Nissan delves into metaverse on a heritage and safety theme

SC Ventures Exits Digital Asset Custody Infrastructure InvestmentSC Ventures, the Singapore-headquartered corporate venture capital arm of Standard Chartered Bank, has announced its decision to divest its stake in Metaco, a Swiss-based digital asset custody firm. As one of Metaco’s early adopters, SC Ventures played a crucial role in supporting the company’s growth and development.Photo by Pixabay on PexelsDissolving a partnershipHaving been the largest institutional investor in the digital custody infrastructure firm, SC Ventures contributed significantly to the enhancement of Metaco’s award-winning custody product. The partnership between the two entities facilitated valuable contributions in various areas, including corporate governance, business strategy, institutional use cases, and access to SC Ventures’ extensive ecosystem. Through their collaboration, SC Ventures aimed to provide institutions with a secure and compliant ecosystem for operating digital assets.Ripple acquisitionIn a recent development, enterprise blockchain company Ripple acquired Metaco for $250 million. Ripple’s acquisition of Metaco signifies its diversification into custody solutions, expanding its business opportunities within the blockchain sector. With this move, Ripple aims to offer its customers technology that enables custody, issuance, and settlement of various types of tokenized assets. Further evidence of Ripple’s interest in this area emerged last week with the news that the company is collaborating with authorities in Hong Kong to showcase real world asset tokenization.Despite the acquisition, Metaco will continue to operate as an independent brand and business unit, under the leadership of its founder and CEO, Adrien Treccani. This decision ensures continuity and stability for Metaco’s existing clients and partners while benefiting from the resources and support provided by Ripple.Ongoing linkWhile the divestment of a division of an international banking behemoth like Standard Chartered from a digital asset infrastructure firm may seem like a bad news story, it’s likely not that straightforward. It’s worth noting that Zodia Custody, itself a digital assets custody venture incubated by SC Ventures, continues to maintain a strategic partnership with Metaco.The ongoing collaboration between Zodia Custody and Metaco focuses on matters related to compliance and risk management. This partnership ensures that both companies can leverage their respective expertise to address the increasing demand for safe and compliant access to cryptocurrencies and digital assets from institutional investors.Despite this divestment, it appears that SC Ventures still recognizes the importance of supporting emerging technologies on the cusp of adoption through its continued involvement with Zodia Custody, continuing advancements in the digital asset space.SC Ventures’ exit from its stake in Metaco marks a significant milestone in the ongoing evolution of both companies. While SC Ventures has played a vital role in Metaco’s growth, the acquisition by Ripple opens up new opportunities for Metaco to expand its offerings and cater to a broader customer base. Meanwhile, the collaboration between Zodia Custody, Metaco, and SC Ventures ensures that institutional investors have access to secure and compliant solutions as the demand for digital asset services continues to rise.

China Launches Shenzhen Park Centered on CBDC GrowthChina has been relentless in its efforts at fostering the growth of the digital yuan ecosystem, with its latest initiative involving an industrial park in the Luohu district of Shenzhen, adjacent to Hong Kong.Photo by 鸣轩 冷 on UnsplashNurturing the digital yuan ecosystemThe Shenzhen Park initiative has been launched with the district government putting forth a comprehensive set of ten initiatives designed to catalyze the expansion of the Chinese central bank digital currency (CBDC) ecosystem. According to a recent report published by Chinese media outlet China Daily, these initiatives encompass various critical areas, including payment solutions, digital yuan promotion, smart contracts, and the development of secure hard wallets.Several notable companies, including Hengbao, Wuhan Tianyu Information, and Lakala Payment, have already set up their bases in the park. Hengbao and Wuhan Tianyu Information, known for their payment cards, and Lakala Payment, a renowned payment processor with a Visa partnership, are among the pioneers in this ambitious project.Zeng Zhaoxiang, the Executive Deputy Director of Wuhan Tianyu Information, shared his optimism regarding the venture, emphasizing the potential for collaborative efforts to elevate the park’s development trajectory. Such synergies within the industrial chain, he believes, will be instrumental in driving the project’s success.Enticing incentivesOne notable feature of the Shenzhen Park project is the incentives offered to businesses. They can enjoy up to three years of rent-free accommodation. Commercial banks looking to establish operations in this pioneering facility can secure up to 20 million yuan (approximately $2.7 million) in financial support, while startups may be eligible for as much as 50 million yuan.Consequently, the total government backing for this endeavor is estimated at a substantial 100 million yuan. Furthermore, the government is offering favorable loan terms to those interested in being part of the promising venture.Driving adoption beyond ShenzhenThe efforts to promote the digital yuan extend far beyond Shenzhen’s city limits. The e-CNY is currently undergoing rigorous pilot testing in twenty-six cities across China. Impressively, the digital currency has already gained acceptance among 5.6 million merchants. Given the extent of support for CBDC promotion in China from the government, it would be reasonable to expect this figure to rise steadily in the short to medium term.To further enhance the digital yuan’s accessibility, the digital yuan app now includes a feature allowing tourists to top up their wallets using Visa and Mastercard. Despite having reached 261 million digital yuan wallets by 2022, the broader acceptance of this innovative digital currency remains somewhat gradual.International CBDC developmentAlthough the digital yuan is much further along in its development and promotion, the significance of CBDCs is not limited to China alone. Beyond its borders, the focus on CBDCs remains robust, with most central banks having delved to varying extents into exploring the possibility of both retail and wholesale CBDCs.The extent of open projects worldwide right now means that there are too many to mention but recent examples include South Korea’s wholesale CBDC pilot program which was announced earlier this month. Last month it emerged that the central banks of Hong Kong and Kazakhstan were collaborating with the SWIFT financial messaging service in the testing of a CBDC connector.

Covenant Labs and Haechi Labs join forces to integrate Web3 services into P2E gameCovenant Labs, a subsidiary of South Korean smart city platform CityLabs, has signed a memorandum of understanding (MOU) with Haechi Labs, a blockchain service provider, to integrate Haechi Labs’s services into its Play-to-Earn (P2E) game Covenant Child and related non-fungible token (NFT) projects, thus expanding its presence in the blockchain ecosystem.Photo by ELLA DON on UnsplashElevating Web3 accessibility and securityThese services include Face Wallet — a non-custodial digital wallet geared towards onboarding Web2 users to Web3 — and Kalos, a blockchain and smart contract security audit service for Web3 enterprises.Face Wallet has gained recognition within the industry as a widely-used wallet across global blockchain mainnets, including Polygon, Solana, BNB, NEAR Protocol, Aptos and Avalanche.Notably, it addresses issues that users usually run into with traditional digital wallets like MetaMask, such as complicated login processes. It allows users to log in using their social media accounts, such as Google, Apple, X (formerly Twitter), Discord, Facebook and Kakao, without installing a separate wallet. Users can also enhance their wallet security through two-factor authentication (2FA) by setting a simple six-digit PIN code.Meanwhile, Kalos provides detailed and personalized security audit reports put together by security experts from around the world. The service specializes in areas like Solana Smart Contract, zero-knowledge proofs and Cosmos SDK.Enhancing the gaming experienceThese two services will be integrated into Covenant Child, which offers engaging content through both gameplay and game finance (GameFi). In particular, its GameFi system allocates two types of tokens — Covenant (COVN) and Child (CHLD) through P2E activities, such as mining compatible NFTs earned during gameplay.Covenant Labs CEO Jin Hyung-il and Haechi Labs CEO Moon Geon-ki expressed their anticipation for the agreement, stating that their respective companies would aim to provide gamers with a stepping stone to easily onboard Convenant Labs’ gaming ecosystem and gain access to various user-friendly services.