GSR Gets on Path Towards Full Regulatory Approval in Singapore

XPLA and PERPLAY join forces to bolster rewarding mechanism to Web3 gamesSouth Korean gaming corporation Com2uS Group’s layer 1 blockchain XPLA has entered a business agreement with the mobile Game and Earn (G&E) platform PERPLAY to boost the sustainability of its ecosystem and take Web3 gaming to new heights, according to an official announcement on Thursday (KST).Photo by ROBIN WORRALL on UnsplashXPLA’s vision“XPLA is a project working towards promoting new levels of fun in Web3 gaming and building an ecosystem based on a fair system of sharing rewards with users,” said Paul Kim, Team Leader at XPLA. “Through this partnership with PERPLAY, we are one step closer to fulfilling our Web3 philosophy, which is centered around the participants in our ecosystem.”Rewards for everyoneThe PERPLAY app runs on a Proof of Play (POP) algorithm that employs a rewarding mechanism that distributes tokens to users based on their game playtime and collection of tiered NFTs. PERPLAY users can earn $XPER and $PER token rewards by playing any mobile game — existing or newly downloaded — that they have registered in the PERPLAY app.XPLA hopes to integrate this algorithm into its ecosystem to add a rewarding layer to various games on its mainnet, offering a unique and elevated gaming experience. The first of these games will be Com2uS Holdings’ popular mobile role-playing game (RPG) The Walking Dead: All-Stars.“We see this partnership with XPLA as an opportunity to further strengthen the PERPLAY user ecosystem,” said Lim Jae-chung, CEO of PERPLAY. “Starting with The Walking Dead: All-Stars, we will bring the PERPLAY experience to various Web3 games on XPLA.”In a related development, XPLA has partnered with Google Cloud, which will serve as a Volunteer Validator for its blockchain protocol. The collaboration with the cloud computing platform is expected to enhance the integrity of the XPLA network.

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.

Cryptocurrency exchange Backpack has recently forged a strategic partnership with Banxa, a global crypto on-ramp provider, to introduce a comprehensive digital asset on- and off-ramp solution. Onboarding into cryptoThis collaboration, announced by Banxa on Monday, marks a significant milestone for Backpack users globally. If crypto and Web3 are to live up to their promise, then on-ramping and onboarding people from conventional financial services is key to broadening out adoption. Given the service provided by Banxa, the partnership has great importance. Notably, Backpack Exchange, which recently secured a virtual asset service provider (VASP) from the Virtual Asset Regulatory Authority (VARA) in Dubai, emerged from the minds behind Solana's renowned Mad Lads NFT collection, adding a layer of credibility to this venture. Since then, the platform has been steadily expanding its operational footprint. Throughout the latter half of 2023, the exchange acquired several operational licenses across various jurisdictions worldwide, further solidifying its regulatory compliance and global presence. The platform’s user base spans across more than 130 countries. Banxa hit the headlines in the crypto sector earlier this month when it emerged that the firm’s UK affiliate had become the first entity in 2024 to take its place on the Financial Conduct Authority’s (FCA) crypto register.Photo by Shubham Dhage on UnsplashIndustry responseAnndy Lian, a Singaporean intergovernmental blockchain expert and the author of the book "NFT: From Zero to Hero," views this partnership as a game-changer for Backpack users. Lian told Cointelegraph that this link-up will add to the ease with which users can now engage in buying and selling cryptocurrencies using fiat currencies through various payment methods like credit cards, bank transfers and e-wallets. He emphasizes that such convenience will undoubtedly drive up the adoption and liquidity of Backpack and its associated tokens, thereby enhancing the overall user experience. Trading volume high pointThe announcement of this partnership comes on the heels of Backpack's achievement of surpassing $1 billion in 24-hour trading volume on Sunday, merely four days into the launch of its trading preseason. The exchange had already exceeded $300 million in daily trading volume within the first 24 hours of trading on Feb. 15. In light of this exponential growth in trading volume, Armani Ferrante, the founder and CEO of Backpack, took to the X social media platform to issue a word of caution to traders. Ferrante warned against potential overexcitement that might lead to unfavorable trading outcomes. Ferrante stressed the long-term vision of the platform and urged users to trade responsibly, emphasizing that Backpack has extensive development plans in store, with the preseason serving as just the beginning. Ferrante previously worked for bankrupt exchange platform FTX, which was seen as being at the center of the Solana ecosystem prior to its collapse. The Solana-based Backpack appears to be going some way in filling that void within the Solana community. With that, Solana-based trading pairs feature strongly in Backpack’s overall trading volume statistics. At the time of writing, SOL was trading at $109, down 1.7% over the course of the past 24 hours.