South Korea to Revive Tech Exports with Metaverse, Blockchain

BC Card Launches Innovative Card Payment NFT ServiceSouth Korean credit card issuer BC Card announced Wednesday (local time) that it has launched a non-fungible token (NFT) issuance service linked to card payments — the first of its kind in the country — marking a significant step in the financial industry’s adoption of blockchain technology.Photo by rupixen.com on Unsplash“The digital finance market is an area of technology and imagination, and it will continue to grow in various ways,” said BC Card Director Lee Sang-jun. “We are pioneering the industry by introducing payment-linked utility NFT services for the first time.”Revolutionizing the use of NFTsTypically, NFTs are primarily used to prove the uniqueness of digital assets based on their non-replicability, but the card issuer has now integrated them into card payments. This service offers customers proof of payments in the form of NFTs along with various other benefits.BC Card has been preparing for the NFT market to pick up momentum since 2021. After rigorous internal testing, it first developed and opened its own NFT wallet dubbed “NFTbooc” on the private Ethereum network in April last year. Since then, the NFT wallet has been improved to be more user-friendly. Notably, it was integrated into BC Card’s financial platform PayBook in order to provide customers with a more convenient means to check their personal NFT holdings and participate in events.The credit card company also issued limited edition NFTs through NFTbooc to celebrate the 40th anniversary of its foundation last year, making them available for both customers and employees. Even during the ongoing crypto winter, the company has continued efforts to integrate NFTs into customer services by facilitating NFT-based payments and emphasizing their technological value.Boosting customer engagementTo celebrate the launch of the newest service, BC Card is also holding a special event for customers until December 31. Each participant will receive random missions, such as using their card within a specific time slot or at a specific store and engaging in a minimum number of transactions. Those who complete the challenges will be airdropped certificates of completion minted as NFTs after the event is closed with the chance to win cashback rewards of up to 100% of the amount of money that they spent during the challenge.The card issuer plans to hold two additional events, which will be outlined on the PayBook and NFTbooc event pages.The card company has also applied for three NFT-related patents this year, including one for issuing NFT receipts for secondhand transactions and asset certification NFTs that can be used to prove asset details in the event of a system failure at a given financial company.

Circle and SBI Holdings join forces to propel USDC growth in JapanIn a move aimed at advancing the adoption of the USD Coin (USDC) in the Japanese market, stablecoin issuer Circle and Japanese financial behemoth SBI Holdings have entered into a memorandum of understanding (MOU).Photo by Alex Knight on UnsplashBanking and distributionThe collaboration, outlined in a press release published on Monday, seeks to enhance the circulation of USDC, establish a robust banking relationship and broaden the footprint of Circle in the Asian nation.Key subsidiaries of SBI Holdings are set to play pivotal roles in this strategic partnership. SBI’s VC Trade Limited, among others, will actively engage by applying for licensing as an electronic payment instruments service, facilitating the distribution of USDC across Japan. Notably, this move aligns with efforts to propel the electronic payment ecosystem in the country.Further solidifying the collaboration, SBI’s Shinsei Bank will provide crucial banking services that empower access to USDC and enhance liquidity for businesses and users based in Japan. This initiative not only promotes the widespread usage of USDC but also establishes a secure financial infrastructure for its seamless integration into the Japanese market.Web3 service offeringAs part of this collaboration, the SBI Group plans to incorporate Circle’s Web3 Services solutions, encompassing programmable wallets, blockchain infrastructure and smart contract management tools.Circle has been busy in recent weeks, rolling out partnerships in the Asian region that will see greater use of its Web3 Services suite. In Taiwan, it partnered with a convenience store chain recently, in a move that will integrate its Web3 services into the Taiwan FamilyMart app. A similar deal was struck in September with Grab, a Southeast Asian multifaceted super-app.Jeremy Allaire, CEO of Circle, expressed the groundbreaking nature of this partnership, envisioning USDC as a stablecoin that can be extensively utilized in Japan’s burgeoning on-chain economy across various consumer-led Web3 product categories.Allaire had signaled an interest in delving further into the Japanese market back in July. Then, he suggested that the company might consider launching a stablecoin in Japan but that it was also interested in exploring partnerships in the East Asian country.Yoshitaka Kitao, CEO of SBI Holdings, commended Japanese authorities for creating a regulatory environment conducive to the adoption of stablecoins within the region. In June, Japan passed legislation mandating that stablecoins must be fully backed by highly liquid cash and cash-equivalent assets, preventing a recurrence of issues experienced by certain stablecoins.SBI’s digital asset involvementWhile Circle has very much been advancing its service offering in the Asian region in 2023, likewise SBI has been delving further into the realm of digital assets and Web3. In April it led a funding round into Standard Chartered subsidiary company Zodia Custody, a digital asset custodian. SBI has also invested in Zodia Markets, an exchange and brokerage platform which is also a Standard Chartered subsidiary company.SBI Holdings established the Osaka Digital Exchange (ODX) in 2021, a crypto exchange business which will commence security token trading next month. In a social media post on the X platform, Allaire highlighted SBI’s involvement in the digital assets space:“Importantly, Kitao-san is not a ‘johnny come lately’ to crypto and blockchain tech. He has understood it and invested in it for nearly a decade. SBI Holdings already operates digital asset trading, brokerage and cross-border payments solutions.”

