Blockstream partnership & new office announced in Japanese expansion

Korean pro female golfers to compete in WEMIX golf tournament this weekendThe world’s first blockchain-assisted golf tournament, WEMIX Championship 2023, will take place this weekend at the Haeundae Beach Golf and Resort in Busan. 24 female golfers from the Korea Ladies Professional Golf Association (KLPGA) — including the top 20 who earned the most WEMIX points during the preliminary Race to WEMIX Championship — are set to compete.Photo by Mick De Paola on UnsplashBringing blockchain to sportsNotably, blockchain technology is incorporated into all aspects of the tournament. This includes dynamic Real World Event NFTs that are available via NFT Is Life Evolution (NILE), Wemade’s decentralized autonomous organization (DAO) and NFT platform. These NFTs come in two categories: “ticket NFTs,” which function as admission tickets and food or parking vouchers for spectators, and “prize NFTs,” which contain WEMIX token awards for tournament winners. The total prize budget is one million WEMIX, or approximately KRW 2.4 billion ($1.9 million) as of 4:30 p.m. on Thursday (local time). The first-place winner will receive 250,000 WEMIXThe tournament venue will also have a Gallery Plaza with various activities and showcases for visitors to enjoy, like exhibitions for Volvo’s newest vehicles, photo zones and putting games. The food and beverage zone will serve BAYC-themed burgers from Californian burger brand Bored and Hungry, as well as beverages from Hide Me, Please, a Korean food and beverage NFT membership brand. BAYC is the globally renowned IP from the Bored Ape Yacht Club NFT collection.The competition’s top playersMeanwhile, the subject of many golfing enthusiasts’ interest is Im Jin-hee, the golfer who won the most WEMIX points during the Race to WEMIX Championship with 6,450 points. She secured 90,000 WEMIX for earning the top ranking, adding another personal achievement to her successful season this year. Coming in second and third place were Lee Ye-won and Kim Min-byeol. The final results of the competition were determined based on the golfers’ performances in the Lotte Rent-a-Car’s Ladies Open and the SK Shieldus-SK Telecom Championship.

HashKey Report Outlines Risks of Liquid StakingLiquid staking derivatives (LSD) are not without their potential pitfalls according to a report published by Hong Kong’s HashKey Capital.Photo by Shubham Dhage on UnsplashLiquid staking exceeds $22 billionThe report, which was published by the digital asset manager and finance house in July, emphasizes the pressing need for enhanced decentralization to counteract the risks associated with this growing trend of liquid staking.The figures themselves are impressive. This year, the total value locked in the liquid staking derivatives market has surged past the $22 billion mark. Correspondingly, the market capitalization of LSD projects has skyrocketed to $18 billion, indicating a substantial influx of interest and investment.However, the growth that these protocols are witnessing also presents a dual-edged conundrum for the Ethereum ecosystem. HashKey Capital’s report underscores that despite the advantages these protocols might offer their respective communities and token-holders, they could potentially destabilize the Ethereum ecosystem in multifaceted ways.Centralization riskAs evident in HashKey Capital’s overview, several LSD protocols heavily rely on a limited number of node operators, effectively centralizing a significant portion of validator nodes. This centralization trend, as highlighted by the report, is a cause for concern. The concentration of node operators raises red flags, as it contradicts the fundamental tenets of decentralization that underpin blockchain technology.The report articulates the adverse effects of centralization in the realm of liquid staking. It points to the dangers of reduced competition and a heightened risk of censorship.The report raises an important caution: “There is a heightened possibility of censorship with centralized staking players, as they may be subject to incentives or regulatory pressure to censor transactions. This can potentially result in a disruption of the trust within the network.”Security threatsCentralization also ushers in security threats. The dominance of major staking players makes the Ethereum ecosystem more susceptible to 51% attacks. Furthermore, the potential for collusion among centralized stakers looms large, leading to actions that counteract the very essence of decentralization, such as front running and malicious maximal extractable value (MEV) susceptibility.However, amidst these centralization risks, HashKey Capital acknowledges that most protocols are in their nascent stages. Many of them have devised strategies to incorporate distributed validator technology into their protocols, a proactive step towards fostering greater decentralization and resilience.HashKey Exchange awarded retail services licenseIn an unrelated development, HashKey Exchange received approval on Wednesday to upgrade type 1 and type 7 licenses, allowing it to cater to retail investors in Hong Kong. This accomplishment comes a mere two months after the city introduced its Virtual Asset Service Provider (VASP) licensing framework on June 1.In this evolving landscape, HashKey Capital and OSL were among the pioneer licensed exchanges under the city’s earlier voluntary program. Now, the new regulations stipulate that crypto trading platforms must obtain a license to serve retail investors, further solidifying Hong Kong’s commitment to cultivating a thriving crypto ecosystem.As the HashKey Capital report and recent developments in Hong Kong demonstrate, there’s a lot in play relative to both crypto regulation, protocol design and new product innovation. The challenges posed by centralization in liquid staking underscore the importance of vigilance and corrective action. Meanwhile, Hong Kong’s aspirations to become a crypto stronghold offer a beacon of hope in an ever-evolving regulatory landscape.

