Worldcoin withdraws verification service from Indian market

While the Web3 sector seemed to be hamstrung by litigation and regulatory scrutiny in 2023 following multiple platform failures, it's going out with a bang in China with news of a $10 billion fund in Shenzhen to support Web3 startups.Photo by 李大毛 没有猫 on UnsplashFueling Web3 startup growthGBA Capital, a Chinese venture capital (VC) firm, made a significant announcement during the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference on Tuesday. The firm, backed by China's state-owned National Engineering Laboratory, unveiled plans to launch a substantial $10 billion Web3 fund. The conference also served as an educational platform, enlightening investors and attendees unfamiliar with the intricacies of the Web3 industry. Luo Jinhai, founder of Huoxun Finance and creator of the "Yuan Asset" concept, elucidated on the unique attributes of specific forms of digital assets, including independence, privacy, security, scarcity and liquidity. Metaverse focusThis initiative aims to fuel the growth of startups specializing in virtual reality, the metaverse and non-fungible tokens (NFTs), ultimately transforming the Guangdong-Hong Kong-Macao economic region into the global "meta-asset capital."  Meta-assets are virtual objects that serve as key components within the make-up of the metaverse. Haolong Li, the chairman of GBA Capital, outlined the ambitious vision, stating that the conference would facilitate "meta-asset global tours" in key international hubs such as Japan, Singapore, Dubai, Silicon Valley and Europe. The objective is to enhance the visibility of meta-assets and position the economic area as a leading force in the emerging Web3 landscape. Previous developments that have played out over the course of 2023 suggest that China is placing a particular focus on embracing metaverse technology, with a view towards integrating the metaverse with existing systems in the country.   The Ministry of Industry and Information Technology of China, in response to a proposal about promoting the development of the Web3 industry, emphasized ongoing research in areas such as the Metaverse, NFTs and decentralized identity management. In September the Ministry set out an action plan for the cultivation of a domestic metaverse. As part of that plan, it aspires to nurture three to five metaverse companies of global significance. GBA Capital, established by China Europe International Financial Group in Hong Kong, boasts strategic partnerships with key financial institutions, including the Asia Pacific Investment Bank and China's state-owned National Engineering Laboratory. The firm's focus on investment and incubation in the digital economy aligns with its goal of integrating industrial clusters, capital resources, corporate resources and policy advantages to offer comprehensive support and services to enterprises. In a related development, GBA Capital's subsidiary Zhongrong Global successfully raised an angel funding round at a valuation of 100 million Chinese yuan ($14 million) back in May. The funds will be allocated to Web3 project incubation and industrial services in the artificial intelligence sector. The Guangdong-Hong Kong-Macao Bay Area has experienced a surge in Web3 startups and overseas corporate relocations since the beginning of the year, setting the stage for GBA Capital's substantial Web3 accelerator fund.

Koscom, the technology subsidiary of the nation’s sole securities exchange operator Korea Exchange, has partnered with LG CNS, an information technology service provider, to launch a joint security token platform, according to a Koscom announcement. Task and tech allianceThe collaboration between Koscom and Korean conglomerate LG Group’s affiliate aims to gain a competitive advantage in the increasingly crowded security token market. On Monday, Koscom signed a memorandum of understanding with LG CNS in Seoul to form a task and technology alliance for security token projects.The partnership will combine Koscom’s expertise in building tech-based capital market infrastructure with LG CNS’s blockchain technology to produce fruitful outcomes. The joint project intends to provide distributed ledgers and a joint platform for the issuance and distribution of security tokens. Securities firms operating their own platforms can also choose to use its distributed ledgers. Koscom’s preparationSince last year, Koscom has been conducting research in security token offering and has formed a working group with eight securities firms that have their own security token teams. The working group has been hosting seminars regularly since the second half of last year, and on April 4, Koscom revealed its project plan to 25 other Korean securities firms. LG CNS’s readinessLG CNS has been conducting research and development of security token technologies since last year and has complied with the Korean regulatory framework. The company manages a consortium blockchain network and has completed the development of key technologies for security token services, such as highly secure wallets.Using its corporate blockchain platform Monachain, LG CNS has achieved success in developing multiple projects, such as a pilot for central bank digital currencies involving NH Bank and Woori Bank and a non-fungible token (NFT) trading system for Bithumb Meta, a subsidiary of the major Korean crypto exchange Bithumb.Meanwhile, Koscom will support security token projects of not only securities companies but also fractional investment firms and banks. Currently, Koscom is in talks with relevant entities about building infrastructure.

2023 has been a year of significant growth for Com2uS Holdings subsidiary Com2uS Platform, which has gained recognition for leveraging blockchain technology to bring content-focused services to users around the world. "This year, Com2uS Platform has achieved high growth in all fields," said CEO Choi Seok-won, according to an article by Korean news outlet Kuki News. "In the coming year, we will not only serve as the technology hub of the Com2uS Group but also actively engage in other projects to become the center of the global Web3 ecosystem."Photo by Pawel Chu on UnsplashExpanding horizonsIndeed, the firm’s subsidiaries, including the blockchain-based game development service Hive and NFT marketplace X-PLANET, have been leading various business ventures. The former has signed contracts with 40 games from 27 gaming companies this year alone. In terms of newly signed game titles, this marks a 307% year-on-year growth. The latter, on the other hand, ranked first in sales among domestic competitors last month, arguably driven by its collaboration with Toei Animation and Korean publishing company Daewon Media on a special NFT drop celebrating the 35th anniversary of Choushinsei Flashman’s Korean release. Choushinsei Flashman is a popular Japanese live-action superhero series that aired in the 1980s, earning fans all over South Korea. In line with these efforts to pursue projects with trendy topics, the company also teamed up with South Korean game developer ArumGames to create a game utilizing Com2uS’ Bungopang IP, which will be launched next year.  Strategic alliancesCom2uS Platform's global expansion has also seen tangible results, such as a recent business partnership with Bangkok-based marketing and game service company SHIN-A, which will play a role in its foothold in Thailand, a key emerging market. Under the agreement, SHIN-A has committed to establishing a Hive team in Thailand and serving as an official global reseller. The platform has also been active in the public sector, signing contracts with various public organizations such as the Seoul Business Agency, Gwangju Information and Content Agency and Korea Creative Content Agency to train practitioners in a wide range of fields across IT and entertainment, such as the internet, AI, big data, fintech, metaverse and gaming. These projects are expected to lead to the discovery of young talent and facilitate more opportunities for collaboration with gaming companies.