NEOPIN to launch bridge platform for Finschia, Ethereum and Klaytn networks

XPLA Forms Strategic Partnership with Nefta for Gaming Infrastructure DevelopmentSouth Korean gaming company Com2uS Group’s blockchain mainnet XPLA announced on Monday that it has entered into a strategic partnership with Web3 infrastructure firm Nefta.Photo by Jack B on UnsplashStreamlining Web3 game developmentXPLA stated that Nefta’s Toolbox service, which aids in Web3-based game development for maximum retention and monetization, will be connected to the XPLA mainnet, creating an environment that is optimized for seamless development processes.The Nefta Toolbox provides one-stop support for integrating blockchain technology into clients’ services. It not only serves clients in the gaming industry but also those in music and entertainment, providing them with cutting-edge technology and products like a digital wallet and a customizable marketplace.Future-oriented partnership“We are delighted to partner with Nefta due to their unparalleled infrastructure technology and deep insights into Web3 gaming that they gained from working with major global Web3 gaming companies. With this partnership, we will expand and lead the industry,” said Paul Kim, Team Leader at XPLA. Nefta has previously partnered with game developers such as Medieval Empires and MYSTiC Games.Geeshan Willink, CEO of Nefta, highlighted the alignment of Nefta’s blockchain tools and technology with XPLA’s vision for advancing Web3 philosophy. He also expressed the firm’s commitment to developing the partnership to provide noteworthy benefits to both developers and gamers.The new partnership is expected to strengthen XPLA’s position in the Web3 gaming industry by leveraging Nefta’s expertise in infrastructure technology and blockchain tools.

Newly founded bankruptcy claim trading platform OPNX has provided further details about the entities backing the fledgling startup. Taking to Twitter on Friday, Open Exchange CEO Leslie Lamb outlined a number of venture capital backers, with a mixture of international and Asia-centric firms among them. Global backersLamb’s tweet via the firm’s official Twitter account, together with a similar announcement published to the firm’s website, outlined AppWorks, a leading Taiwanese venture capital firm and startup accelerator, as an investor in the company. Other Asian backers include Hong Kong-based crypto fund, Token Bay Capital and the Hong Kong-based arm of one of China’s largest banks, China Merchant Bank International.With the firm based in Dubai, Middle-Eastern interest is represented through the involvement of Saudi digital asset fund, Tuwaiq Limited. Otherwise, the company lists a number of other international backers, including US equity options exchange MIAX Group, DeFi-focused venture and trading firm Nascent, top tier global venture capital firm Susquehanna and the investment arm of market maker and early stage investor, DRW. Questionable founding teamOnly hours after the disclosure by Open Exchange, DRW reached out to CoinDesk to confirm that it is not an investor in the bankruptcy claims exchange. Nascent and Susquehanna also denied that they are involved. The companies are still being listed by OPNX as backers of the project on its website.The launch of OPNX has been mired in controversy from the outset as its founding team includes the founders of the former crypto hedge fund Three Arrows Capital (3AC) which failed spectacularly in 2022. Su Zhu and Kyle Davies, the founders of 3AC are now the founders behind OPNX. Before their involvement, OPNX was preceded by Seychelles-based crypto yield platform CoinFLEX. That business also failed during the 2022 crypto bear market. It entered into a restructuring process with the consent of the courts in the Seychelles. Emerging from it is OPNX with the 3AC duo of Zhu and Davies having gotten involved at that point. Industry push-backMany in the crypto space have been highly critical of the development of OPNX on the basis of the involvement of both Zhu and Davies. The duo are being blamed for the collapse of the crypto hedge fund due to mismanagement and the knock on effects the firm’s demise had on other entities within crypto. Many of the series of crypto lenders who failed at a later stage in 2022 had major exposure to the wayward hedge fund.There had been some speculation as to who was backing the new project. Earlier this month, BitMEX co-founder and former CEO Arthur Hayes claimed that the 3AC duo had received substantial funding from Bahrain’s sovereign wealth fund to establish the project. In February, Hayes suggested that the crypto bull market must be starting based on news of Zhu and Davies wanting to launch the OPNX platform.Crypto-focused venture capitalist Michael Arrington also spoke out around that time, stating on Twitter, that 3AC founders successfully raising capital for their latest venture was “the saddest bulls**t I’ve heard in a long time.”Upon its launch earlier this month, industry commentators quickly declared the project a flop citing a trading volume of $13.64 on its first day of trading. Five days in, OPNX made light of the situation, declaring a win on the basis that it had progressed to $12,398 in trading volume, representing a 90,000% increase in trading.Dubai’s Virtual Assets Regulatory Authority (VARA) issued an investor and marketplace alert on April 12 stating that while OPNX may be Dubai-based, it is not regulated by VARA and instead operates on an unregulated basis. It warned investors against using any unregulated crypto entity.

The local government of Busan, the second-largest city in South Korea, announced in a press release that it held the 3rd Busan Blockchain Regulation-free Zone Steering Committee (Committee) meeting at the Busan Eurasia Platform, a community center located near Busan Station.  The meeting took place last Thursday at 15:00 (KST), attended by 12 Committee members, including Busan’s Vice Mayor for Economic Affairs Kim Kwang-hee, Busan Technopark Chairman Kim Hyung-gyun, Busan International Finance Agency Chairman Lee Myung-ho and Busan Information Industry Promotion Agency Chairman Kim Tae-yeol.Photo by Finn on UnsplashThe meeting was intended to discuss strategies to revitalize the blockchain regulation-free zone (blockchain zone) and to attract new blockchain businesses to the region. Busan has been recently struggling with developing and attracting blockchain technology companies to the region, which has cast doubt on the city’s ability to retain its status as the regulatory sandbox zone.   New 24 members, new commitment to invigorating blockchain zone Established in October last year, the 3rd Committee comprises 24 new members who have expertise in blockchain technology. The Committee aims to raise awareness of the blockchain zone’s potential and foster the blockchain industry within the region.  Kim Sang-min, Vice CEO of healthcare company Erom, was appointed Committee Chairman at the meeting. Known as an expert in the blockchain ecosystem, Kim currently serves as a blockchain policy advisor for Busan and has experience in taking the lead in establishing the Busan Digital Asset Exchange (BDX) last year.  More meetings in store to become a blockchain hub The meeting focused on creating subcommittees in an effort to facilitate the Committee’s seamless operation. Moreover, members reached a consensus on holding meetings at any time when warranted, in both online and in-person formats.  During the meeting, Busan Vice Mayor Kim said the newly launched Committee will contribute to identifying innovative businesses with great potential that require both cutting-edge blockchain technologies and a regulatory sandbox environment.