OK Group Retires ‘Okcoin’ BrandIn a move to streamline its crypto ventures, cryptocurrency exchange operator OK Group is rebranding its platforms under the single name “OKX.”The announcement was made by Hong Fang, President of OK Group’s Seychelles-registered exchange OKX, via a thread on X (formerly Twitter) on Monday.Photo by Kelly Sikkema on Unsplash‘Okcoin’ to ‘OKX’ global rebrandFounded in 2013, Okcoin will be undergoing a name change to “OKX,” aligning with OK Group’s overarching branding strategy. Hong Fang expressed her personal connection to Okcoin, stating:“I’ve been part of Okcoin for five years. Over the years, we have put a lot of love and passion into our brand and product.”She emphasized that this rebranding effort, beginning in Singapore, will extend to Europe and the United States in the coming months, ensuring consistency across key operational jurisdictions. Despite the name change, OKX maintains that customers can expect the same high-quality services within the same regulatory framework under the new brand. Providing the rationale for the change, Hong Fang went on to state:”We also believe it’s time for a change. Rebranding to OKX in our key operational jurisdictions will be great for our customers and business. I’m very excited about what to come next.”Previous rebranding activityFang also revealed that OK Group has already sunsetted the “Okcoin” brand and product in several regions, including Latin America, the Middle East and North Africa, South Asia, Hong Kong, and others. This transition aims to create a unified and recognizable identity for the group’s crypto ventures.The United States holds particular significance for OK Group’s global strategy, and the company remains committed to that market. Fang acknowledged the unique challenges encountered in the US but expressed the company’s dedication to empowering individuals and protecting freedom through technology within the US market. She stated: “It is home base for a lot of us on our team. It is special to us.”OKEx rebrandThis rebranding news comes approximately one year after OK Group initiated a similar transition with its subsidiary, formerly known as OKEx. In December 2022, OKEx transformed into “OKX,” expanding its scope beyond being a centralized crypto exchange. The move aimed to embrace DeFi, non-fungible tokens (NFTs), and Web3. OKEx, founded by OK Group CEO Star Xu in 2017, had played a significant part in terms of innovation in the cryptocurrency space during that time.OK Group’s decision to rebrand its crypto ventures under the unified name “OKX” signifies a strategic shift toward creating a more cohesive and streamlined brand presence in the global crypto market. The transition stands out as yet another iteration in the development of global crypto platforms within an ever-changing crypto ecosystem. As Hong Fang put it, “Okcoin was started almost 10 years ago.” . . . “We have been unequivocally investing in our Okcoin team and infrastructure ever since.”