GRVT Debuts zkSync’s Inaugural ‘Hyperchain’

Wemade Expands Blockchain Game Platform with Lithuanian and Japanese DevelopersSouth Korean gaming company Wemade has taken strides in expanding its global blockchain game platform, WEMIX PLAY, by signing onboarding contracts with two gaming firms: Lithuania-based game publisher Skyjet Software and Japan-headquartered game developer MetaTokyo Studio. Each of the two firms will present a blockchain game on WEMIX PLAY.Photo by Karol D on Pexels3D helicopter shooting gameUnder the agreement, Skyjet Software is gearing up to introduce Skybreakers, a 3D helicopter shooting game, on WEMIX PLAY. The game offers players the opportunity to customize helicopters and weapons, enabling them to engage in thrilling player-versus-player (PvP) battles.First-person, role-playing shooterMeanwhile, MetaTokyo Studio is currently in the development phase of Chromata, a science fiction game that combines elements from both first-person shooter and role-playing genres. Utilizing Unreal Engine 5, a software framework designed by Epic Games for game development, Chromata boasts a futuristic universe with over 120 characters.Global expansionWemade has been actively establishing partnerships with various game developers worldwide, inviting them to leverage its blockchain platform. In its pursuit of diversification, the Korean game publisher aims to add more games of different types and genres.Web3 event in JapanTo showcase its commitment to the blockchain gaming industry, Wemade CEO Jang Hyun-kook will deliver a presentation on blockchain games next month at the highly anticipated annual international Web3 conference, WebX, in Tokyo. As part of this event, Wemade will also organize a networking session aimed at fostering connections with influential figures and major companies in order to strengthen its foothold in the blockchain sector.

Korea’s Internet Agency Encourages More Blockchain Tech Adoption to Overcome Crypto WinterVirtual asset and blockchain technology needs to be more broadly adopted to overcome crypto winter, an official from the Korea Internet and Security Agency (KISA) said at the 2023 Blockchain Meetup Conference on Wednesday.©Pexels/Helena LopesUser-friendly apps and regulatory supportPark Sang-hwan, the leader of the blockchain technology promotion group at KISA, encouraged the blockchain industry to develop user-friendly applications to give positive impressions, adding that blockchain-based apps should be faster and efficient to meet users’ expectations.He also said the blockchain industry needs regulatory support, explaining that regulatory issues can hinder the growth of the industry’s growth.KISA’s support for blockchain industryAccording to Park, the quasi-government internet agency introduced a business quality control system to offer advice on legal, technological, and business issues to companies, as well as to provide them with business problem-solving support. KISA will continue driving the development of key blockchain technologies, create new business plans for Web 3.0, and devise a mid- to long-term roadmap for research and development, he said.Blockchain projects in KoreaDuring his speech at the conference, Park presented several KISA-led public sector projects that will unfold this year, as reported by the Korean economics newspaper Hankyung. They include blockchain-based online voting systems, the establishment of digitally formed national licenses, and the verification of personal identification.Endeavors in the private sector were also revealed, including NFT-based concert tickets, oil waste disposal systems, and identification using soulbound tokens.

The Dubai Financial Services Authority (DFSA), the financial regulatory agency of the Dubai International Financial Center (DIFC), a special economic zone, has approved two stablecoins under its crypto regulatory framework. The two stablecoins, USD Coin (USDC) and EURC, are both issued by blockchain-focused financial services firm Circle. While USDC is a U.S. dollar-backed stablecoin, EURC is a euro-backed stablecoin. In a press release published on the Circle website on Feb. 24, the company announced details regarding the approval. The stablecoins are the first to be recognized and approved by the DFSA.Photo by Christoph Schulz on UnsplashStablecoin integrationThe development means that firms based in the DIFC are now free to integrate either stablecoin into digital asset applications and products focused on areas such as payments and treasury management. A number of Circle executives took to social media to comment on the development. Circle Co-founder and CEO Jeremy Allaire outlined on X that the approval means that financial institutions in Dubai “are now able to transact in markets with USDC and EURC.” In legally recognizing the two stablecoins, Allaire pointed out that the DFSA had joined regulators in the European Union (EU) and Canada.  Last Summer, Allaire announced that Circle’s stablecoins complied with the EU’s Markets in Crypto Assets (MiCA) regulation. In December, Circle became the first stablecoin issuer to meet Canadian listing regulations. Dante Disparte, Circle’s chief strategy officer and head of global policy, pointed out that a trend is emerging requiring the pre-clearing of stablecoins prior to them entering into circulation or gaining regulatory approval. “In always-on finance, reciprocity is key,” he added.  Meanwhile, the firm’s EU Strategy & Policy Director, Patrick Hansen, underscored the significance of the approval. Hansen pointed to the fact that the DIFC is home to 6,000 registered entities, including 800 authorized financial firms. An ‘edge’ over TetherEugene Cheung, Chief Institutional Business Officer at Hong Kong-based digital asset platform OSL, said that the approval was “massive for institutional adoption,” while giving Circle an “edge” over Tether within the $157 billion stablecoin market. While Circle has always taken a regulatory-compliant approach, competitor Tether has struggled with compliance. In Europe, 10 companies have been approved to issue stablecoins under MiCA regulations, but Tether is not among them. This has led to a number of exchanges delisting Tether’s USDT in Europe. The DIFC was first established in 2004. The economic free-zone caters to firms operating within the Middle East, South Asian and African regions. The number of businesses registered within the free zone has increased by 25% since 2023. In November 2022, the DIFC recognized Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). The following year, it added Toncoin (TON) and Ripple’s XRP, together with ZETA, the native token of the ZetaChain network. In 2024, the DFSA amended its crypto regulations to allow foreign funds to invest in recognized crypto tokens, while enabling domestic qualified investor funds to invest in unrecognized tokens.Although the regulatory approach taken by the authorities in Dubai accommodates stablecoins, algorithmic stablecoins are prohibited.