Marking its 10th anniversary, Coinone’s cumulative trading volume hits $339B

Com2uS Platform, a subsidiary of South Korean game publisher Com2uS Holdings, yesterday revealed its plan for a non-fungible token (NFT) airdrop. This event is part of a celebration marking the one-year anniversary of its rebranded NFT marketplace, known as X-PLANET.Popular intellectual propertiesThe NFT marketplace underwent a rebranding in March of last year, aiming to improve its integration with Com2uS' XPLA blockchain mainnet. Named X-PLANET, the platform is envisioned as a new planet where users can "explore" and "play." By November 2023, it had become the top revenue-generating local NFT marketplace, thanks in part to popular intellectual properties like the B.O.P Universe and Choushinsei Flashman. The B.O.P Universe draws inspiration from Bung O Pang Tycoon, a mobile game centered around baking pastries, while Choushinsei Flashman is a 1980s Japanese TV series known for its live-action superheroes.NFT airdrop eventTo mark the first anniversary of its rebranding, X-PLANET is hosting an NFT airdrop event on its official website. The event kicked off on March 21 and will have another round on April 4, at 6 p.m. KST, when 365 "Lucky Star" NFTs will be made available on a first-come, first-served basis. Owners of NFTs bearing lucky numbers will have the chance to earn double points during a B.O.P Universe event, which continues until April 14.  Additional benefits are in store for those purchasing NFTs for the first time and those visiting X-PLANET’s Discord channel. Moreover, participants who spread the word about the anniversary event and the B.O.P Universe contest on social media will be entered into a draw for a chance to win a coffee coupon.Photo by Andrey Metelev on UnsplashNFT marketplace and blockchain ecosystemLee Luda, the Head of the Web3 Platform Business Division at Com2uS Platform, highlighted that the recent event was designed to show gratitude to X-PLANET users who have shown their support since the platform's rebranding. Lee further stated that as the NFT marketplace representing the XPLA ecosystem, X-PLANET is committed to evolving into a user-friendly platform. Their goal is to create an environment that not only adds value but also provides entertainment, making it a welcoming space where anyone can participate and enjoy. Recognized for its straightforward user interface and efficient trading system, X-PLANET has been introducing a collection of valuable NFT works across various domains, including art, games and K-pop. The NFT marketplace is actively pursuing collaborations with talented artists and prominent organizations to bring meaningful NFT content to its users.

Ripple Exec: Clear Regs Helped Japanese Market Withstand Crypto WinterEmi Yoshikawa, the Vice President of Strategy & Operations at business-focused crypto solutions provider Ripple, has attributed the Japanese cryptocurrency market’s ability to withstand the recent crypto winter to well-defined regulations.©Pexels/WorldspectrumSecurity breach at Mt.GoxIn a recent interview with Korean blockchain media outlet Digital Asset, Yoshikawa noted that Japan implemented regulations on cryptocurrencies earlier than other countries, in part due to the 2014 security breach at the Tokyo-based Bitcoin exchange Mt.Gox that resulted in investor losses.The Mt.Gox exploit prompted revisions to the Payment Services Act, which now recognizes cryptocurrencies as a means of payment. Furthermore, the Financial Instruments and Exchange Act was revised in 2020 to give security tokens the same status as stocks. The Japanese government is also exploring the possibility of allowing the domestic circulation of foreign stablecoins.Although it took several years for companies to enter the market after the regulatory framework was established, the security token market has since expanded, with more businesses now participating.Yoshikawa credited the Japanese crypto market’s resilience during the recent global crypto winter to clear regulatory guidelines. The recognition of cryptocurrencies as financial instruments enabled the regulation of not only spot trading but also derivatives trading. Japanese exchanges are also required to hold customer funds separately in trust firms, ensuring investor protection. This regulatory environment allowed companies and investors to confidently enter the crypto industry last year.FTX JapanFTX Japan’s return of customer assets and resumption of withdrawals in February showcased the effectiveness of these clear regulatory guidelines. Among subsidiaries of the now-defunct crypto exchange FTX, FTX Japan is the only one to have returned customer assets thus far, Yoshikawa emphasized.While crypto regulations in some areas, such as taxation, remain insufficient, both the Japanese government and entrepreneurs agree that the Web3 industry should develop in a way that benefits the nation’s economy.Ripple’s projects in JapanYoshikawa said that Ripple views the Japanese market as one of its key markets. In 2016, the company formed a joint venture, SBI Ripple Asia, with Japanese financial group SBI Holdings. Through this partnership, Ripple collaborated with several Japanese financial institutions to launch RippleNet and provide liquidity to the payment service.Japan’s largest remittance technology firm, SBI Remit, has adopted RippleNet and Ripple’s own remittance system On-Demand Liquidity (ODL) to facilitate real-time payments between Japan and Southeast Asian nations. Yoshikawa underlined that Ripple is committed to supporting Southeast Asian workers in Japan who need swift and cost-effective international payments.