Untangled Finance Launches Tokenized RWA PlatformUntangled Finance has officially launched its tokenized real-world asset (RWA) marketplace on the Celo network, according to a report by CoinDesk.Photo by Blake Wheeler on UnsplashVietnamese rootsThe platform’s inauguration follows a successful $13.5 million venture capital funding round, with Fasanara Capital, a London-based asset management firm, serving as the lead investor. Untangled is also London-headquartered, with most of its employees from Vietnam.Private tokenized credit poolsIn addition to its investment, Fasanara Capital has initiated two private tokenized credit pools on the Untangled platform, focusing on off-chain operations and underwriting loans.Untangled’s expansion plans are ambitious, aiming to extend its reach to the Ethereum (ETH) network and the layer 2 scaling solution Polygon (MATIC) via Chainlink’s Cross Chain Interoperability Protocol. This strategic move transforms Untangled into a multi-chain and interoperable RWA credit protocol, catering to a broader spectrum of users and assets.Untangled Finance’s specific focus lies in the private credit market, a sector valued at over $1 trillion. The platform aims to bridge the gap between traditional private credit and blockchain technology by tokenizing these assets. Currently, decentralized finance (DeFi) platforms account for only $550 million of private credit assets, according to data from rwa.xyz.To achieve this, Untangled is concentrating on fintech lending, including services like invoice financing and consumer loans based on salary advances. The platform also targets “green assets,” such as working capital or development loans for eco-friendly infrastructure projects like battery swapping stations.Untangled serves as the infrastructure to host blockchain-based credit pools. Investors, including certified investors, firms, and decentralized autonomous organizations (DAOs), can deposit funds into these pools to lend and earn a yield. In return, depositors receive an ERC-20 token representing their positions in the pool.Asset tokenization potentialAsset tokenization, the process of representing traditional financial assets on a blockchain, has emerged as a key growth opportunity in the digital asset space. This trend comes as the industry grapples with the aftermath of a challenging bear market and the fallout from high-profile implosions witnessed in recent years.Tokenization has the potential to transform various real-world assets, such as credit, real estate, or bonds, into blockchain-compatible tokens.Untangled Finance is attempting to set itself apart from other RWA lending protocols through innovative product features, including a built-in liquidation engine designed to auction off collateral assets if the pool’s health falls below a certain threshold. The platform also employs a credit assessment model to monitor borrowers’ future default risks and offers an auction-based withdrawal mechanism for investors seeking an early exit from the pools.Francesco Filia, CEO and CIO of Fasanara Capital, commented on the significance of this development, stating:“We see an upcoming merging of worlds. “On one side, fintech lending which fills the gap in underserved SME and consumer markets and, on the other, the way values are being transferred within the new world of digital assets.”