IOTA accelerates Middle East expansion with $100M foundation launch

Blockchain-powered donation platform collaborates with NPO Yana to hold charitable bazaarCherry, a blockchain-powered donation platform, is set to hold a bazaar with non-profit organization (NPO) Yana at POSCO CHANGeUP GROUND in Seoul from Friday to Saturday. The objective of this event is to support children’s homes and care leavers.Photo by Markus Winkler on UnsplashMedical expense support for children’s homesThe bazaar is being organized by ongoing sponsors of Cherry and Yana. This event will feature sales of corporate-sponsored items, with the proceeds dedicated to assisting with medical and various other expenses at children’s homes and for those who have left care. Visitors can look forward to an array of products from companies like Solideo Systems, Jungsaemmool Beauty, Esther Formula, and Rebuy For You. Moreover, the bazaar will showcase a collection of dresses and cherished items from celebrated personalities, including actresses Shin Ae-ra and Park Jin-hee, comedian Park Na-rae and Kpop singer Sandara Park.In addition to sponsored items, the bazaar will offer a wide range of items, including clothing, shoes, cosmetics, eyewear, and food. A representative from Cherry mentioned that all the vendors have committed to donating a part of their sales proceeds. This arrangement allows visitors to enjoy their shopping experience while also contributing to socially responsible consumption, as their purchases will lead to donations.Attendance at the bazaar is priced at KRW 10,000 (approximately $7.7), and registration for the event is available through the Cherry app. For those unable to attend in person, there’s still an opportunity to contribute by purchasing a ticket, allowing for donations from anywhere around the world.Blockchain transparencyCherry is Korea’s first blockchain-based donation platform, designed to foster a culture of transparent donations by recording all donation flows on the blockchain. Since its inception in 2019, the platform has attracted over 380 donor organizations running more than 1,900 campaigns. The cumulative donations have surpassed KRW 11 billion.Yana allocates 100% of its donations to support projects for children’s homes and individuals transitioning out of care. This commitment to transparency in their donation processes is facilitated through the use of the Cherry platform.

NFT Seoul Conference 2023 to Picture the Future of Digital InnovationArt Token, a South Korean company that operates non-fungible token (NFT) marketplace 2R2, has made an announcement regarding the upcoming NFT Seoul Conference 2023, scheduled to take place at COEX on September 1. This conference is poised to provide insights into the future trajectory of the ever-evolving digital landscape.According to a local news outlet, the event is co-hosted by Art Token, along with The Korea Herald, an English-language newspaper in Korea, and Soongsil University. Noteworthy support is also coming from Crypto.com, a crypto exchange headquartered in Singapore.Photo by Riza Gabriela on UnsplashNFTs as economic vehiclesHong Ji-sook, CEO of Art Token, shared the motivation behind orchestrating this NFT-focused conference. According to her, the event focuses on the future of NFTs, which are anticipated to serve as economic vehicles in the emerging Web3 digital ecosystem. Hong added that the conference is designed to provide strategic responses to the burgeoning concepts in the expansive digital realm such as decentralization, decentralized autonomous organizations (DAOs), and crypto rewards.Highlighting the pivotal role of NFTs in embracing necessary digital innovations across the domains of art and finance, she emphasized that the conference agenda will showcase sessions and programs that foster a dynamic exchange of ideas. This collaborative environment is anticipated to pave the way for novel opportunities and solutions that hold relevance across blockchain technology, the tech industry, and the artistic landscape.Web3, NFT art, and security tokensThe in-person conference will be structured around three main themes: Web3, NFT art, and security token offerings (STOs). The keynote speakers will delve into the future trends of NFTs and their potential in the Web3 era. They will also analyze the utilization and significance of NFTs in the realm of art. Lastly, the presenters will assess the current state of the Korean security token market and discuss the diverse industrial applications of security tokens. Meanwhile, visitors will have a chance to glean insights from other separate sessions that shed light on the evolving global landscape.

Binance Explores Stablecoin Issuance on MUFG Progmat Coin PlatformMitsubishi UFJ Trust and Banking Corporation (MUTB), the trust arm of Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG), has announced a collaborative effort with Binance Japan to investigate the issuance of public blockchain stablecoins denominated in Japanese yen and other currencies.Photo by Aditya Anjagi on UnsplashProgmat blockchain platformAccording to a press release published on Tuesday, the development is centered around MUFG’s Progmat blockchain tokenization platform, which encompasses the Progmat Coin stablecoin platform. Notably, Progmat now counts among its stakeholders some of Japan’s major financial institutions, including the second and third largest banks, SMBC and Mizuho.The scope of this venture extends beyond the confines of Japanese users, potentially transforming Japan into Binance’s stablecoin issuance hub. The initiative has emerged against the backdrop of recent regulatory events in the United States, notably the New York State Department of Financial Services (NYDFS) instructing Paxos Trust to halt the issuance of the Binance USD (BUSD) stablecoin earlier this year. The timeline for the launch of Japanese Binance stablecoins is set for 2024, contingent upon Binance Japan obtaining an Electronic Settlement Methods Transaction Business Provider license.Japan has been making strides in its regulatory landscape to accommodate various types of stablecoins, including those issued by banks and trusts. Under this framework, stablecoins issued by trusts like Mitsubishi UFJ Trust enjoy some unique advantages, such as exemption from licensing requirements and the absence of Know Your Customer (KYC) protocols for stablecoin transfers. Furthermore, these stablecoins are backed by ring-fenced reserve assets, mirroring the approach taken by Paxos Trust.The underlying Progmat blockchain technology is rooted in the Corda enterprise blockchain. However, MUFG has been actively collaborating with DataChain and TOKI technology to facilitate stablecoin issuance on multiple public blockchains, allowing for cross-chain transfers. The initial plan encompasses blockchain platforms like Ethereum, followed by Cosmos, Polygon, Avalanche, and others. This development raises questions about the potential elevation of Binance’s BNB Chain in the broader blockchain ecosystem.Tatsuya Saito, Founder and CEO of Progmat, remarked on the collaboration, stating:“We believe that the new stablecoin from this collaboration will be a step forward in advancing the Web 3.0. Progmat is a neutral infrastructure that enables the issuance of various brands of stablecoins with the greatest flexibility of use and the least risk of de-pegging, it does not compete with players issuing their own stablecoins.”Saito also hinted at other stablecoin projects in the pipeline with Japanese financial institutions and partners, underscoring Binance’s dominant position in the cryptocurrency trading world.Expanding presence in JapanBinance Japan, which recently acquired an existing crypto exchange and rebranded it as Binance Japan, currently lists 34 tokens. In addressing the WebX conference in July, Binance Founder and CEO Changpeng Zhao (CZ) recognized the positive regulatory environment that exists in Japan relative to Web3.From Binance’s perspective, this latest collaboration represents a substantial win, especially after the loss of its own stablecoin. Binance has been promoting lesser-known stablecoins on its exchange by reducing transaction costs, a strategy with inherent risks. In contrast, the alliance with MUFG, a globally significant bank, adds credibility and a different level of assurance to stablecoins.