OSL Group, a publicly-listed digital asset and blockchain platform company headquartered in Hong Kong, is set to acquire Indonesia’s Evergreen Crest Holdings.Photo by Kelly Sikkema on UnsplashAs the proposed acquisition of Evergreen Crest, a business that includes a virtual assets exchange platform, will involve a share transaction, OSL filed details of the acquisition with the Hong Kong Stock Exchange on June 2. OSL will take a 90% stake in Evergreen Crest in return for $15 million worth of consideration shares, which will be issued by OSL to the seller. This share issuance will account for 1.48% of the total issued shares in the company. Once the acquisition goes through, Evergreen Crest will become a subsidiary of OSL Group, with Evergreen’s financial results consolidated into the overall financial statements of OSL going forward.  ‘Strategic benefits’The filing suggests that OSL management believe that the acquisition “will bring substantial strategic benefits to the Group,” as it opens up access for the company to the Indonesian digital asset market. The company is optimistic about the outlook for the Indonesian crypto market. It stated: “Indonesia possesses key attributes conducive to growth in this sector, including a substantial and youthful demographic, robust economic growth fundamentals, and a rapidly increasing rate of cryptocurrency adoption.” Acquiring licensesOne interesting aspect of the acquisition is that Evergreen Crest has acquired the requisite licensing to operate within the Indonesian market. Those cryptocurrency and futures trading licenses are likely to be of significant value to OSL as it means that through the acquisition, OSL can now enter the Indonesian market in a fully compliant manner. Using the existing compliant platform, OSL intends to expand the range of services offered within the Indonesian market. It indicated that it would do so in respect of payment finance (PayFi) and tokenized real-world asset (RWA)-related products and services, subject to acquiring the necessary licensing. OSL is encouraged by the opportunity that exists within Indonesia as far as tokenized RWAs are concerned. It claimed that the country has already demonstrated significant tokenized RWA-related activity. PT Multikripto Exchange Indonesia (also known as Koinsayang), the exchange business owned by Evergreen Crest, was awarded a virtual asset trading license by the Indonesian regulator, the Financial Services Authority (OJK), in March. At the time, the exchange outlined that it intended to expand its service reach, while creating a better trading experience for users located within Indonesia and overseas. In September 2024, the exchange was awarded a license to offer crypto asset perpetual futures contracts by Indonesia’s Commodity Futures Trading Supervisory Agency (Bappebti).  OSL expanding its reachOSL appears to be making a concerted effort to expand beyond its Hong Kong base. In February it acquired CoinBest, a Japanese crypto exchange, rebranding the business as OSL Japan. At the time it was reported that the company was also looking at opportunities to expand in European markets. OSL was amongst the first digital asset exchange platforms to be licensed in Hong Kong, receiving Type 1 and Type 7 licenses from the Securities and Futures Commission (SFC) in December 2020.