Upbit executive: Establishing crypto regulations hinges on building trust

Xsolla and Crypto.com Collaborate on Gaming Industry Payment SolutionXsolla, a well-known American company in video game commerce, has joined forces with Singapore-headquartered crypto platform, Crypto.com, to unveil an innovative partnership.The crux of this collaboration, which was announced via a press release published on Tuesday, lies in the seamless integration of Crypto.com’s cutting-edge checkout solution into Xsolla’s Pay Station platform.Photo by Andrey Metelev on UnsplashSetting the stage for crypto paymentsThe integration marks a significant stride forward for the gaming industry, ushering in new frontiers for both game developers and players. The collaboration sets the stage for the acceptance of cryptocurrency payments and the optimization of transactions within a secure and user-friendly environment, attempting to elevate the overall gaming experience to new heights.In an era dominated by digital payment methods, this development promises players a diversified array of transaction options, harmonizing with the digital and metaverse landscapes. Additionally, this collaboration stands as a milestone for Crypto.com’s endeavor to establish a strong foothold and network within the gaming realm.Eric Anziani, President and COO of Crypto.com, highlighted the immense potential lying at the crossroads of gaming and Web3. “By joining forces with a global gaming titan like Xsolla and harnessing our collective assets and expertise,” Anziani stated, “we are concretizing this potential, empowering developers, publishers, and players to seamlessly participate and create value within the crypto economy.”Xsolla’s Pay Station, renowned for enabling in-game purchases across over 200 regions using an array of compliant payment providers, is poised for an exciting evolution with the impending integration of Crypto.com Pay. This upcoming synergy promises a wider horizon for developers and publishers, enabling them to tap into diverse player demographics and access vibrant markets and novel revenue streams.Integration of Crypto.com PayChris Hewish, CEO of Xsolla, expressed his enthusiasm for the partnership:“Our collaboration with Crypto.com is a remarkable milestone, especially with the substantial integration of Crypto.com Pay into our Pay Station platform. As the gaming landscape evolves rapidly, our adaptability becomes paramount. The integration of cryptocurrencies as a mode of payment offers game developers and players an ingenious payment solution in harmony with the global shift toward digital currencies.”The alliance has the potential to be impactful within the gaming industry, heralding a paradigm shift toward an all-encompassing and secure gaming ecosystem. Patrick Yoon, General Manager of Crypto.com Korea, added to the sentiment, expressing eagerness for the future:“Our journey with Xsolla marks a crucial stride, kickstarting a broader collaborative venture in Korea and on the global stage. We eagerly anticipate our ongoing collaboration with Xsolla in propelling payment ecosystems and digital asset adoption forward.”Blockchain and crypto-based projects have been slowly making greater in-roads into the enormous gaming market. That has manifested itself through the inclusion of blockchain within games themselves and, as in this instance, through the integration of crypto-based payments.As Xsolla and Crypto.com meld their strengths, the gaming industry braces itself for an era of inclusive and secure payment solutions with a promise to redefine the gaming experience.

