Seoul launches global expansion program for fintech firms on XRP Ledger

Miracle Play and HG Ventures to lead global Web3 e-sports gaming industryWeb3 e-sports tournament platform Miracle Play has forged a partnership with Hangang (HG) Ventures, a venture capital firm committed to accelerating blockchain and Web3 projects, according to an official announcement on Miracle Play’s Medium page on Wednesday (KST). Miracle Play stated that it plans to go global to lead the Web3 e-sports market by leveraging HG Ventures’ global network and vast experience in project acceleration.Photo by ELLA DON on Unsplash“This partnership lays the foundation for us to become a global leader in the Web3 e-sports tournament market. We’re excited to leverage HG Ventures’ experience and global network to conquer the global market together,” said Miracle Play CEO Kim Hyun.Transforming gamingMiracle Play uses smart contract technology to ensure that anyone and everyone can hold various types of gaming tournaments in the form of PC, mobile, console and Web3 games. It is currently in the open beta phase, with a cumulative participation rate of about 30,000 players. Although it is only supported on Polygon as of now, it will eventually be available on a total of nine major networks including Avalanche, XPLA, Solana and more, to facilitate cross-network gaming tournaments that players from all over the world can participate in.The company also recently teamed up with interchain platform HAVAH to build a joint ecosystem.HG Ventures’ endeavorsHG Ventures is one of the largest blockchain VCs in Korea, with a portfolio consisting of multiple Play-to-Earn (P2E), NFT and Game-Fi startups. The company also serves as a bridgehead to help Korean companies go global and overseas companies enter Korea. Notably, the firm recently secured a conditional equity investment worth about KRW 130 billion from Mindfulness Capital Management.“Miracle Play, as a frontrunner in the Web3-based e-sports tournament platform, has immense potential in the global market, grounded in its core values of fairness and transparency. We’re committed to actively supporting their growth and global expansion,” said Sang-Woo Jeong, CEO of HG Ventures.

SK C&C and NEAR Foundation Forge Strategic Partnership to Fuel Web3 GrowthSK C&C, the information and communications technology affiliate of the South Korean conglomerate SK Group, last week announced its strategic partnership with the NEAR Foundation, the organization supporting the NEAR Protocol blockchain, aiming to broaden its Web3 business initiatives.The partnership ceremony was held earlier this month at a hotel in Seoul and saw attendance from Choi Cheol, the Head of Web3 and Convergence Group at SK C&C, along with Marieke Flament, the CEO of the NEAR Foundation.NEAR Protocol is a layer 1 blockchain that enables enterprises to build private shards that can be connected to the public blockchain.Photo by Shubham Dhage on UnsplashBlockchain research and global marketingThrough this agreement, the two companies will establish a mutual support system to strengthen their business networks, cooperate on research and business projects related to blockchain technology, spanning all industries, and execute global marketing strategies to elevate their brands and accelerate the Web3 ecosystem.SK C&C’s ChainZ and NEAR ProtocolAs part of this initiative, the two sides seek to link SK C&C’s own blockchain platform, ChainZ, with NEAR Protocol to develop a Web3 market that supports both public and private blockchains. Focusing on the financial infrastructure sector, SK C&C aims to inject momentum into its ventures in domains like the sharing economy market — a flourishing ground for second-hand item trading platforms — and in the gaming, content, and commerce sectors, where the issuance of non-fungible tokens (NFTs) is expected.Tailored corporate solutionsThey will delve into the development of Web3 solutions tailored for corporations, concentrating on areas like supply chain management and enterprise resource planning (ERP). ChainZ’s Key Recovery System will play a pivotal role in enhancing security and simplifying account management, while NEAR Protocol will support high transaction speeds, scalability, and interoperability between multichains.For example, assets like inventories, orders, loans, and bills of lading can be marked with tokens based on NEAR Protocol. These can then be verified at each stage of an entire trade process through digital signatures recorded on ChainZ.Moreover, SK C&C will leverage the NEAR Foundation’s global network as a stepping stone for global market entry, while NEAR Protocol will utilize the business network of SK C&C to garner customers in the Korean market. This effort to expand NEAR’s presence in South Korea also aligns with its joining hands with Dongdaemun, an administrative district in Seoul, earlier this month.SK C&C’s Choi Cheol underscored the efforts underway across various industrial sectors, including public, finance, manufacturing, and commerce, to develop Web3 services driven by public blockchains. He stated that beginning with NEAR Protocol, SK C&C would intensify collaborations with different public blockchain projects to broaden the ecosystem for Web3 services.

Hong Kong Analyzes Web3 Approach of Regional PeersHong Kong’s ambitions in Web3 are on the rise as it strives to establish itself as a global hub for digital assets. The Research Unit of the Legislative Council Secretariat of Hong Kong has recently released a summary of a document titled “Development of Selected Regional Web3 Technologies,” shedding light on the city’s involvement in Web3.According to the report summary which was published on June 14, the Hong Kong government is actively promoting the development and utilization of Web3. In the fiscal budget for 2023–2024, the Financial Secretary announced accelerated efforts to build Hong Kong’s Web3 ecosystem, along with the establishment of a dedicated development task force focused on virtual assets.Photo by Jimmy Chan on PexelsPace of developmentHowever, concerns have emerged about Hong Kong’s comparatively slower pace of development in contrast to other regions. Various regions across the globe, particularly in Asia and the Gulf region, have implemented measures to expedite the progress of Web3 and its associated technologies and applications.To address these concerns, the report suggests that Hong Kong should broaden its focus beyond financial services and virtual assets. Instead, it should actively promote innovation in other areas of Web3 technology, such as blockchain and metaverse technology.Scrutinizing regional Web3 developmentIn response to a request from Councilor Wu Kit Ching, the research group has conducted a study on leading regions in Web3 technology and application development, examining their strategies.The study primarily highlights Japan, Singapore, South Korea, and the United Arab Emirates (UAE) as these regions have demonstrated proactive approaches in developing Web3 technologies, and they have become global or regional innovation hubs. Japan, for instance, has established high-level policy guidance and dedicated offices to coordinate Web3 policies across various government departments.Other regions covered in the study have focused on specific areas of Web3. Singapore and the UAE, for example, are exploring blockchain technology through industry collaborations and the establishment of incubation centers. Meanwhile, South Korea is actively launching metaverse strategies to foster innovation across multiple sectors.The summary also provides an overview of the key characteristics, foundational technologies, and applications of Web3. It outlines recent developments in Web3 within Hong Kong and analyzes the development scenarios of selected regions, including Japan’s comprehensive approach and the application-focused initiatives of other regions.The document emphasizes that Web3 represents a decentralized network that empowers users with greater autonomy and control over their digital lives. While the Hong Kong government has introduced measures to support the development of the Web3 ecosystem, particularly in the virtual asset market and related financial services, concerns persist regarding Hong Kong’s slower progress in other areas of Web3 technology compared to its counterparts in Asia and the Gulf region. These regions are capitalizing on their strengths and exploring broader applications of Web3.Hong Kong’s engagement in Web3 and its ambition to thrive in this domain is becoming more evident with each passing day. The summary of the document sheds light on the Chinese autonomous territory’s efforts, while also highlighting the need to expand its focus and foster innovation in various areas of Web3 technology. By doing so, Hong Kong can position itself as a prominent global center for Web3 and leverage the advantages it offers for digital asset development and beyond.