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SafePal Delves Into Korean Market Through Klaytn PartnershipThe Seychelles-based team behind non-custodial digital asset wallet provider, SafePal, has made its first attempt at conquering the Korean market through a partnership with South Korean enterprise blockchain, Klaytn.The collaboration will see the wallet provider support digital assets native to the Klaytn blockchain network. For Klaytn ecosystem users, it also means that they can access in excess of one hundred blockchains, which are already supported by SafePal’s non-custodial wallet. Both entities articulated their thoughts relative to the partnership, with SafePal doing so via a blog post published late last week. Meanwhile, the Klaytn project team expanded on the development in a post to its website on Tuesday.Photo by Mathew Schwartz on UnsplashKorean expansionKlaytn-native digital assets will be supported via SafePal’s mobile app, hardware wallet and its browser extension-based wallet. SafePal acknowledges the leading position that the Klaytn network takes in Korea, relative to the metaverse, blockchain gaming and other Web3 verticals. While SafePal already has 10 million users, this move demonstrates that it has plans on expanding that user-base to incorporate millions more, in this case Korea-based Klaytn network users.Alluding to that Korean expansion, Veronica Wong, Co-Founder and CEO of SafePal stated: “Klaytn is a leading blockchain in Korea for Web3 and DeFi, so this partnership made perfect sense, as we want users to access exciting opportunities in all established ecosystems globally.”Bringing Klaytn dApps to SafePal usersThe Klaytn project team is viewing the hook-up in the same manner. In its announcement it outlines that the collaboration can serve its purpose in “bringing in Klaytn’s next 10 million users with SafePal.” The partnership also serves to bring leading Klaytn dApps to that new user-base of 10 million. That includes on-chain instant swap protocol, Klayswap, blockchain play-to-earn game DeFi Kingdoms, Korean NFT marketplace Pala, leveraged yield farming project, Kleva Protocol and DEX aggregator Swapscanner.Conceived by the dominant messaging app provider in Korea, KAKAO, in 2018, the development of the Klaytn blockchain is now guided by the Klaytn Foundation. The project has set out a governance roadmap that will see the project achieve decentralization later this year.SafePal growth trajectorySafePal has been hitting its numbers when it comes to expanding its user base. Over the course of the past year, it has grown its user-base from 8 to 10 million. Its support for 100 blockchains results in overall support for in excess of 200,000 token types, including NFTs. That growth strategy belies further comments that Wong made relative to this latest collaboration:“While the self-custody offered by Web3 and DeFi is increasingly important amidst growing concerns about traditional financial systems, adoption is still hindered by language and geographical barriers. Klaytn is a leading blockchain in Korea for Web3 and DeFi, so this partnership made perfect sense, as we want users to access exciting opportunities in all established ecosystems globally.”With no let up in its growth strategy, SafePal followed up on Friday with an announcement that it had integrated the recently launched low latency, high throughput layer one SUI network and its native token, $SUI.

Real-World Assets Emerge as a Beacon of Hope for the Blockchain Industry Amid Crypto WinterIn the midst of a crypto winter that has cast a shadow over the blockchain industry, a new opportunity has come to light — the tokenization of real-world assets (RWAs), or tangible assets such as gold and real estate, on blockchain networks.Photo by Tierra Mallorca on UnsplashMajor blockchain companies and industry experts gathered at Klaytn Square Lounge 2023, a blockchain and Web3 event in Gangnam, southern Seoul on Monday to discuss how RWAs could overcome the limitations of the current blockchain market.The rise of RWAsRecently, platforms like RWA tokenization project Elysia and Klaytn Foundation have started to shift their attention to RWAs as a promising avenue in the blockchain market. According to a report by global consulting firm Boston Consulting Group, the total value of the global RWA market, which reached $310 billion last year, is projected to surge to a staggering $16 trillion by 2030.“During the ongoing crypto winter, we are witnessing not only new funds pouring into blockchain projects but also existing funds leaving the market. We see RWAs as a potential solution to this,” said Seo Sang-min, Representative Director at Klaytn Foundation.Seo went on to explain that currently, virtual assets dominate most of the assets on blockchain mainnets like Klaytn, but compared to RWAs such as gold, cash, and real estate, their scale is very small. “We need to expand the utility of RWAs by placing them on the blockchain. Once they are, transaction costs will significantly decrease, and anyone will be able to trade 24/7 worldwide,” he said.Other blockchain experts at the conference also shared this sentiment. “Tokenizing RWAs is crucial because it provides investment opportunities that do not require large sums of money or lengthy