Litigation set to fuel Bitcoin accumulation at Genius Group

Korean Blockchain Firm Ozys Achieves ISMS Certification for Data SecuritySouth Korean blockchain technology firm Ozys has recently demonstrated its advanced security capabilities by securing a data security certificate from a quasi-governmental agency responsible for overseeing the nation’s internet services.Photo by Shubham Dhage on UnsplashCertificate from Korea Internet and Security AgencyOzys made an announcement on Friday (local time) that it has earned a certificate of Information Security Management System (ISMS) from the Korea Internet and Security Agency (KISA). The ISMS certification requires companies to meet 80 distinct criteria. Through these criteria, companies must demonstrate their approach to setting up and maintaining data security systems, as well as their plans for handling possible security incidents.Specializing in Web3 services, the blockchain developer offers a wide range of solutions related to decentralized finance (DeFi), cross-chain projects, and blockchain explorers.Smart contract developmentOzys has secured an ISMS certification specifically for blockchain-based smart contract development and service operations. Ozys is the first company in the country to attain this distinction in the realm of smart contract development.On this achievement, Choi Jin-han, CEO of Ozys, said that undergoing the ISMS certification process allowed the company to reassess its overarching security policies, bolstering its protective measures and response strategies for information assets. Choi further emphasized Ozys’ dedication to creating not just functional and user-friendly services, but also to pursuing various research initiatives focused on safeguarding customers.

Nexon Korea Intensifies its Blockchain Focus with Nexon UniverseSouth Korean gaming giant Nexon Korea is moving its dedicated blockchain division to its recently renamed subsidiary, Nexon Universe. According to local news outlet Newsis, this subsidiary, initially known as Nexon Block and founded last year, will welcome approximately 80 employees from the parent company’s blockchain group. The leader at the helm of Nexon Universe will be Kang Dae-hyun, who serves as the Chief Operating Officer (COO) at Nexon Korea.Photo by Shubham Dhage on UnsplashNFT-powered MapleStory UniverseNexon Korea’s blockchain division has so far been overseeing the MapleStory Universe project, an NFT-powered ecosystem that utilizes MapleStory’s intellectual property.The objective of MapleStory Universe is to establish an environment that facilitates the seamless movement of NFTs, which represent in-game characters and items, throughout its ecosystem. Beyond this, the project is dedicated to forging connections with other NFT initiatives, aiming to become part of the broader global blockchain community.In August of last year, COO Kang participated in a blockchain conference to highlight Nexon’s ongoing transformative endeavors. The transition of offline games to online platforms marked Nexon’s first evolution, while the second ambition revolves around the expansion of its gaming ecosystem using the capabilities of Web3, Kang said.Turning in-game items into NFTsAmong these strategic moves is the development of MapleStory N, the first game within the MapleStory Universe. This desktop-based MMORPG is currently under development and incorporates blockchain technology. MapleStory N will allow gamers to earn items during gameplay, which can subsequently be transformed into NFTs. The fees collected from in-game economic interactions will be distributed as rewards to both contributors within the MapleStory Universe ecosystem and Nexon.Nexon’s blockchain collaborationsAs part of the MapleStory Universe creation, Nexon joined hands with Ethereum scaling blockchain protocol Polygon. In particular, Nexon employs a Polygon Supernet, which empowers developers to tailor a blockchain to suit their gaming requirements.Furthermore, Nexon made its entry into the realm of Japanese gaming blockchain Oasys in April, acting as a validator. Oasys, established in February of last year, aims to popularize play-to-earn (P2E) games. Notable validators include Bandai Namco Research, Sega, Ubisoft, Yield Guild Games, KDDI, and Softbank.Adding to its array of collaborations, Nexon forged a memorandum of understanding (MOU) with blockchain wallet company Haechi Labs in May, within the context of the MapleStory Universe undertaking. Nexon Korea’s strategy includes leveraging Haechi’s “face wallet,” which simplifies the process of establishing and overseeing blockchain wallets for users. This is expected to offer a seamless and user-friendly experience for newcomers to the field.

According to a recent report from blockchain intelligence firm Chainalysis, stablecoin purchases in Turkey amount to 4.3% of the country's GDP, surpassing all other global economies. The report, titled "The 2024 Crypto Spring Report" highlights Turkey's significant share of stablecoin transactions relative to its economic output.Photo by Michael Jerrard on UnsplashStablecoin activity in TurkeyBetween April 2023 and March 2024, stablecoin purchases in Turkey totaled $38 billion, representing 4.3% of the country's GDP, which was $907 billion as of 2022. This data encompasses transfers between the Turkish lira and stablecoins in either direction, emphasizing the scale of stablecoin activity within the Turkish economy. Chainalysis director of research Kim Grauer explained that stablecoin activity does not directly impact GDP but is expressed as a percentage to provide context for readers. Grauer clarified that the reported figure includes transfers of Turkish lira to stablecoins and vice versa. Turkey's prominence in stablecoin purchases stands out compared to other economies analyzed by Chainalysis. In Thailand and Georgia, stablecoin purchases accounted for 1.3% and 0.7% of GDP, respectively, over the same period. Global trends in stablecoin usageWhile the United States leads in stablecoin transaction volumes, with fiat purchases surpassing $20 billion in March 2024, Turkey's share of stablecoin purchases relative to GDP is notably higher. The use of stablecoins, including Tether (USDT) and USD Coin (USDC), has outpaced other cryptocurrencies like Bitcoin and Ether, representing over 50% of all transaction volume in recent months. Rapid growth in stablecoin transactionsChainalysis analysts attribute the rapid growth of stablecoin transactions to their utility in everyday transactions beyond trading. Major jurisdictions, including the European Union, the United Kingdom, Brazil and Thailand, have witnessed significant increases in fiat purchases of stablecoins over the past year. Nations experiencing currency volatility and devaluation, such as Turkey, have increasingly turned to stablecoins like USDT to safeguard their savings. Turkey's inflation rate surged to as high as 67% in March, prompting residents to seek alternative stores of value. The findings from Chainalysis underscore the growing prominence of stablecoins in global economic activity, particularly in nations grappling with currency instability. Turkey's significant share of stablecoin purchases relative to GDP reflects a broader trend of increasing adoption of stablecoins for everyday transactions and wealth preservation.