset business in the country, businesses must obtain preliminary certification for an Information Security Management System (ISMS) and register as a VASP. Obtaining ISMS certification is a time-consuming process, prompting overseas VASPs to enter the Korean market by acquiring businesses that have already received certification in Korea.However, if the entry barriers to Korea increase as authorities start to scrutinize changes in foreign executive positions, global VASPs may reconsider entering the market.

X-PLANET to Sell NFTs for 35th Anniversary of Choushinsei Flashman’s Korean ReleaseCom2uS Platform, a subsidiary of Korean game developer Com2uS Holdings, announced last Friday that it will launch non-fungible tokens (NFTs) on its NFT marketplace X-PLANET to celebrate the 35th anniversary of the Japanese television show Choushinsei Flashman’s Korean release.Photo by PJ Gal-Szabo on UnsplashFan-favorite showChoushinsei Flashman is a live-action superhero series that gained immense popularity when it was released in South Korea in 1989. The original series produced by Japan’s Toei Animation captivated fans with its dynamic action sequences and the exploration of deeper themes such as family separation and loneliness.Merging the retro and modern worldsX-PLANET is collaborating with Toei Animation and Korean publishing company Daewon Media to carry out the NFT project. The 35th anniversary NFT will officially drop on November 1 at 9:00 AM (UTC) for $150 each. Buyers will receive a 35th-anniversary merchandise set, which includes a Rolling Vulcan figure lamp, a set of Video Home System-themed photo cards, an acrylic phone pop socket, and an acrylic frame. The Rolling Vulcan figure lamp in particular is gaining the most attention, as it is being officially released for the first time in three decades.The marketplace also opened an official mini website dedicated to the event and announced that it would be airdropping NFTs of Mag, the show’s representative robot mascot, on a first-come, first-served basis from Friday until the end of the month.X-PLANET is also planning to hold a Choushinsei Flashman 35th anniversary fan meeting in Korea early next year, which will invite seven Japanese actors from the show plus a secret guest. The sale of NFT tickets to the fan meeting will open in December, the platform said.