Blockchain-powered donation platform collaborates with NPO Yana to hold charitable bazaar

Korean Game Company to Reward Female Golfers with WEMIX TokensKorean game company Wemade has teamed up with television channel SBS Golf to reward Korean professional female golfers with WEMIX tokens, according to a Wemade press release.Photo by Allan Nygren on UnsplashWEMIX point systemGolfers participating in the regular tours of the Korea Ladies Professional Golf Association (KLPGA) can earn WEMIX points based on their performance and records. At the end of the 2023 season, the top 60 players in the WEMIX point system will share a total of 500,000 WEMIX, with the player in first place earning 90,000 WEMIX.Golfers can earn WEMIX points in three ways: by ranking in the top 10 for each tour, advancing to the final round of each tour and earning points based on the number of strokes for each hole, or consecutively ranking in the top 10 for tours. Meanwhile, golfers who don’t make the cut may face penalties.Sports NFTsThe top 60 players in the WEMIX point system will receive sports NFTs, which can be exchanged for WEMIX tokens any time after a certain date.For the gallery, Wemade’s NFT platform NILE marketplace will feature NFTs corresponding to the top 60 players in the WEMIX point rankings.More intensified competitionAn SBS Golf official expressed excitement about the new point system for KLPGA players. The extra rewards are expected to spark more intensified competition and provide fans with unique experiences, contributing to the promotion and development of the league.Wemade has stated that this initiative is just the beginning, and that the company plans to continue developing innovative ways to provide new experiences to players and fans across various sports in the future.

Korean Securities Firms Unite to Build Shared Security Token InfrastructureShinhan Securities, KB Securities, and NH Investment and Securities are gearing up to sign a memorandum of understanding (MOU) later this month to establish a security token consortium, according to South Korean news outlet MoneyToday.Photo by Louie Nicolo Nimor on UnsplashShared infrastructureThe primary objective of this consortium is to create a shared infrastructure for their security token operations. This initiative marks the first instance where the nation’s major securities firms are getting together to set up a security token consortium. Until now, securities companies have typically sought collaborations with banks, fractional investment firms, or blockchain technology companies, showing reluctance to cooperate with their direct competitors over concerns of potential loss of competitiveness.An expert within the securities industry underscored the paramount importance of securing control over the infrastructure, particularly given that the security token market has not materialized. The expert further stated that once a collaborative network is built among the leading securities firms, it is likely to set the standards for the entire market. Meanwhile, the precise details of the plan have not yet been finalized.Challenges in prior initiativesSince the South Korean Financial Services Commission revealed the security token guidelines in February, the securities sector has been deliberating the creation of a shared network that would be accessible to all industry participants. This kind of system is considered ideal as it facilitates flexible expansion and cost efficiency. However, the discussion came to a halt due to conflicts between the Korea Securities Depository, the Korea Financial Investment Association, and fintech firm Koscom.Meanwhile, installing an independent network is not very feasible, given that it not only incurs significant costs upfront but also has limited potential for expansion. This is why these industry leaders devised an alternative strategy in which they can collectively share the financial burden. In addition, Shinhan, KB, and NH plan to explore joint business models with the aim of maximizing the utility of their security token infrastructure.

XRP, the native asset of the XRP Ledger (XRPL), a blockchain network developed by Ripple Labs, is destined for further institutional adoption in Asia due to the launch of the region’s first XRP tracker fund. Crypto-focused institutional asset manager HashKey Capital recently announced the launch of its HashKey XRP Tracker Fund, which has been devised to track the performance of what is the world’s fourth-largest crypto asset by market cap, after Bitcoin (BTC), Ether (ETH) and U.S. dollar stablecoin Tether (USDT).Photo by Kanchanara on UnsplashEnabling institutional accessThe fund enables investors to gain exposure to XRP without having to take direct ownership and custody of the digital asset. Bitcoin and Ethereum exchange-traded funds (ETFs) have become popular in a number of markets, including the United States, as they allow institutional investors to gain exposure to these digital assets where they may have been uncomfortable with direct ownership due to concerns around custody and counterparty risk or regulatory concerns. According to HashKey’s press release, investors can buy into the fund through cash or in-kind subscription and subscribe or redeem shares monthly. The fund will be measured and compared against a benchmark index provided by CF Benchmarks, a provider of crypto-related indices. HashKey Partner Vivien Wong acknowledged the potential that XRP has in the market, stating:“XRP stands out as one of the most innovative cryptocurrencies in today’s market, attracting global enterprises who use it to transact, tokenize, and store value.”She added that the new fund simplifies access to XRP within the region, while catering to a growing demand for investment opportunities related to digital assets.Potential ETF fund conversionThis marks HashKey’s third product that tracks digital asset pricing, with the company having launched both Bitcoin and Ethereum exchange-traded funds (ETFs) previously. On X, HashKey Capital outlined that the XRP Tracker Fund could potentially evolve into a fully fledged ETF, subject to regulatory approval, within the next 1-2 years. The new fund, which was launched on April 18, also incorporates a strategic partnership with XRP developer Ripple Labs. In what is understood to be the first of a number of collaborations, Ripple will fulfill the role of being the fund’s anchor investor. Ripple’s Managing Director for the Asia-Pacific (APAC) region, Fiona Murray, cited the development as proof that institutional adoption of digital assets continues to go from strength to strength.  Ripple CEO Brad Garlinghouse stated last month that he expects a number of spot XRP ETFs to be approved in the United States later this year. Earlier in March, analysts at American investment bank JPMorgan had estimated that spot XRP ETF approval in the U.S. could result in net inflows of $8 billion into such products.At the time of writing, XRP was trading at $2.09. The asset has increased in price by 300% over the course of the past 12 months, largely due to a changing regulatory environment in the United States and optimism that a settlement can be reached to end its multi-year legal battle with the Securities and Exchange Commission (SEC).