MEXC Ventures invests in Triv to drive expansion

Rotonda and Bithumb META to Co-Host Next Block 2023 Conference for Web3 CollaborationsRotonda, a subsidiary of Korean crypto exchange Bithumb and the operator of the Web3 Burrito Wallet, and Bithumb META, the exchange’s metaverse subsidiary, said Friday they will jointly host the Next Block 2023 conference. The conference’s main objective is to explore new business collaboration opportunities in building a new ecosystem for accelerating Web3 projects.“We are pleased to offer a space for interaction where virtual asset exchanges, wallets, and NFT marketplaces — which constitute the core infrastructure of the Web3 industry — can work together to set the stage for an innovative future of blockchain business,” a representative from Burrito Wallet said.Photo by CHUTTERSNAP on UnsplashExploring Web3 and industry insightsThe inaugural Next Block conference is scheduled for September 4 at Amoris Hall in Yeoksam GS Tower located in Seoul.Bithumb is the main sponsor of the conference, and more than 15 companies from various sectors including decentralized finance (DeFi), Play-to-Earn (P2E) gaming, venture capital, and securities are set to attend. A total of ten companies will pitch business ideas, deliver keynote speeches, and participate in panel and networking sessions. Topics to be covered for the event include transitioning to Web3 and discovering new opportunities and paradigms through blockchain.Junbo Yang, investment manager at Hong Kong’s HashKey Capital, and Kim Do-hyung, CEO of blockchain-based investment banking platform Finhaven, will deliver the keynote speeches, discussing the various perspectives of investment and security tokens. Companies like Property Heroes, Oasis, Mineral Hub, and more will participate in the panel discussions.Key business opportunitiesIn particular, the companies that give business pitches will have the chance to present their business models directly to venture capitalists and key industry figures. They can subsequently gain access to broader networking and promotional possibilities.

MARBLEX Announces Game Tokenomics Revamp and New Game TitleMARBLEX, the blockchain subsidiary of South Korean game developer Netmarble, said Thursday that it will revamp its game tokenomics strategy, which will debut in Ring Games’ Stella Fantasy game.Photo by Mateo on UnsplashRevolutionizing in-game currencyAs part of the game tokenomics overhaul, MARBLEX plans to incorporate the use of its native token, MARBLEX (MBX), directly into its upcoming game title. In particular, the new gMBXL token, which is directly linked to the existing MBXL bridge token at a 1:1 ratio, will be issued on the game chain instead of each game having its own base in-game currency. gMBXL offers key advantages such as high-speed transactions and enhanced utility, thus guaranteeing more efficient game-specific tokenomics and an improved gaming experience.Paving the way to a new tokenomics eraThe first game to feature this new tokenomics framework will be Stella Fantasy — an online character collectible action role-playing game (RPG) developed by Ring Games where players can embark on adventures in the fantasy-inspired world Reterra. Since the launch of its PC version in April, the game has garnered praise from gamers around the world for its high-quality anime-style graphics and immersive gameplay. The mobile version was released at the end of last month.“We have initiated collaboration with external game studios, starting with Stella Fantasy as our first title,” MARBLEX said in a statement. “With a well-established ecosystem, we are committed to continuously securing AAA games.”MARBLEX also recently updated its multichain service Warp, allowing BNB Chain users to access services within the MBX ecosystem.

OPNX Makes a Play for Struggling Crypto Lender HodlnautIn a strategic move OPNX, the crypto claims trading platform associated with the founders of failed Singaporean crypto hedge fund Three Arrows Capital (3AC), is eyeing the acquisition of Hodlnaut, a beleaguered crypto lender currently undergoing court-supervised restructuring in Singapore.Photo by Meriç Dağlı on UnsplashCompelling offerThat’s according to a person familiar with the matter cited by Bloomberg News on Sunday, together with a term sheet seen by Bloomberg. It’s understood that OPNX has presented a compelling offer to infuse Hodlnaut with a much-needed capital injection of approximately $30 million worth of FLEX digital tokens.These tokens are closely tied to CoinFLEX, a trading platform that ran into difficulty in 2022, co-founded by Mark Lamb and Sudhu Arumugam. The Seychelles-based company rebranded and relaunched as OPNX earlier this year with the 3AC founders on board. The FLEX token holds a current market valuation of around $647 million, according to CoinGecko data.Partial creditor payoutThe OPNX proposal aims to fund a partial creditor payout to facilitate the resolution of pending claims. This proposal comes on the heels of efforts by Hodlnaut’s directors to reach out directly to its users, a move that was met with objections by the interim judicial managers overseeing Hodlnaut’s restructuring. A letter dated July 29 from the administrators confirms this development.Under the terms of the deal outlined in a term sheet, OPNX’s capital injection through FLEX tokens would translate into a 75% ownership stake in Hodlnaut. The restructuring plan, if approved by creditors, would see these creditors receiving 30% of their claims in FLEX and other tokens. Alternatively, they would be entitled to a pro-rata payment of up to 95% of the total available corporate assets, whichever is more favorable to them.Hodlnaut, headquartered in Singapore with operations also in Hong Kong, got caught up in crypto market turbulence, leading to a suspension of withdrawals a year ago. Subsequently, it embarked on a court-monitored restructuring journey in Singapore. Neither Hodlnaut nor its judicial managers have provided immediate comments on the OPNX bid.The founders of Hodlnaut, Simon Lee and Zhu Juntao, had earlier proposed a business sale as a preferable alternative to liquidation. This proposal aimed to provide better outcomes for creditors, who had initially expressed preference for liquidation over a proposed restructuring plan earlier in the year.OPNX reprimandThe journey of both OPNX and Hodlnaut is also marked by legal and regulatory challenges. In April, authorities in Dubai reprimanded Su Zhu, Kyle Davies, Mark Lamb, OPNX’s CEO Leslie Lamb, and Sudhu Arumugam for operating and promoting OPNX without the required local license. Meanwhile, the liquidators of 3AC have alleged a lack of cooperation by Zhu and Davies, as they seek to recover $1.3 billion from the duo, reflecting the losses preceding the fund’s downfall.The 3AC founders recently claimed that they would donate OPNX profits to 3AC creditors. However, Kyle Davies is fighting the efforts of the 3AC liquidator to reclaim funds from the founders.