Grab partners with Solana ecosystem DePIN project to enhance mapping

Param Labs, a modular gaming ecosystem, has announced the successful completion of a $7 million investment round, with Animoca Brands, a prominent crypto venture capital firm, leading the charge.Photo by Precondo CA on UnsplashOversubscribed funding roundJoining Hong Kong-headquartered Animoca Brands in this oversubscribed round were Delphi Ventures, Cypher Capital, P2 Ventures (formerly Polygon Ventures), Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group and MH Ventures. Anthony Anderson, CEO of Param Labs and Kiraverse, highlighted the significance of modular gaming ecosystems like Param in laying the groundwork for the next era of Web3 games. In an exchange with Cointelegraph, Anderson stated: “Unlike most Web3 studios that focus on developing single game titles, modular ecosystems offer a variety of products and components. This allows developers to build their own games from these modules and provides essential tools for other developers to utilize and integrate into their projects.” The timing of this funding round coincides with significant growth milestones for the Param Gaming Platform, which recently surpassed 300,000 daily active users. Additionally, the platform's X page boasts over 2.5 million followers, underscoring its growing popularity. Strategic investments from luminaries such as Yat Siu, co-founder of Animoca Labs, and Banks, founder of Face Clan, further underscore the potential of Param Labs, which is based in the United Arab Emirates (UAE), in realizing the vision of an open metaverse. In a statement published to the Animoca Brands website, Yat Siu expressed enthusiasm about the collaboration, stating: "This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets." Focusing on infrastructureThis injection of capital is poised to address a critical deficiency in the realm of Web3 gaming: the lack of foundational infrastructure. Addressing precisely that challenge which is hindering mainstream adoption, Anderson emphasized the pivotal role of infrastructure: “Focusing on infrastructure is crucial, as it not only addresses the challenges in the games we’re developing but also has the potential to be applied to hundreds, if not thousands, of other experiences. This will significantly contribute to the adoption of blockchain gaming.” The UAE-based company is currently working on producing a number of products. These include its Game Launcher and Pixel to Poly, an offering that converts 2D images into 3D assets within games. While those are in the product pipeline, it has already launched Kiraverse, an online multiplayer game where the gameplay incorporates players competing to earn digital assets.  Param Labs has also sought to broaden the technical expertise available to it, with the hiring of Steve Young, a former head of consumer products at renowned American video gaming firm Activision Blizzard. Young has come in as a strategic advisor at Param. The company plans to launch its native token, PARAM, shortly to enable governance of the ecosystem that it is putting together.

The cryptocurrency market has come under renewed pressure as escalating global tariff tensions converge with growing stress in the private credit sector, though a South Korean analyst suggests that prospects for a rebound remain intact. According to Etoday, Yang Hyun-kyung, a researcher at iM Securities, noted that risk assets staged a brief rally after the U.S. Supreme Court ruled that President Donald Trump’s reciprocal tariffs, imposed under the International Emergency Economic Powers Act (IEEPA), were unlawful. However, the relief proved short-lived as tariff fears reignited following the announcement of a 10% levy and a subsequent proposal to increase it to 15%.Photo by Markus Winkler on UnsplashLiquidations surge amid private credit jittersYang observed that market volatility intensified as concerns in the private credit market resurfaced after Blue Owl Capital halted redemptions for its Blue Owl Capital Corporation II (OBDC II) fund and initiated a $1.4 billion asset sale. Yang highlighted that $420 million in liquidations hit the crypto market as Asian trading opened on Feb. 23. This included $386 million in long positions and $34 million in shorts, signaling a swift deleveraging. These pressures are reflected in current price levels. According to CoinMarketCap, Bitcoin, the world’s largest cryptocurrency, is trading just below $65,000, down 1.13% over the past 24 hours. The token remains approximately 49% below the all-time high recorded in October. Bitcoin’s decline has widened valuation losses among digital asset treasury (DAT) firms. Yang estimated that Strategy, which holds 717,131 BTC, is sitting on roughly $7.89 billion in unrealized losses. Yang added that a potential shift toward monetary easing ahead of the U.S. midterm elections, combined with reduced regulatory uncertainty from the crypto market structure bill known as the Clarity Act, could serve as short-term catalysts for a rebound. Binance focuses on regulatory alignment in KoreaDespite the market slump, crypto firms are deepening their presence in South Korea. In an interview with ZDNet Korea, Binance Head of APAC SB Seker stated that the company’s focus is not on increasing its ownership stake, but on establishing a compliant, trusted, and sustainable operation in the country. Binance currently holds a 67.45% stake in Gopax, operated by Streami, after securing regulatory approval to become its largest shareholder. Addressing the issue regarding GoFi—Gopax’s DeFi product designed to generate returns for users—Seker said any repayments of unpaid customer funds must comply with Korean commercial law and satisfy relevant legal and administrative procedures. He added that discussions with regulators are ongoing and the company cannot unilaterally set a repayment schedule. Seker also noted that Binance plans to work closely with authorities to advance its business in areas such as institutional investment and stablecoins. Regulators reiterate exchange ownership capsAs the digital asset sector evolves, South Korea is moving to tighten oversight. MoneyToday reported that financial authorities have notified the heads of the country’s five largest crypto exchanges—Upbit, Bithumb, Korbit, Coinone, and Gopax—of their intention to introduce caps on the ownership stakes of controlling shareholders. The notification is widely viewed as a precursor to the government’s release of the Digital Asset Basic Act, often described as the second phase of the country’s crypto regulatory framework. The Financial Services Commission has maintained that a single largest shareholder’s stake in a crypto exchange should be limited to between 15% and 20%. At the meeting, officials outlined key elements of the forthcoming bill and reaffirmed their intention to enshrine the ownership cap in law. Representatives from the five exchanges and the Digital Asset eXchange Alliance (DAXA), the industry body to which the platforms belong, reportedly raised concerns about the proposal. 

More Players Join NH Bank-Led Security Token Consortium in South KoreaMultiple South Korean banks and fractional investment firms are now joining the security token consortium led by NongHyup Bank (NH Bank), according to a report from local news outlet Etoday today.Expanding consortiumNH Bank announced today that the Industrial Bank of Korea, Shinhan Bank, and Woori Bank, along with fractional investment companies, will be participating in the banking sector’s security token consortium. This consortium was established in April and initially comprised NH Bank, Suhyup Bank, Jeonbuk Bank, and six fractional investment companies.The objective of the banking sector’s involvement in the consortium is to contribute to the security token industry by developing distributed ledger technology infrastructure, conducting research to promote security tokens, and strengthening investor protection.The consortium participants will engage in further discussions on how banks can participate in the security token market while adhering to evolving legislation related to security tokens. Additionally, they will explore methods to establish the necessary platforms required by fractional investment companies to issue security tokens.Photo by Mathieu Stern on UnsplashSecurity tokens as corporate bondsIn the long term, the group plans to issue security tokens as corporate bonds, taking inspiration from German tech company Siemens’ strategy, or create a secondary market for security tokens to promote the overall security token ecosystem. Earlier this year, Siemens issued a blockchain-based one-year bond worth 60 million euros ($64.9 million).The consortium’s new fractional investment firms include fractional real estate investment platform Funble, artificial intelligence entertainment firm Blade Ent, blockchain tech firm Trackchain, online bookstore Yes24’s fractional artwork ownership platform ARTiPIO, and electric vehicle (EV) charging sharing platform Charzin.