Hyperithm invests in Japanese yen stablecoin issuer JPYC Inc.

Gravity Reports Strong Q2 Revenues, Outlining Blockchain Game RoadmapSouth Korean game developer Gravity has disclosed its consolidated financial statements to share its second-quarter performance. During this period, Gravity reported total revenues of $181 million. This represents a 147.5% increase when compared to the same quarter last year. The company also demonstrated a surge in its operating profit, reaching $40 million, which reflects a noteworthy year-on-year increase of 138.3%.Photo by Max DeRoin on PexelsRagnarok Origin driving up revenueThis upswing in revenue can be primarily attributed to the successful launch of Ragnarok Origin, an MMORPG mobile and PC game that debuted in Southeast Asia on April 6, 2023. Another contributor was the introduction of Ragnarok Origin in Taiwan, Hong Kong, and Macau, alongside Ragnarok X: Next Generation’s performance in Korea.Gravity’s reputation as a prominent player in the gaming industry has been solidified through its creation of the popular massively multiplayer online role-playing game (MMORPG) Ragnarok Online. This flagship game draws its inspiration from a series of comics bearing the same name, which weave together elements from Norse mythology.Upcoming release plansLooking ahead, the game publisher has plans to bring a variety of IP-based games to players worldwide. First, Ragnarok V: Returns is gearing up to enter its closed beta test (CBT) phase in South Korea on August 17. Meanwhile, Japanese gamers can anticipate the launch of White Chord, a character-collecting RPG mobile game, set to debut on August 29. This creation comes from the collaborative efforts of Yulong Games, a Chinese mobile game developer, and Gravity Games Alliance (GGA), Gravity’s Japanese subsidiary.Drawing on its remarkable achievement in Southeast Asia, Ragnarok Origin is now gearing up for a forthcoming launch in Central and South America, scheduled for the fourth quarter of this year. Additionally, fans in Vietnam can look forward to the release of Ragnarok M: Eternal Love, an MMORPG mobile game, slated to arrive in 2024.Blockchain initiativesGravity’s ventures into the realm of blockchain technology also deserve attention. In this regard, Ragnarok Landverse, an MMORPG blockchain PC game, is poised to undertake its second round of CBT during the third quarter of this year. The game sets its sights on a broader launch in the latter half of 2023, encompassing regions like Southeast Asia (excluding Thailand and Indonesia), the Middle East, India, Africa, and Oceania.Furthermore, the anticipation mounts for the global launch of Ragnarok Poring Merge NFT, a time-effective RPG blockchain mobile game, projected to make its debut in the fourth quarter of this year. Another captivating prospect is Ragnarok Monster World, a Web3-based RPG blockchain game for both mobile and PC platforms. Developed by Singaporean company Zero X And, known for its expertise in blockchain game and solution development, the game utilizes NFT technology and is earmarked for release in 2024.

Unprecedented surge in trading volumes on HashKey exchangeHong Kong-based cryptocurrency exchange HashKey has experienced an unprecedented surge in daily trading volumes over the course of the past week, reaching approximately $4.5 billion, a notable increase from its usual levels.Photo by Jungwoo Hong on UnsplashToken rewards programThe surge, highlighted in a report published by The Block on Monday, occurred on Friday, and is being attributed to the company’s token rewards program, according to a spokesperson from HashKey Group.A HashKey Group spokesperson clarified that the surge in volumes was a result of the company’s recent HSK rewards campaigns, which involve the distribution of HSK tokens or EcoPoints. Introduced in April, these incentives were designed to encourage trading activity on the platform. The spokesperson emphasized the company’s commitment to operating within the regulatory framework, stating:“At HashKey, we operate strictly within the regulatory framework, and any actions of misconduct are not tolerated.”Last Thursday, HashKey issued a post on X (formerly known as Twitter), detailing one of its incentive campaigns. The post announced the introduction of a DOT/USD trading pair and encouraged users to explore additional ways to earn through ongoing campaigns. Despite receiving only 15 likes, the post aimed to attract users with the promise of HSK rewards for logging in, trading and participating in the platform’s campaigns.Licensing approval in AugustHashKey had obtained the first license to offer retail crypto trading in Hong Kong in August under the new regulatory regime, with an upgrade of its type 1 and type 7 licenses. Officially opening to traders on November 1, it quickly garnered attention in the crypto community. In the same month, it also launched an app, offering full mobile trading capabilities.While daily trading volumes on Sunday dropped to $275 million, still higher than the usual levels but closer to the volumes recorded in its initial month, the significant spike on Dec. 1 was particularly noteworthy. Comparatively, Binance, the world’s largest crypto exchange, recorded $11.3 billion in volume over the past 24 hours.Wash trading ruled outSpeculation arose on X regarding the possibility of wash trading contributing to the sudden surge in volumes. Wash trading involves intentionally matching a large number of orders to create artificial trading activity. However, HashKey’s spokesperson dismissed these claims, stating that no misconduct has been detected.Justin d’Anethan, Head of Business Development in Asia for Keyrock, a crypto market-making firm, commented on the situation, stating:“Many people in the crypto space assumed wash trading was taking place… But it’s almost unbelievable.”He noted that if one wanted to appear more active, it would be done gradually, rather than in a single surge.Market sentiment and trading volume trendOver the course of the past 24 hours, the Bitcoin unit price has surged from $39,500 to almost $42,000, with Asian trading believed to have contributed significantly to that trading momentum. The overall crypto market capitalization has reached $1.5 trillion for the first time since early 2022. Bitcoin trading volume over the past 24 hours hit $39 billion, with a bitcoin market dominance rate of 51%.

