HashKey & Bosera launch world’s first tokenized money market ETFs

Ret Games Teams Up with Binance to Support Blockchain Acceleration ProgramKorean Web3 gaming studio Ret Games said Tuesday it has signed a memorandum of understanding (MOU) with Binance, the world’s largest crypto exchange, to support a blockchain company acceleration program spearheaded by Incheon Technopark’s Blockchain Center.Bolstering blockchain startupsThe two firms will team up as a single operator of the accelerator program that will supply Incheon-based startups and small companies with the resources required to grow their blockchain businesses and establish Incheon, a city next to the nation’s capital of Seoul, as a blockchain hub. They will also be joined by a third member of the operator — on-chain risk rating solution developer Undefined Labs.Photo by Shubham’s Web3 on Unsplash“We plan to work with Binance to operate an efficient and innovative acceleration program for Incheon-based startups, fostering their growth and development,” said Kim Sung-yoon, CEO of Ret Games.Binance will provide global networking and business consultations in areas such as business modeling and blockchain technology development, while Ret Games will contribute its blockchain infrastructure and development. Additionally, Undefined Labs will provide comprehensive insights into the blockchain industry, covering technology, market trends, and use cases.Five companies for the acceleration program were chosen by Incheon Technopark — AO2, Bemuse, enterBlock, Swan Electronics, and Asia Auto Pacific. They will begin receiving support worth 20 million KRW (approximately $15,000) starting this month.The operator will be required to monitor the progress of these companies during the course of the program, which will end on November 30.Second operatorThere will also be another operator for the program besides the consortium, which solely consists of venture capital firm Nanuhm Angels. It will enable participants to test their business models by granting them access to Rotonda’s launchpad. Rotonda is a subsidiary of the Korean crypto exchange Bithumb and operates the Web3 Burrito Wallet.

Fair Weather Day for Rain With Abu Dhabi License ApprovalRain, the cryptocurrency exchange that serves the Middle East and North Africa (MENA), Turkey, and Pakistan, has scored a significant regulatory win in the United Arab Emirates (UAE). On Tuesday, the Abu Dhabi unit of Rain secured a license to operate as a virtual assets brokerage and custody service within the country.Photo by Agnieszka Kowalczyk on UnsplashCoinbase backingHeadquartered in Bahrain and backed by Coinbase, Rain’s Abu Dhabi Global Market financial free zone entity will now have the authority to offer virtual asset services to institutional and select retail clients in the UAE. This includes the ability to facilitate the buying, selling, and custody of cryptocurrencies.According to Co-Founder Yehia Badawy, the newly acquired license brings additional advantages to Rain. Notably, the exchange will be able to open a bank account in the UAE, simplifying fund management for its clients who can now utilize the local payment network.For Rain, this regulatory approval holds particular significance, as it addresses the hesitancy among local asset managers to engage with crypto firms lacking a domestic license. With this stamp of approval, these managers are expected to feel more at ease collaborating with Rain, thus expanding the potential demand from institutional investors.$500 million valuationRain has been gaining traction since its establishment in 2017 by Badawy and three other co-founders. Kleiner Perkins and Coinbase Ventures, two prominent investors from Silicon Valley, have backed the exchange. Both participated via a Series B funding round in January 2022 that saw Rain raise $110 million. Interestingly, Rain’s leading investor, Coinbase, also expressed an interest in developing a base in Abu Dhabi in recent months.There has been a lot of speculation in recent times with regard to where Binance, the world’s largest cryptocurrency exchange, is headquartered. Although still not certain, many believe that Abu Dhabi provided that base for the company. Meanwhile, US-headquartered cryptocurrency exchange Gemini, is working towards establishing a base in the UAE.Overcoming challenging market conditionsLast year’s Series B fundraise resulted in the company achieving a valuation of $500 million. The funds from that round were earmarked for the expansion of Rain’s operations throughout the region. Later that same year, the company laid off dozens of employees as bear market conditions within the digital assets space began to bite. As market conditions worsened later that year, the firm announced a fresh round of job cuts in September.The UAE has been positioning itself as a crypto-friendly destination, aiming to attract major players in the cryptocurrency industry. By enabling cryptocurrency payments in sectors like real estate and education, the UAE has spurred adoption rates and transaction volumes. Additionally, the country has been actively working on developing virtual asset regulations to accommodate new business opportunities in a highly competitive Gulf region.Rain’s recent licensing achievement signifies a significant milestone for the exchange and contributes to the UAE’s ongoing efforts to establish itself as a leading hub for the cryptocurrency sector.

Chung-Ang University to Issue Blockchain-Based CertificatesChung-Ang University, a post-secondary institution in South Korea, on Monday announced plans to implement a system that distributes blockchain-based digital OmniOne badges to students upon accomplishment of tasks such as the completion of courses or extracurricular activities. By doing so, the school aims to leverage blockchain technology to secure digital records of students’ educational backgrounds, thereby creating a more solid foundation for the cultivation of young global talent.Photo by Josefa nDiaz on UnsplashElevating identity verificationThe badges are a blockchain-based software as a service (SaaS) tailored for identity authentication and built on Raon Whitehat’s decentralized identity platform, OmniOne. Raon Whitehat is the blockchain service provider of Korean tech security firm RaonSecure.As a certification tool customized for Chung-Ang students, the badges can showcase progress and achievements in learning, skills, and experience as well as keep records of awards, licenses, and endorsements.“By providing blockchain-powered digital badges, we aim to support individuals in building their expertise and competencies,” said Park Sang-gue, the school’s President.Bringing blockchain technology to the campusThe school said it would run a trial for the system from the end of this month to January next year, then officially implement it starting in next year’s spring semester. It will be applied first to the LG PerfecTwin education curriculum, which the school jointly operates with IT solutions provider LG CNS, and the industrial security convergence program. Students can pass exams and successfully participate in discussions to receive digital badges, which can be managed on the university’s e-portfolio portal.The university also plans to eventually bring the badges to other subjects like artificial intelligence (AI) and the metaverse, then expand the system outside of the classroom so students can use the badges when going through employment processes, academic competitions, and certification acquisitions.Chung-Ang is also working to establish a system where non-fungible token (NFT) degrees and digital badges can be managed together in a single digital wallet. It had formerly worked with Raon Whitehat last year to issue NFT degrees to some 2,000 graduates.Furthermore, the school plans to solidify a support system for global talent development by collaborating with overseas educational institutions and global corporations.“We will provide a safe and convenient learning experience, continuously expand domestic and international partnerships, and create a foundation for students to grow as global talents,” President Park emphasized.