Animoca Brands partners with Saakuru Labs to bolster Web3 gaming

JPMorgan Adopts Blockchain for 24/7 Interbank Transactions in IndiaAmerican multinational financial services company JPMorgan Chase has partnered with six major Indian banks to introduce a blockchain-based platform that leverages the technology’s benefits to address the restraints of traditional finance.Photo by Naveed Ahmed on UnsplashInterbank settlementThe collaboration aims to enable interbank settlement of US dollar transactions in India’s Gujarat International Finance Tec-City (GIFT City), positioning it as an alternative trading center to Singapore and Dubai. That’s according to a report from Bloomberg, published on Monday. The participating banks in this pioneering initiative include HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, and JPMorgan’s own banking unit at GIFT City.Onyx blockchainThe blockchain project, utilizing JPMorgan’s Onyx platform, aims to expand the capacity of the existing settlement system. Kaustubh Kulkarni, JPMorgan’s senior country officer, stated that the platform will enable the participating banks to process instant transactions 24 hours a day, seven days a week. By leveraging blockchain technology, the interbank settlement process will become faster and more efficient, overcoming the current limitations of time and availability.Onyx blockchain was established in 2020 and serves as JPMorgan’s digital assets network. It was specifically designed with interbank settlement and wholesale payment transactions in mind.Reduced settlement timeUnder the prevailing interbank settlement system, transactions could take several hours to complete, and settlement is not available on weekends or public holidays. JPMorgan’s blockchain pilot, however, will remove these barriers, as Kulkarni explained: “By leveraging blockchain technology to facilitate transactions on a 24x7 basis, processing is instantaneous and enables GIFT City banks to support their own time-zone and operating hours.”This initiative not only addresses the operational challenges of interbank settlement but also serves New Delhi’s strategic goal of positioning GIFT City as a prominent alternative trading center. With the implementation of blockchain technology, GIFT City can provide a competitive advantage by offering efficient, real-time transaction capabilities.The success of Onyx is evident, as the bank reportedly processed nearly $700 billion in short-term loan transactions through the platform as of April 2023. The utilization of Onyx for the interbank dollar transfers in India further demonstrates JPMorgan’s commitment to exploring the potential of blockchain technology in the financial sector.Positioning for de-dollarizationAdditionally, JPMorgan’s involvement in this initiative aligns with the evolving landscape of global finance. The bank’s currency strategists have highlighted signs of emerging de-dollarization, with the US dollar’s share declining in foreign exchange reserves and exports. The adoption of blockchain technology for dollar transactions not only improves efficiency but also aligns with the changing dynamics of the global financial system.As JPMorgan launches the pilot project in collaboration with the Indian banks, the coming months will be crucial for analyzing the experiences and outcomes. This initiative marks a significant step towards streamlining financial operations, embracing innovative solutions, and strengthening India’s role in the adoption of blockchain technology within its financial infrastructure.

