Legislator calls for Bitcoin reserve in Hong Kong

Metabora Singapore officially launches blockchain-based app for golf fansMetabora Singapore, a subsidiary of South Korean blockchain game developer Metabora formerly known as Kakao Friends Games, has officially launched BirdieSquad, a blockchain-based community platform for fans of professional golfers in the Korea Ladies Professional Golf Association (KLPGA). This comes after the beta version that was launched in August quickly gained popularity, topping the ranks of sports-related apps.Photo by Splash Pic on UnsplashRevolutionizing the golf fandomBirdieSquad was developed by Kakao VX, the digital sports arm of Korean internet juggernaut Kakao, with the goal of creating an innovative and fun playground for golf fans to interact and create a fandom-based community. Users can own NFTs of their favorite golfers — which come in six tiers: Uncommon, Rare, Super Rare, Epic and Legendary — which are stored in personal wallets, and earn various rewards based on players’ actual performance results. They can also interact with other users and compete in “cheer-offs”. During off-seasons, Metabora plans to host various events such as AI-based championship tournaments.The platform is currently working with 46 professional golfers, including Han Jin-seon, Park Hyun-kyung, Lee Ye-won and Kim Min-byul. The platform said that it would bring more athletes in the future.“As we strive to create a new fandom culture where pro golfers and fans can interact, we will expand our ecosystem by onboarding various entertainment content revolving around gaming and sports,” said Lim Young-joon, Chief Business Officer of Metabora Singapore.Expanding partnershipsMeanwhile, the company has been expanding its partnerships with various global blockchain networks such as Polygon, NEAR Protocol, Ethereum and BNB Chain to expand its global ecosystem.

Com2uS Holdings, the South Korean game publishing company behind Layer 1 blockchain XPLA, disclosed today that its revenue last year saw a 22.5% increase from 2022, reaching KRW 142.3 billion ($106.7 million). On the back of the revenue growth, the company's consolidated operating loss narrowed to KRW 14 billion, improving from 2022’s KRW 26.4 billion. Additionally, the net loss decreased to KRW 16.5 billion, down from the previous year’s KRW 70.6 billion. The operating loss for the fourth quarter stood at KRW 16.5 billion, showing an improvement from 2022 Q4's KRW 20.9 billion. During the same period, revenue reached KRW 21.4 billion, and the net loss was recorded at KRW 8 billion.Photo by Andrey Metelev on UnsplashGame sales and marketing expensesCom2uS Holdings attributed the increase in profits to game sales growth, which was encouraged by the release of more games. However, the company also noted a decrease in income from investments in associates and an increase in marketing expenses, which were driven by the launch of new games. Last year's operating expenses totaled KRW 156.4 billion. Labor costs, which constitute the largest portion of operating expenses, experienced a year-on-year decrease of 6.2%, amounting to KRW 46.7 billion. In contrast, there was an increase in spending across three areas: commissions rose by 43.8% to KRW 30.7 billion, loyalty expenses increased by 26.6% to KRW 25.1 billion and marketing saw a jump of 134.9% to KRW 21.1 billion. According to a report from local news agency Yonhap, Jung Chul-ho, CEO of Com2uS Holdings, emphasized at the earnings presentation today that the company is committed to growth in game publishing, blockchain projects and platform initiatives, all directed towards enhancing the company's value.Triple-A games on XPLA blockchainAs part of the company’s blockchain endeavors, the XPLA platform is set to focus on improving user convenience and incorporating major content, including a variety of triple-A games. Looking ahead, Com2uS Holdings anticipates that its idle role-playing game, Soul Strike, will contribute to the company's revenue for the first quarter. Since its debut last month, Soul Strike has been attracting attention not only in Korea but across Asia. The game publisher also outlined its global release plans for the MMORPG, Zenonia Chronobreak. Gamers in Taiwan can expect access to the game in the second quarter, while those in Japan and others will be able to play in the fourth quarter.

Coinbase Signals Interest in UAE BaseIn further evidence of a contrast in progression relative to the approach taken to digital assets in the United States versus other world regions, US crypto exchange Coinbase is understood to be considering the United Arab Emirates (UAE) as a potential strategic hub for the company.Photo by Aleksandar Pasaric on PexelsCause and effectA number of weeks ago, while Gary Gensler of the Securities of Exchange Commission (SEC) was facing a grilling in a House Financial Services Committee hearing on Capitol Hill in Washington, Brian Armstrong of Coinbase put out a statement saying that if the regulatory approach to crypto in the United States didn’t change, then the company would choose to locate itself elsewhere.It hasn’t taken Armstrong long to act on that intention. Late last month, the digital assets platform took its first step outside the United States by securing a license to operate in Bermuda. In line with Armstrong’s earlier comments, the move was seen as a strategic action taken by the company to expand its operations on a global basis.Armstrong had warned that unless regulators in the US provided complete regulatory clarity in relation to the activities of cryptocurrency firms, then the innovation would quickly develop in offshore havens. Alongside the announcement of the license to trade in Bermuda, a blog article was published which indicated that the company was also in discussion with regulators in Abu Dhabi in the UAE with a view towards potentially obtaining a license to operate there.Blog articleFast forward to Sunday, with the publication of yet another blog article by the company, and it seems that the company is hinting at a much stronger likelihood of establishing a UAE base. The article outlines that over the course of the next week, the Coinbase founder and CEO and the company’s executive team are in the UAE to participate in a round of meetings with regulators, industry partners, policymakers, clients and web3/crypto founders.The article outlines that Armstrong would give a keynote at the Dubai Fintech Summit, while elaborating that “the region has the potential to be a strategic hub for Coinbase, amplifying our efforts across the world.” In a recent interview with Bloomberg TV, the Coinbase CEO said that “we are looking for a home to set up an international hub that could serve the long tail of countries in the world.”At the Dubai Fintech Summit on Monday, Armstrong stated that the UAE “is leading the way regionally in crypto” and that it could be a potential international hub. He added: “I would say that the UAE’s approach has been more forward thinking than the US.”UAE crypto aspirationsThere’s no doubt that the UAE is trying to develop itself as a center for crypto and digital asset innovation. The country’s Prime Minister has said as much, declaring his intention to establish the Middle Eastern nation as a key player in the future of crypto. Both the Emirates of Dubai and Abu Dhabi have been proactive in working towards a digital asset regulatory framework, complete with a crypto licensing program in recent months.