Sleek Secures $5M seed funding to propel Web3 social networking offeringHong Kong-based startup Sleek has successfully raised $5 million in seed funding to advance its Web3 social networking platform, aiming to further the ownership economy and introduce blockchain-powered social media accessible to a broad audience.Photo by micheile henderson on UnsplashIncentivized networking through ‘SocialFi’Officially launched in April of this year, Sleek aspires to reshape human connections by simplifying networking, infusing a sense of fun and fostering productivity. The platform provides users with an expansive environment where they can exchange information, connect with new contacts and participate in incentivized networking through innovative Web3 social finance (SocialFi) business models.In essence, SocialFi employs blockchain technology with the objective of monetizing social interactions. The concept has come to broader attention in recent months as a consequence of the emergence of Friend.tech, a novel way for creators to monetize content, by way of tokenizing attention. Sleek enables users to directly monetize their content and social capital, emerging as a new generation of creators within the Web3 landscape. Sleek Co-Founder Chase Guo explained to The Block how it differs from other Web3 social networks:“Most of the time, this strategy [bootstrapping a platform using tokens or incentives] does not result in unique content generation and sustainable growth. People are here for the airdrop and leave once they cash out. Sleek took a very different approach — build a real use case first with die-hard fans.”Sleek CardAt the forefront of Sleek’s offerings is its flagship product, Sleek Card, specifically designed to empower Web3 professionals in face-to-face networking. Each Sleek Card generates a blockchain wallet and a decentralized identity for users, streamlining the onboarding process into the Web3 space.Utilizing NFC technology and a proprietary messaging bot, Sleek Card allows users to capture data and manage contacts, resulting in robust on-chain social graphs. Notably, Sleek Card has facilitated over 300,000 connections, establishing itself as a key player in the Web3 landscape. The platform has also formed strategic partnerships with prominent entities such as Solana Hacker Houses, Coinfest, Digital Art Fair and NFTNow, bringing innovative event experiences to life.Both of the startup’s founders spoke about the body of work Sleek is involved in. Co-Founder Tania Tse stated:“We are launching monetization models in our platform that are only possible through the blockchain, so talented creators from various verticals who don’t have a full team supporting them can earn sustainably.”Chase Guo added: “Leveraging our own experiences and lessons learned, we are building applications alongside our users to power the future of Web3 social.”Looking ahead, Sleek plans to unveil an open marketplace in the first half of 2024, empowering domain experts to become creators by tokenizing their knowledge into liquid and accessible assets. This strategic move aligns with Sleek’s vision for a more equitable, user-centric and transparent digital social landscape.Broad industry backingSleek’s investor roster includes well-known names such as Shima Capital, Spartan Group, Symbolic Capital, Genblock Capital, Big Brain Holdings, Market Across, Emirates Consortium, Arkstream, Perridon, GBV and various angel investors. Notably, Binance Labs, the venture capital arm of Binance, invested in Sleek through the Binance Labs Incubation Program in 2022.