waiting periods,” Luc Falempin, CEO of Tokeny Solutions emphasized. Beyond tokenizing the assets themselves, legal contracts and information about the various stakeholders involved, such as asset issuers and investors, can be recorded and shared on the blockchain, which can prove to be very convenient for investors.Revolutionizing investmentAccording to Falempin, most derivative investments involve seeking investment opportunities, creating portfolios, and enduring complicated processes for recovering investment capital that can take over ten years to complete. Additionally, ordinary investors often struggle to raise the substantial funds required for investment, creating high entry barriers. Also, investment contracts were traditionally executed on paper, which is outdated and inconvenient. However, as blockchain technology enables the tokenization of assets, these processes become much simpler.“Through RWA-backed virtual assets, even dozens of individuals can easily participate in investment, eliminating the hassle of dealing with paperwork. Introducing blockchain as a new infrastructure allows all stakeholders to easily view relevant records within the blockchain network,” he stated.The role of DAOsSo, how can investment products like RWA tokens be effectively managed within the decentralized realm of blockchain? Yoon Kim, Chief Marketing Officer of Elysia, mentioned decentralized autonomous organizations (DAOs) as a fit solution.“DAOs are a realistic method that is crucial for implementing the RWA model effectively. All stakeholders within a DAO can make modifications and creations, providing an avenue for managing tokenized assets effectively without government intervention,” Kim said.Technical hurdlesHowever, RWA tokens face several technical challenges. RWA products, which integrate the real world with the blockchain realm, could suffer from the so-called oracle problem, which refers to the inherent inability of blockchains to access external data, leading to a lack of information transparency. Even if the assets are stable, their prices on the blockchain network may differ from those in the real market. Currently, there are no established technical solutions to address these issues.“Rather than getting directly involved, we aim to move in accordance with market prices, but also seek ways to minimize risks with the help of external entities in certain cases,” said James Lim, CEO of Creder.As the crypto winter persists, the blockchain industry is looking towards RWAs as a beacon of hope, offering the potential to bridge the gap between traditional assets and the decentralized world of blockchain, despite the challenges that lie ahead.

According to a recent report from blockchain intelligence firm Chainalysis, stablecoin purchases in Turkey amount to 4.3% of the country's GDP, surpassing all other global economies. The report, titled "The 2024 Crypto Spring Report" highlights Turkey's significant share of stablecoin transactions relative to its economic output.Photo by Michael Jerrard on UnsplashStablecoin activity in TurkeyBetween April 2023 and March 2024, stablecoin purchases in Turkey totaled $38 billion, representing 4.3% of the country's GDP, which was $907 billion as of 2022. This data encompasses transfers between the Turkish lira and stablecoins in either direction, emphasizing the scale of stablecoin activity within the Turkish economy. Chainalysis director of research Kim Grauer explained that stablecoin activity does not directly impact GDP but is expressed as a percentage to provide context for readers. Grauer clarified that the reported figure includes transfers of Turkish lira to stablecoins and vice versa. Turkey's prominence in stablecoin purchases stands out compared to other economies analyzed by Chainalysis. In Thailand and Georgia, stablecoin purchases accounted for 1.3% and 0.7% of GDP, respectively, over the same period. Global trends in stablecoin usageWhile the United States leads in stablecoin transaction volumes, with fiat purchases surpassing $20 billion in March 2024, Turkey's share of stablecoin purchases relative to GDP is notably higher. The use of stablecoins, including Tether (USDT) and USD Coin (USDC), has outpaced other cryptocurrencies like Bitcoin and Ether, representing over 50% of all transaction volume in recent months. Rapid growth in stablecoin transactionsChainalysis analysts attribute the rapid growth of stablecoin transactions to their utility in everyday transactions beyond trading. Major jurisdictions, including the European Union, the United Kingdom, Brazil and Thailand, have witnessed significant increases in fiat purchases of stablecoins over the past year. Nations experiencing currency volatility and devaluation, such as Turkey, have increasingly turned to stablecoins like USDT to safeguard their savings. Turkey's inflation rate surged to as high as 67% in March, prompting residents to seek alternative stores of value. The findings from Chainalysis underscore the growing prominence of stablecoins in global economic activity, particularly in nations grappling with currency instability. Turkey's significant share of stablecoin purchases relative to GDP reflects a broader trend of increasing adoption of stablecoins for everyday transactions and wealth preservation.