Coinbase Acquires License to Enhance Crypto Operations in SingaporeUS crypto exchange business Coinbase has reached a significant milestone in its Singapore operations by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).The achievement, announced by the firm via a blog post published on Sunday, represents a pivotal moment for Coinbase as it expands its digital payment token services in Singapore to serve both individuals and institutions. The issuance of the full MPI license comes approximately one year after Coinbase initially received in-principle approval from MAS.Photo by Duy Nguyen on UnsplashEnabling broader service offeringThe importance of this development lies in Coinbase’s ability to provide advanced services, not only to individual traders but also to institutional investors. Hassan Ahmed, the country director of Coinbase Singapore, stressed the significance of this full license, stating that it will play a crucial role in strengthening relationships with stakeholders, especially regulated entities like banks. The regulatory milestone is anticipated to further cement Coinbase’s presence in the institutional finance sector in the region.Coinbase’s commitment to the Singaporean market has been evident in its continuous expansion initiatives. The company established a technology hub in Singapore last year, actively recruiting and training product managers and engineers specializing in Web3 technologies.In May the firm extended its product offering to Singaporean customers, introducing fee-less purchases of the USDC stablecoin and introducing digital asset staking. Meanwhile Coinbase Ventures, the firm’s investment arm, has also demonstrated confidence in the region by investing in more than 15 Web3 startups within Singapore over the past three years.Singapore earmarked for growthSingapore has emerged as the focal point for Coinbase’s Asia-Pacific institutional business, owing to its progressive stance on cryptocurrencies and a robust Web3 ecosystem boasting over 700 Web3 companies. According to Coinbase’s surveys, 25% of Singaporeans perceive cryptocurrencies as the future of finance, and 32% have had some form of crypto asset ownership. These statistics underscore Singapore’s growing importance in the global cryptocurrency landscape.Coinbase’s interest in meeting the demands of the local market is evident with the introduction of funding options like PayNow and the banks’ Fast And Secure Transfers (FAST) service, in addition to the integration of the Singpass onboarding system earlier this year.Despite facing regulatory challenges, including a lawsuit from the US Securities and Exchange Commission (SEC) accusing Coinbase of operating illegally, the exchange continues to explore avenues to grow and expand the business further. In August, Coinbase reported a significant improvement in its financials, with a narrower net loss and higher-than-expected revenue. This performance is reflected in its appreciating stock prices, which have more than doubled in 2023.This move places Coinbase among a select group of just over a dozen firms licensed to offer digital payment token services in Singapore. Last month, institutional investor-focused AsiaNext was officially designated as a Recognized Market Operator (RMO) by MAS. The firm was building on previous success in Singapore, having acquired a Capital Markets Services (CMS) license from MAS in June.That same month USDC stablecoin issuer Circle was awarded a full trading license. Other crypto firms to achieve licensing success in the city-state include Crypto.com and Blockchain.com.

Wemade Releases Sustainability Report to Demonstrate Commitment to TransparencyWemade, a leading South Korean blockchain gaming company, has published its 2022 sustainability report, demonstrating its commitment to transparency and effective communication with shareholders and investors.Photo by Ash from Modern Afflatus on UnsplashThree ESG objectivesIn the report, Wemade CEO Henry Chang outlined three key objectives focused on environmental, social, and governance (ESG) principles. These objectives are strengthening the company’s eco-friendly practices, nurturing future minds in the blockchain industry, and establishing a transparent governance framework.Wemade’s WEMIX 3.0 ecosystem is built on three main pillars: the global blockchain gaming platform WEMIX PLAY, the DAO-based NFT platform NILE, and the decentralized finance service WEMIX.Fi. These platforms are supported by the WEMIX token and WEMIX Dollar (WEMIX$), which are key currencies within the ecosystem. WEMIX$ is fully backed by USD Coin (USDC).The WEMIX token is listed on more than 17 cryptocurrency exchanges, including KuCoin, Gate.io, and Bybit, according to CoinMarketCap. Meanwhile, WEMIX$ can be traded on WEMIX.Fi and centralized exchange BitMart.Transparency initiativesThe report highlights various transparency initiatives undertaken by the company. Wemade has partnered with crypto data platform Xangle, intending to enable users to monitor the real-time circulation of the WEMIX token. The company has also established a protocol investment committee of five members to review and approve diverse projects. Furthermore, the report mentions that all of the undistributed WEMIX tokens are held by institutional custodian Ceffu (formerly known as Binance Custody) to ensure WEMIX’s stability.According to the report, Wemade is committed to effective communication with stakeholders worldwide, including shareholders, token investors, and gamers. CEO Chang’s quarterly conferences play a significant role in unveiling the platform’s policies and answering stakeholders’ questions. Additionally, the company ensures the dissemination of information in multiple languages (Korean, English, Chinese, Spanish, and Indonesian), catering to global WEMIX token holders.CEO Chang underlined the company’s dedication to enhancing corporate transparency and fulfilling its social responsibilities. These measures are aimed at facilitating the sustainable growth of the blockchain company.