Turkey leads in stablecoin purchases relative to GDP

Japan’s largest bank, MUFG, has teamed up with KlimaDAO Japan, the provider of a digital reserve currency backed by carbon credits, to explore the use of the JPYC stablecoin for settling tokenized carbon credit transactions on the Progmat blockchain platform. Settlement on ProgmatProgmat provides the infrastructure to enable the issuance of various stablecoins. Last September, MUFG announced a collaboration with Binance geared towards stablecoin issuance. The JPYC stablecoin, operational since 2021, functions as a prepaid money instrument, similar to a prepaid card, due to its existence before Japan’s stablecoin legislation. Under new regulations, JPYC can either obtain a money transmitter license or issue a trust-style stablecoin with a bank like MUFG acting as the trustee for the stablecoin's reserves. Last year, JPYC formed a partnership with MUFG implicating the use of the Progmat platform.  This partnership, along with the involvement of Kansai Electric subsidiary Optage as the integration partner, sets the stage for the KlimaDAO stablecoin experiments. Optage will provide the corporate infrastructure required to manage the carbon credits added to the blockchain and provide a means for funds settlement to be achieved via bank transfer. Through the use of various local stablecoins for the purpose of settlement, it’s hoped that improved liquidity on a global basis may be achieved.Photo by Dan Meyers on UnsplashInitially recognized for making tokenized carbon credits accessible on public blockchains, KlimaDAO's functionality extends beyond this. The organization also offers the capability to retire credits. Last year, KlimaDAO expanded its reach by launching Carbonmark, an enterprise-focused marketplace.  This platform, which utilizes blockchain technology, namely Polygon, and smart contracts, offers a user-friendly experience by integrating traditional payment methods like bank transfers and SAP integration.  J-CreditsJapan operates a national scheme known as J-credits, and the Tokyo Stock Exchange has introduced a secondary market for these credits. J-credits are designed to certify the amount by which greenhouse gas emissions have been reduced through the use of carbon sinks in Japan. However, the volume of J-credit transactions remains low, reflecting the broader state of Japan's voluntary carbon market.  KlimaDAO aims to address this by launching the KlimaDAO Japan Market, simplifying the process for domestic companies to purchase and utilize carbon credits. This initiative will involve tokenizing J-credits, referred to as D-Carbons.  Andrew Bonneau, KlimaDAO co-founder, outlined on X that “@KlimaDAO is in a unique position to facilitate an efficient J-Credit market on chain, while serving as the base infrastructure for integrating these assets with 3rd party services.” While the initial phase will use traditional bank payments, the ultimate goal is to transition to using stablecoins, particularly the JPYC stablecoin. Norbert Gehrke, an observer of developments within the Japanese fintech scene, outlined on Medium that the Japanese carbon credit market is likely to reach three trillion yen ($19.15 billion) by 2030. Meanwhile, the global carbon credit market has a current value of 39 trillion yen ($249 billion). KlimaDAO Japan has mentioned the use of a permissionless blockchain for this initiative but has fallen short of confirming that the Polygon network will be relied upon. Japan has several homegrown blockchains, which might be considered for this project.  At the time of writing, the KLIMA token had risen 31% over the course of the previous 24 hours, with a unit price of $3.53 according to CoinGecko. 

Rotonda and Bithumb META to Co-Host Next Block 2023 Conference for Web3 CollaborationsRotonda, a subsidiary of Korean crypto exchange Bithumb and the operator of the Web3 Burrito Wallet, and Bithumb META, the exchange’s metaverse subsidiary, said Friday they will jointly host the Next Block 2023 conference. The conference’s main objective is to explore new business collaboration opportunities in building a new ecosystem for accelerating Web3 projects.“We are pleased to offer a space for interaction where virtual asset exchanges, wallets, and NFT marketplaces — which constitute the core infrastructure of the Web3 industry — can work together to set the stage for an innovative future of blockchain business,” a representative from Burrito Wallet said.Photo by CHUTTERSNAP on UnsplashExploring Web3 and industry insightsThe inaugural Next Block conference is scheduled for September 4 at Amoris Hall in Yeoksam GS Tower located in Seoul.Bithumb is the main sponsor of the conference, and more than 15 companies from various sectors including decentralized finance (DeFi), Play-to-Earn (P2E) gaming, venture capital, and securities are set to attend. A total of ten companies will pitch business ideas, deliver keynote speeches, and participate in panel and networking sessions. Topics to be covered for the event include transitioning to Web3 and discovering new opportunities and paradigms through blockchain.Junbo Yang, investment manager at Hong Kong’s HashKey Capital, and Kim Do-hyung, CEO of blockchain-based investment banking platform Finhaven, will deliver the keynote speeches, discussing the various perspectives of investment and security tokens. Companies like Property Heroes, Oasis, Mineral Hub, and more will participate in the panel discussions.Key business opportunitiesIn particular, the companies that give business pitches will have the chance to present their business models directly to venture capitalists and key industry figures. They can subsequently gain access to broader networking and promotional possibilities.

Metaverse gaming company Animoca Brands has recently announced a strategic partnership with Saakuru Labs, aiming to drive the adoption and integration of blockchain technology within Saakuru Labs' ecosystem. The collaboration is expected to bolster the expansion of the Web3 gaming industry, particularly in Southeast Asia, where the partnership officially kicks off. The initiative involves the incorporation of Web3 games developed with the Saakuru Protocol into the Animoca Brands ecosystem. Gasless transactionsAnimoca Brands will play a crucial role by providing gaming titles to its partners, while Saakuru Labs will facilitate Animoca Brands' expansion efforts in Southeast Asia. Developers stand to benefit from access to accelerated development processes and gasless transactions. Gasless transactions are particularly significant in regions like Southeast Asia, known for lower-income demographics. The market has shown a keen interest in blockchain technology and Web3 games, indicating promising growth potential. With gasless transactions, developers can seamlessly integrate critical functionalities into their gaming titles, including infrastructure components.Photo by Bastian Riccardi on UnsplashTransition to Web3 gamingThe Saakuru Protocol, known for its consumer-centric L2 infrastructure, enables major integrations of Web3 components into traditional gaming segments. This ensures a smooth transition from traditional gaming to Web3 gaming, enhancing the overall gaming experience. Yat Siu, Executive Chairman of Animoca Brands, emphasized the pivotal role of gaming in the evolution of the Internet and open metaverse, highlighting Southeast Asia's potential to lead in Web3 technology adoption. Jack Vinijtrongjit, CEO of Saakuru Labs, underscored the platform's capability to offer seamless engagement with multiplayer gaming titles without latency or transaction fees. The partnership between Saakuru Labs and Animoca Brands aligns with Saakuru Labs' recent collaboration with cloud computing infrastructure platform Aethir, aimed at enhancing blockchain gaming through GPU infrastructure. Notable partners of Animoca Brands, including GameGPT, W3GG and GameFi.org, have already expressed their commitment to adopting the gasless protocol. Experts believe that gaming presents an ideal avenue to accelerate blockchain technology adoption and advance Web3 gaming principles. With gaming becoming a mainstream form of entertainment, seamless integration of technology is crucial for user acceptance. The outcome of the Animoca Brands and Saakuru Labs partnership is anticipated to manifest results in the coming quarter or by the end of the year.