TZ APAC strikes marketing partnership to drive Tezos gaming

WEMIX Play Completes Successful Migration to the WEMIX3.0 MainnetSouth Korean gaming company Wemade has announced the successful migration of its global blockchain gaming platform, WEMIX Play, to the WEMIX3.0 Mainnet.Photo by Mathew Schwartz on UnsplashImproved interoperabilityThis transition effectively links all games on the WEMIX Play platform to the WEMIX3.0 Mainnet. Additionally, the launch of the Play Proof Protocol (PPP) further strengthens the network’s interoperability.Instant token tradingThe PPP enables users to instantly trade their tokens for those of their preference, eliminating the need for token swaps between disparate networks. This approach simplifies the process with a single signature, providing users with a more convenient experience.Omnichain strategyAs part of its commitment to fostering a united community, Wemade has adopted an omnichain strategy to connect the WEMIX ecosystem with external chains. Looking ahead, WEMIX Play aims to establish connections with various mainnets, expanding its platform and streamlining token exchanges.Wide variety of games and servicesBoasting a user base of nine million, WEMIX Play offers games of various genres, including massively multiplayer online role-playing games (MMORPGs), strategy games, and social network games. The platform also provides a wide range of services such as gaming tokenomics; the financialization of gaming, known as GameFi; non-fungible token (NFT) marketplaces; and community pages.

Coinbit suspends operations, marking second crypto exchange shutdown this monthCoinbit, a South Korean cryptocurrency exchange operated by blockchain service provider AXIASOFT, has suspended its services according to an official announcement on its website posted on Thursday (local time). This development comes just over a year after it became a virtual asset service provider (VASP) on Sept. 1 last year. It is also the second crypto exchange in the country that has ended its operations after Cashierest on Nov. 6, indicating that troubled predictions previously projected by industry sources are becoming a reality.Photo by Andrew Winkler on UnsplashBusiness transitionCoinbit explained that, despite its efforts to create an environment optimized for transparent crypto transactions, it was pushed by ongoing changes in regulatory policies to make changes to its business. It intends to shift its focus to establishing a securitized transaction system.Membership registration and deposits will no longer be allowed starting at 5 p.m. next Friday. Transactions and withdrawal services will be suspended from 1 p.m. on Dec. 29. The exchange advised its users to withdraw their virtual assets accordingly.Earlier, it was reported that Coinbit was facing difficulties maintaining smooth operations due to its exceedingly low trading volume. Industry sources believe that the realization of the previously speculated closure of coin market exchanges.More shutdowns to come?“Much of the workforce at crypto exchanges have been taking hits, leading to challenging business conditions,” stated an unnamed industry expert, proposing conjecture that more announcements of service suspensions may be imminent. According to a survey conducted earlier this year by the Financial Intelligence Unit (FIU), 10 out of 21 crypto exchanges reported zero revenue from transaction fees, and 18 were in a state of complete capital impairment.

Backpack Exchange, a crypto exchange that joined the Japan Virtual Currency Exchange Association (JVCEA) last December, has recently acquired FTX EU, the European arm of the failed crypto exchange business FTX. According to a press release, the business comes with a European MiFID II license, with the acquisition having been approved by the Cypriot regulator, the Cyprus Securities and Exchange Commission (CySEC). Furthermore, a Delaware bankruptcy court in the United States, which is dealing with the FTX bankruptcy, has also rubber-stamped the acquisition. Backpack Exchange was co-founded by CEO Armani Ferrante, alongside other former FTX executives. According to the firm’s LinkedIn page, it has established its headquarters in Japan. The company also has links to Dubai, having acquired a Virtual Asset Service Provider (VASP) license for its Backpack Wallet product from  Dubai’s Virtual Assets Regulatory Authority (VARA) in 2023.Photo by Christian Lue on UnsplashRebuilding trust As a consequence of having acquired FTX’s European arm, Backpack Exchange will now assume responsibility for the distribution of court-approved FTX bankruptcy claims to FTX EU users. In the company’s press release, Ferrante spoke of the importance of the distribution process in rebuilding trust. He stated: "Customer restitution is a crucial step to rebuild trust and confidence in the industry, and Backpack is committed to returning FTX EU customers’ funds as fast and as safely as possible." In response to a query from FTX creditor activist Sunil Kavuri on X, Ferrante outlined that FTX EU users “will only be able to claim their euro claims funds directly from Backpack EU.” Ferrante clarified that FTX EU customers who had pending crypto withdrawals at the time of the bankruptcy will have their crypto claims dealt with via the FTX bankruptcy estate. In a Series A financing round early last year, Backpack was valued at $120 million. Through FTX EU, it now acquires a MiFID II license, further facilitating the global expansion of the company. With FTX EU now forming Backpack’s EU arm, the company will offer crypto-derivative products, including perpetual futures. This product offering is scheduled to go live in Q1 2025. Bankruptcy process controversy The bankruptcy of FTX EU has been controversial, starting off with the European entity being illegally filed into a U.S. bankruptcy process. In early 2024, the FTX Debtors suggested that the entity was worthless. It later wanted to buy out the entity itself, outbidding a third-party bidder. A short time afterwards, the FTX Debtors reached a settlement with the former FTX EU team. It’s understood that Backpack has acquired FTX EU for $32 million.  The FTX Debtors’ attempt to buy the business itself has cast a cloud over the bankruptcy process. When it first emerged that the business had been sold, there was some speculation as to if this would mean a rebooted FTX within the European market, but Backpack’s acquisition confirms that this was not to be the outcome.  Japan could have offered another opportunity to reboot the business, but instead, FTX Japan was acquired by bitFlyer and absorbed into its existing business. With regard to the main FTX business entity, the FTX Debtors told the bankruptcy court that there was no interest in the business from buyers.