Gumi joins XPLA mainnet as newest validator

Japanese Games Publisher Suspends Metaverse DownloadsJapanese video game publisher Bandai Namco has taken the step of temporarily suspending downloads of its recently unveiled Gundam Metaverse, raising questions and concerns about a potential major leak within the project.In an official announcement on Thursday (local time), the company expressed regret over the temporary suspension of client file downloads, stating that the firm is sorry that downloading the client files for the Gundam Metaverse has been temporarily suspended.Photo by Jason Ng on UnsplashRecent game releaseGundam Metaverse was launched with the collaborative intention of Bandai Namco and Gundam fans, aimed at creating a community that contributes to future Gundam projects. The sudden halt to downloads came as a surprise, given that the game was released just this month.The Gundam Metaverse was initially slated to be open for a limited time in Japan and the US. It featured an “Early Access” phase for a select number of users, which commenced on October 6, followed by the “General Access” phase available to the public starting on October 12.During this time, visitors had the opportunity to immerse themselves in a 3D world inspired by the iconic Gundam anime. The virtual world included a store offering six distinct Gundam Plastic models, commonly known as Gunpla, and a space for digital live performances by artists affiliated with the Gundam series.Suspected design file flawsBandai Namco has remained tight-lipped about the reasons behind the decision to cease downloads, leaving fans and observers speculating about potential issues with the project. Speculation was further fueled by rumors that circulated online, suggesting that the game’s downloads contained unencrypted design files related to specific models from “Gundam SEED Freedom.”These rumors began circulating as early as mid-September when a Weibo user claimed to have shared images of the “Freedom Gundam” and “Justice Gundam” designs, scheduled to make their debut in “Gundam SEED Freedom.” This upcoming animated film is produced by Bandai Namco Filmworks and directed by Mitsuo Fukuda, with a release date set for January 26 next year, marking the 20th anniversary of the Gundam SEED franchise.Given that Gunpla models were set to be released in tandem with the film’s screening in January, the alleged leak of design files would be a substantial concern for Bandai Namco.Hong Kong news outlet HK01 reported:“There were a large number of 3D model CAD [computer-aided design] files of Gundam models hidden inside [a download], including 2024-only 3D model CAD files.”Metaverse visionBandai Namco set out its metaverse vision in March 2022 when it provided initial details on what it termed back then as its “Gundam Metaverse Project.” The project involved an outlay of $130 million for the company to get it off the ground.At the time, Bandai Namco saw its entry into the world of the metaverse as an opportunity for it to be “connected with fans,” becoming a hub so that those connections could run more deeply and broadly and result in greater enjoyment for IP fans, partners, group employees, and society worldwide.Bandai Namco’s decision to halt downloads remains a topic of intrigue that has left Gundam fans and industry observers eagerly awaiting further developments and clarifications from the gaming giant.

India’s CoinSwitch Trims Workforce Amid Market DownturnIn the wake of an extended cryptocurrency market downturn, India’s CoinSwitch, a crypto investing app, has become the latest platform to downsize its staff, as reported by local news agency Moneycontrol on Monday.Photo by Kelli McClintock on UnsplashCustomer support cutsThe exchange has reportedly let 44 employees go from its customer support division this month, attributing the move to redundant roles caused by the bear market’s decline in customer queries.In a statement, CoinSwitch explained: “We continuously evaluate our business to stay competitive, prioritizing innovation, value, and service for our customers. To that end, we right-sized our customer support team to align with the present volume of customer queries on our platform.”The company noted that this decision led to the voluntary resignation of 44 members from its support team, following detailed discussions with their managers. The 44 employees represent a significant portion — approximately 8% — of CoinSwitch’s total workforce. The company’s LinkedIn profile currently indicates that it has 519 employees.Following local industry trendCoinSwitch’s staff reduction news emerged barely a week after another prominent local exchange, CoinDCX, downsized its workforce by 12%, based on an overall headcount of around 730 employees (according to LinkedIn data).The fact that both businesses have taken the decision to cut staffing is indicative of an overall market downtrend currently. That said, CoinSwitch had onboarded 60 people since April, which would imply that the firm is expanding in other areas despite these customer service-related layoffs.This may reflect the company’s plan to change strategic direction. Going forward, CoinSwitch intends to diversify its product offering and transition towards becoming a wealth tech platform.CoinDCX layoffsCoinDCX’s Co-Founders, Sumit Gupta and Neeraj Khandelwal, stated last week that they were making what was a very difficult decision to reduce the size of the team by 12% and that they regretted that talented team members would be moving on from the organization. The founders attributed the decision to market challenges and also pointed out the impact of the 1% Tax Deducted at Source (TDS) applied to local crypto exchanges. They clarified:“These factors had a significant impact on our volumes and thus revenues. To adapt, we undertook several proactive measures, including direct cost optimization and investment in automation to drive efficiency and productivity.”According to the announcement, the affected CoinDCX employees will receive a support package including severance pay equivalent to their full notice period, an additional month of salary, extension of health insurance, and other forms of assistance.CoinSwitch was founded by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari in 2017. The company received the backing of leading venture capital firms such as Andreessen Horowitz (a16z), Sequoia Capital, Tiger Global, Paradigm, Coinbase Ventures, and Ribbit Capital. In 2021 it was recognized as India’s second crypto firm to reach unicorn status, following a $260 million Series C funding round that saw the company reach a valuation of $1.9 billion.In 2022 India introduced a 30% tax on cryptocurrency gains, resulting in the exodus of numerous cryptocurrency service providers and a steep decline in crypto trading activity. The country has also implemented a 1% TDS for crypto exchanges, mandating that exchanges pay 1% on all crypto asset transfers.

South Korean digital marketing firm FSN has entered into a strategic alliance with Fingo Company, the operator of the music copyright platform Fingo, to jointly work on a tokenized securities project based on the recently raised funds, according to local news site Newsis on Monday (KST).Photo by Chris Liverani on UnsplashUnlocking synergiesThrough this partnership, FSN and Fingo aim to collaborate on a token securities project. As both companies have experience in leveraging IP, they are expected to apply their expertise to the new business. In particular, FSN operates several IP-based Web3 projects such as Sunmiya Club and Bellygom NFT through its subsidiary Finger Labs, through which the firm has been demonstrating its competitive edge. Fingo also owns a variety of content-based IPs and is cooperating with major domestic securities companies. The two firms’ business capabilities are thus expected to create great synergy in the market. Fingo’s service allows anyone to share revenue made from music, a concept referred to as music revenue sharing, which was once limited to creators or singers only. Last year, it took a step into the tokenized securities sphere by signing a business deal with Mirae Asset Securities, the country’s largest asset manager, to establish a token securities service and launch innovative financial investment products. FSN has been gearing up to take on this collaborative project, namely a recent success in raising a total of KRW 10 billion (approximately $7.5 million) in funding. The company explained that with this considerable funding paired with its knowledge of Web3 and blockchain technology and experience in collaborative partnerships, it will be equipped to settle into the tokenized securities market seamlessly. Charting new horizons"As we have secured large-scale funding under stable conditions, we expect to successfully pursue new businesses, including that in tokenized securities," FSN CEO Lee Sang-seok said. "We will steadily expand new businesses by establishing partnerships with companies with competitiveness in various areas, starting with Fingo Company, which has a competitive edge in tokenized securities and music IP," he said.