Conference in Pohang City attracts young metaverse enthusiasts

Avalanche Blockchain Developer Expands into IndiaAva Labs, the company behind the layer one Avalanche blockchain, is setting its sights on a significant expansion in India.Seeking out state agency partnershipsThe move by the New York-based blockchain development firm reflects the growing interest in blockchain technology within the world’s most populous country. Ava Labs outlined that it is actively seeking partnerships with Indian government agencies and institutions to facilitate the development of applications on the Avalanche (AVA) blockchain, according to a blog post published by the firm on Thursday.While government and state agencies have not been terribly progressive when it comes to decentralized cryptocurrencies in India, they have been more receptive in terms of developing the underlying blockchain technology.Earlier this year, the Royal Bank of India (RBI) highlighted the importance of adopting blockchain technology. Last month, an RBI-led initiative emerged through India’s National Payments Corporation of India (NPCI) to further explore blockchain technology relative to payment systems.Indian government’s initiatives, such as launching a Centre of Excellence in Blockchain Technology, align with Ava Labs’ expansion strategy. Moreover, Indian states like Goa and Telangana have demonstrated a proactive approach to leveraging blockchain for real-world use cases, including land records and vehicle registrations.Photo by Studio Art Smile on PexelsRecruiting local talentAs part of its plans, Ava Labs has made a few pivotal hires to lead its operations and business development in India. Devika Mittal, formerly the Head of Token Listings for OK Group company Okcoin, and Kamakshi Arjun, who has held leadership positions at Polygon (MATIC) India and Tech Mahindra, have joined the team. Both individuals bring extensive experience in the blockchain industry to their new roles.Mittal expressed her excitement about the opportunity, stating:“I am so excited to help Ava Labs expand its reach and impact in the region, and am confident that Ava Labs is well-positioned to meet the demands of India’s large and growing population of tech-savvy individuals and businesses.”Equally Arjun, with her understanding of the blockchain market, is expected to play a critical role in Ava Labs’ expansion strategy.Business development fundMittal said in an interview with The Block that Ava’s operations in India would focus on several sectors, including ticketing, certification, and supply chains. She also highlighted the innovative features of Avalanche subnets. Notably, Ava Labs has a specific business development fund earmarked for India.There’s a lot of activity within India’s blockchain ecosystem, with projects like Loco, an esports and live-streaming platform, leading the way. Loco is developing a range of Web3 products and pioneering innovative fan experiences using a custom Avalanche Subnet.While Polygon Labs, the founder of Ethereum scaling network Polygon, operates on a fully remote basis, its origins can be traced back to India through its founders. One community member responded to this latest news, stating that the Avalanche development team has a lot of ground to make up by comparison with the progress recorded by Polygon in India in terms of partnerships and business development.Ava Labs is actively engaging with various prominent institutions and has already secured a partnership with a government agency, although specific details have not been disclosed.

Korea Fintech Industry Association Establishes Council for Security TokensThe Korea Fintech Industry Association (KORFIN) has recently held a successful kickoff meeting to launch the Fintech Council for Security Tokens. Comprised of 18 members specializing in security token-related fields, including blockchain technology and fractional investments, the council aims to expand its membership by inviting more enterprises interested in security token projects.Current participants in the council include The Seed Partners, a venture capital firm; Lucentblock, a blockchain-based real estate securities platform provider; and Leadpoint System, a blockchain tech developer.Photo by Ethan Brooke on UnsplashActivities for ecosystem growthThe purpose of the council is to foster the growth of the security token ecosystem by undertaking various activities. These activities encompass engaging in discussions to strengthen the security token industry, conducting research on policy development, and seeking expert consultations.Promoting innovationLee Keun-ju, the President of KORFIN, expressed the association’s commitment to supporting fintech companies in realizing their innovative ideas in the industry. In line with this commitment, KORFIN will organize a range of events, including educational courses and seminars, to facilitate knowledge sharing and enable fintech companies to establish valuable business network connections.Growing enthusiasmSince the Korean Financial Services Commission (FSC) authorized the issuance and trading of security tokens in February, the interest in security tokens has gained momentum within the country. This growing enthusiasm aligns with the global trend, as highlighted in a 2022 report by Boston Consulting Group (BCG) and Singaporean investment platform ADDX, which projected that the global market for illiquid tokenized assets would hit $16 trillion by 2030.

GameFi-Oriented MARBLEX Decides to Burn 670M MBX TokensMARBLEX, the blockchain subsidiary of South Korean gaming company Netmarble, is going to burn 670 million of its native token MBX on July 19, according to a press release. This move is part of MARBLEX’s plan to overhaul the MBX tokenomics, which was announced last month.This token burn event involves the elimination of 67% of the total distribution of 1 billion MBX tokens. The tokens earmarked for burning have no designated purpose.Photo by Cullan Smith on Unsplash99% support for burning tokensTo determine the fate of these tokens, MARBLEX conducted a voting process from July 4 to 10, allowing Marbleship NFT holders and MBX token holders to participate. The outcome of the vote revealed that 99% of the participants supported burning the tokens.In preparation for the token burn, MARBLEX plans to share information about the event on cryptocurrency data tracking websites CoinMarketCap and Xangle.Moving forward, MARBLEX intends to introduce an improved token burn policy in the second half of this year. The revision of its tokenomics will enhance the utility of the MBX token, contributing to the establishment of a sustainable and trustworthy ecosystem.MBX token usesAccording to CoinMarketCap, the MBX token is traded on centralized exchanges Bithumb, Huobi, Bybit, Gate.io, MEXC, and Indodax, as well as on the decentralized exchange KLAYswap. Token holders can use MBX to buy items in marketplaces, trade MBX for in-game tokens, and exchange MBX with other game players. Notable MBX games include A3: Still Alive, a battle royale MMORPG; Ni no Kuni: Cross Worlds, a fantasy MMORPG; The King of Fighters ARENA, a fighting game; and Meta World: My City, a Web3 property management game.