Phemex introduces Lending Protocol and Pulse Season 3

Gate.io Threatens Legal Action Against SpeculatorsGate.io, the erstwhile legacy Chinese cryptocurrency exchange currently headquartered in the Cayman Islands, has issued a stern warning to individuals spreading rumors of imminent bankruptcy.The exchange intends to take legal action against those responsible for causing panic among investors by disseminating baseless rumors without any concrete source of information. This announcement, originally written in Turkish, was posted on Gate.io’s official Twitter account on June 4.Photo by Kai Pilger on UnsplashInsolvency rumorsThe insolvency rumors surrounding Gate.io emerged following a series of events involving Multichain, a troubled cross-chain protocol. Multichain has been facing technical difficulties since May 24, when a node issue resulted in transaction delays. Several days later, the Multichain team revealed that they were unable to contact their CEO to access the servers and resolve the problem.These circumstances fueled speculation that the protocol’s leadership had been arrested and that Chinese authorities had seized over $1.5 billion in smart contract funds.On May 24, data from blockchain analytics firm Arkham Intelligence indicated a significant inflow of Multichain tokens ($MULTI) from Gate.io’s platform. In response to mounting concerns, Gate.io categorically denied any liquidity issues on May 31. The exchange asserted that its operations were running smoothly and that withdrawals were not a problem. Despite reports on Twitter and Telegram channels of traders withdrawing funds, Gate.io’s trading volume has remained relatively stable in recent days.As of now, Gate.io’s native token, GateToken ($GT), is trading at $4.01, representing a 18% decline over the past week, according to CoinGecko data. Gate.io, which although headquartered in the Cayman Islands, has recently expanded its presence to Hong Kong, Turkey, and Dubai.Multichain falloutThe ongoing issues faced by Multichain have prompted other cryptocurrency exchanges to take action. Binance, for example, suspended deposits for 10 bridged tokens on the BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchain networks on May 25. Furthermore, transaction downtime compelled the Fantom Foundation to remove 449,740 $MULTI ($2.4 million) from liquidity on the decentralized exchange SushiSwap.Gate.io’s firm denial of insolvency rumors coupled with its threat of legal action underscores the exchange’s determination to combat the spread of this speculation. The exchange is seeking to protect the interests of its investors and maintain the stability of its operations.All stakeholders need to rely on continued vigilance in the crypto space. However, if Gate.io is to be afforded the benefit of the doubt in this instance, then it could be interpreted that it is demonstrating a commitment to transparency and swift action in the face of seemingly baseless rumors. On that basis, the firm’s response could be perceived as a demonstration of its resolve to navigate the challenges presented by the Multichain situation and uphold its reputation as a reliable cryptocurrency exchange.

LINE NEXT Captivates NFT Aficionados with Beta Launch of DOSI LandLINE NEXT, an American-based NFT platform subsidiary of Tokyo-headquartered messaging app developer Line Corporation, has launched the beta version of DOSI Land, the FINSCHIA token (FNSA) reward program on its global non-fungible token (NFT) platform, DOSI. This program aims to provide opportunities for its membership owners, known as DOSI Citizens, to win FNSA.Photo by Markus Winkler on PexelsWeekly token rewardsDOSI Land is a weekly program that rewards FNSA to lottery winners. However, only DOSI Citizens with Level 2 or above are eligible to participate in this event. DOSI Citizens are categorized into four levels, ranging from Level 1 to Level 4. Users can achieve attendance goals, invite friends, and make NFT transactions to elevate their Citizen status. It’s important to note that this program is not available in some countries, including the United States and Japan.DOSI Land comprises three lands: Emerald Orbit, Sapphire Starlight, and Golden Galaxy. Each land is accessible to Citizen Level 2, Level 3, and Level 4 users, respectively. Every week, a total of 3,000 FNSA will be distributed, with each land offering different chances of winning the token. Furthermore, each land has three zones, and users can participate in one zone per land. Participation in each zone requires DON, a membership point earned based on the total NFT transaction amount, and Level-up Passes, which are needed to improve Citizen status.DOSI operates the DOSI Citizen Membership system, which rewards users based on their contributions to the ecosystem. Alongside DOSI Land, DOSI has also implemented other reward programs such as DOSI Adventure and DOSI Arcade, offering a variety of NFTs to membership owners.As part of its efforts to expand the DOSI ecosystem, LINE NEXT incentivizes FNSA rewards to users actively engaging in DOSI through DOSI Land. The company plans to continue offering various benefits to DOSI users.DOSI’s presenceSince its beta launch, DOSI has attracted 4.6 million membership owners, facilitating over 410,000 transactions and involving 190,000 traders. These figures are as of May 2023. LINE NEXT cites NFT data analysis platform NFT Go’s statistics to state that DOSI is Asia’s largest and the world’s third largest platform in terms of monthly NFT traders. With its mission to establish a global ecosystem for NFTs and Web3, LINE NEXT aims to foster a thriving NFT platform business.The Finschia FoundationIn March of this year, the Finschia Foundation was established in Abu Dhabi, UAE, by Line Tech Plus, a Singaporean-based subsidiary of Line Corporation. This establishment was an effort to expand the corporation’s global Web3 endeavors. Line Corporation is a subsidiary of Z Holdings, jointly owned by South Korea’s Internet search engine provider Naver and Japanese technology investor Softbank Group.The Finschia Foundation operates Line’s open blockchain mainnet Finschia and rebranded its native crypto asset LINK (LN) to FINSCHIA (FNSA) last month. FNSA is currently listed on crypto exchanges Bithumb, Bittrex, and Huobi, according to CoinMarketCap.

UAE Royal Office to Visit South Korea Next Month for Web3 VenturesAIITONE, an immersive tech company based in South Korea, said Monday that officials from the Royal Private Office of H.H Sheikh Ahmed Bin Faisal Al Qassimi in the United Arab Emirates (UAE) are set to visit South Korea next month. During the visit, the Royal Office will work with AIITONE to enhance collaboration with Korean enterprises leading the Web3 sector, including information technology (IT) and blockchain, and explore cooperative opportunities across different sectors such as energy and finance.The Royal Office will also engage in practical preparations for establishing the UAE banks’ Korean branches and meet with members of the Korean National Assembly and related business officials.Photo by Saj Shafique on UnsplashNurturing international relations“This visit will consist of meetings and discussions with Korean lawmakers, further strengthening political cooperation between our two countries and facilitating the exchange of opinions on crucial international matters,” a representative from the Royal Office commented.“During the visit, a South Korea-UAE Web3 forum will also be held, expediting discussions on fintech-related collaboration possibilities such as blockchain and STO,” the representative added.Transcontinental fintech growthAIITONE and the Royal Office had previously signed a memorandum of understanding (MOU) vowing to work together to expand their respective business operations into each other’s regions — East Asia and the Middle East — and subsequently bolster the fintech industries there.Under the partnership, AIITONE plans to convene with major Korean companies in order to analyze industry trends and explore potential areas for collaboration. The discussions are expected to cover various areas, including the establishment of Islamic banks in Korea, setting up offices for the investment of Arab capital in Asia, and strengthening cooperation in the field of security tokens.The company will also work with the Royal Office on security token projects and central bank digital currencies (CBDCs) — areas where Dubai leads innovation.“Through activities such as the UAE Web3 forum and blockchain-based security token ventures, we aim to pioneer new models of cooperation and achieve sustainable development,” said Bruce Jeong, Principal of Middle East Investment and AIITONE.