LINE NEXT and Sega Join Hands to Develop Web3 Games with NFTsLINE NEXT, the NFT business arm of Tokyo-based messaging app developer Line Corporation, has announced the signing of a memorandum of understanding (MOU) with Japanese game company Sega. This partnership will see LINE NEXT acquiring intellectual property (IP) licenses of Sega’s video game franchises for the purpose of jointly developing Web3 games.Renowned for its iconic Sonic the Hedgehog franchise, Sega boasts studios in Japan and abroad. The Japanese game publisher produces games of various genres on different platforms, including arcade machines, desktop computers, and mobile phones. Sega has gained recognition for creating generational games for international users through innovative ideas and outstanding game development skills.Photo by Shubham’s Web3 on UnsplashWeb3 game popularizationThrough this collaboration, LINE NEXT will introduce Sega-licensed games on its NFT-based gaming platform, GAME DOSI, with the aim of popularizing Web3 games. GAME DOSI will provide functionalities such as NFT creation, easy payment, and marketing. While the specific lineup of games and their details will be revealed at a later date, LINE NEXT CEO Ko Young-su expressed his belief that this MOU with Sega will bring new elements of joy to global gamers, emphasizing that the NFT company is dedicated to delivering readily enjoyable Web3 content not only to Sega fans but to everyone through GAME DOSI.Launched in May, GAME DOSI focuses on user-oriented games with the slogan “Gamer First, Web3 Next.” The platform has recently unveiled several new games, including Sweet Monster Guardians (a village defense game); Vestria the Last Order, also known as V.L.O, (a roguelite role-playing game); and KEROZ (a hack and slash game). Additionally, GAME DOSI is actively involved in Project GD, an initiative aimed at developing a diverse range of games based on its own intellectual properties.LINE NEXT’s NFT endeavorsIn its efforts to attract NFT enthusiasts, LINE NEXT has undertaken various projects. Last month, it introduced DOSI Land, a program that rewards users with the FINSCHIA token (FNSA). FNSA is currently listed on crypto exchanges Bithumb, Bittrex, Huobi, and Gate.io, according to crypto market data website CoinMarketCap.Sega’s blockchain hesitancyMeanwhile, it was reported earlier that Sega has been rethinking its involvement in blockchain gaming. Shuji Utsumi, the Co-Chief Operating Officer of Sega, recently stated in an interview with Bloomberg that the company intends to protect the value of its content by withholding from participating in third-party blockchain gaming projects. Utsumi expressed his belief in the importance of the fun element in games, while he described “play-to-earn” (P2E) blockchain games as “boring.” P2E games refer to those that enable players to earn tokens as rewards for completing specific tasks or winning battles against other players.

Beleaguered Indian crypto exchange WazirX took to social media on April 21 to clarify to the company’s creditors that it is moving closer towards restarting the platform. While the company hasn’t gone into bankruptcy following a $230 million platform hack which occurred in July of last year, it is going through a restructuring process via the Singapore High Court. Posting on the X social media platform, the company addressed concerns surrounding the restarting of operations.  It said that it understood that users were keen to see the platform restart, while reminding stakeholders that from the outset of the process, it had forecasted a first distribution of user funds and a restart of the platform within the April to May 2025 timeframe. Photo by matthew6910 on UnsplashMay court hearingThe firm outlined that its parent company, Zettai PTE Limited, has accomplished all steps to date, in order to bring about the re-emergence of the platform. It has put forward a scheme of arrangement to the court to distribute assets available to it to creditors and bring the trading platform back online.  It identified a May 13 court date as being pivotal to these plans, when the Singapore High Court will hold a sanction hearing and determine whether it confirms the company’s restructuring plan. WazirX added: “While we’ve worked to stay aligned with the previously shared timelines, court proceedings operate independently, and we respect that process. After the Scheme is sanctioned, the First Distribution and restart will follow within 10 business days from the Effective Scheme Date, as outlined earlier.” 85% payoutEarlier this month, 93% of WazirX creditors, accounting for 94.6% of the overall funds owed, voted in favor of the company’s restructuring plan. As part of the plan, users would be compensated with a payout over several distributions of 85% of the overall funds they held on the platform as of July 18, 2024. The company also plans to issue creditors with a recovery token, in an effort to provide them with further value over time. This communication from the company followed the announcement of a court judgement last week by India’s Supreme Court dismissing a lawsuit filed by 54 WazirX users who have lost funds due to the 2024 hack. While the action was dismissed, one of the plaintiffs pointed out on X that the Supreme Court hadn’t indicated that their action lacked merit. He added:”Our criminal writ petition against #WazirX & Nischal Shetty & others was dismissed on jurisdictional grounds.” On that basis, it would appear that the company may still have to deal with such a complaint if brought via a different forum. Over the course of the past 12 months, the WazirX hack stands out alongside an almost $1.5 billion hack at Bybit. In both cases, fingers have been pointed at notorious North Korean hacking group, Lazarus. According to a report published by Chainalysis last December, $2.2 billion had been stolen from crypto platforms in 2024.