Wemade Expands Web3 Ecosystem Through New Collaborations

Kazakhstan Launches NPC With CBDC Implementation by 2025Kazakhstan’s National Bank (NBK) has unveiled the National Payment Corporation (NPC), a dedicated entity responsible for spearheading the development and launch of the country’s central bank digital currency (CBDC), known as the digital tenge.In a press release published last Friday, the NBK set out that the launch of the NPC is effectively a restructuring of the Kazakhstan Center for Interbank Settlements. The new entity has been entrusted with overseeing the national payment system.This mandate includes overseeing critical functions like interbank clearing services, facilitating money transfers, and managing digital identification. However, the NPC’s central mission revolves around establishing a robust “digital financial infrastructure” with a primary focus on realizing the digital tenge.Photo by Uladzislau Petrushkevich on Unsplash2025 targeted launch dateThe journey toward the digital tenge began in February of this year, with an ambitious launch date set for 2025. Deputy Governor of the NBK, Berik Sholpankupov, initially articulated a vision centered on a “collaboration between traditional finance and DeFi,” aimed at significantly improving financial inclusion and strengthening international trade.As of now, the CBDC pilot in Kazakhstan has advanced to a controlled environment pilot phase involving actual consumers and merchants. One of the key partners in this venture is Binance, the world’s largest cryptocurrency exchange. Binance is actively supporting the pilot through its technical solution, BNB Chain, marking a convergence between traditional financial institutions and the blockchain-based cryptocurrency sector.Kazakhstan’s pursuit of CBDCs aligns with a global trend as numerous countries worldwide explore the potential of CBDCs. An astounding 105 countries, representing a substantial 95% of the global gross domestic product (GDP), are currently exploring the concept, highlighting the collective recognition of the transformative potential of digital currencies in shaping the future of finance.Last week it emerged that the NBK had entered into a collaboration with the global financial messaging service SWIFT relative to the beta-testing of a CBDC.Attracting global exchangesIn a move that bolsters the development of crypto in the central Asian country, Binance launched a regulated digital asset platform in collaboration with the local Freedom Finance Bank. Around the same time, Bybit secured in-principle approval to trade within the country from the local regulator.Kazakhstan’s proactive stance toward cryptocurrency is also evident in its taxation policies. In 2022, the government collected approximately $7 million in tax payments from cryptocurrency mining entities following the implementation of revised regulations governing the fiscal responsibilities of cryptocurrency mining.Additionally, the government introduced legislation aimed at curbing excessive energy consumption by domestic crypto miners, instituting licensing requirements, and making minor adjustments to the taxation framework.Kazakhstan’s steps in establishing the National Payment Corporation and venturing into the realm of CBDCs reflect the country’s interest in embracing the digital era and staying at the forefront of financial innovation. As the industry looks on, Kazakhstan’s digital tenge project could serve as a model for others seeking to bridge the gap between traditional finance and the exciting possibilities of DeFi.

KuCoin Report Points to Marked Increase in Crypto Investors in TurkeyAs part of its “Into The Cryptoverse: Understanding Crypto Users” series, Seychelles-based crypto exchange KuCoin published a report on Thursday that identifies a significant increase in the number of crypto investors in Turkey over the course of the past eighteen months.Photo by Dima Rogachevskiy on UnsplashCrypto adoption surgeThe report, the fifteenth such report produced by KuCoin as part of this series, reveals that there has been a substantial surge in crypto adoption among Turkish adults, with an impressive 52% of the adult population participating in crypto investments.Since November 2021 there has been a 12% increase in the number of crypto investors aged 18 to 60. These statistics underscore the growing interest and acceptance of cryptocurrencies in Turkey. It’s not likely to be a coincidence that this surge in adoption has come about against the backdrop of the local currency, the Turkish lira, losing more than 50% of its value against the US dollar.Here are some of the key insights that the report identified:Growing Crypto Adoption Among Turkish Adults: The survey indicates a significant upswing in the number of Turkish adults investing in cryptocurrencies. The percentage of adults embracing crypto has surged from 40% to 52% over the last year and a half, despite the overall crypto market finding itself in the doldrums within that time frame.Increased Female Participation: While male investors continue to dominate at a rate of 57%, the survey points to a notable trend of increasing participation among women, particularly in the younger age brackets. Approximately 47% of female crypto investors are between the ages of 18 and 30.Youth-Driven Growth: Younger generations are leading the crypto adoption charge, with investors aged 31 to 44 constituting the largest group at 48%. Furthermore, a significant proportion of investors under 30 joined the market within the past year, indicating the influence of youth within the crypto space.Many have expressed the view that crypto adoption will come about through the younger demographic. It’s a factor that has not gone unnoticed by crypto platforms, including fellow Seychelles-based exchange Bitget.Motivations for Crypto Investments: The report delves into the motivations behind crypto investments among Turkish adults. A substantial 58% express the desire to create long-term wealth, transcending generational boundaries. This suggests a widespread belief in crypto’s potential as a tool for financial freedom.Popular Cryptocurrencies: Bitcoin remains a favored choice, capturing 71% of overall investor interest. Ethereum follows closely with 45% interest, while stablecoins garnered the attention of 33% of surveyed participants.Crypto Trading Dominates: A significant 70% of Turkish participants use crypto for trading, indicating the prevalent use of cryptocurrencies as investment instruments. Meanwhile, 22% have ventured into buying NFTs.Influence of Personal Connections: Personal relationships play a pivotal role in driving crypto adoption in Turkey. About 57% of participants learned about crypto through family and friends, highlighting the significance of these connections in introducing newcomers to the crypto world.This finding resonates with a similar finding relative to a recently published report covering crypto adoption in Vietnam.The report has been based upon online surveys carried out by KuCoin between May 5 and May 12 of this year.

Sleek Secures $5M seed funding to propel Web3 social networking offeringHong Kong-based startup Sleek has successfully raised $5 million in seed funding to advance its Web3 social networking platform, aiming to further the ownership economy and introduce blockchain-powered social media accessible to a broad audience.Photo by micheile henderson on UnsplashIncentivized networking through ‘SocialFi’Officially launched in April of this year, Sleek aspires to reshape human connections by simplifying networking, infusing a sense of fun and fostering productivity. The platform provides users with an expansive environment where they can exchange information, connect with new contacts and participate in incentivized networking through innovative Web3 social finance (SocialFi) business models.In essence, SocialFi employs blockchain technology with the objective of monetizing social interactions. The concept has come to broader attention in recent months as a consequence of the emergence of Friend.tech, a novel way for creators to monetize content, by way of tokenizing attention. Sleek enables users to directly monetize their content and social capital, emerging as a new generation of creators within the Web3 landscape. Sleek Co-Founder Chase Guo explained to The Block how it differs from other Web3 social networks:“Most of the time, this strategy [bootstrapping a platform using tokens or incentives] does not result in unique content generation and sustainable growth. People are here for the airdrop and leave once they cash out. Sleek took a very different approach — build a real use case first with die-hard fans.”Sleek CardAt the forefront of Sleek’s offerings is its flagship product, Sleek Card, specifically designed to empower Web3 professionals in face-to-face networking. Each Sleek Card generates a blockchain wallet and a decentralized identity for users, streamlining the onboarding process into the Web3 space.Utilizing NFC technology and a proprietary messaging bot, Sleek Card allows users to capture data and manage contacts, resulting in robust on-chain social graphs. Notably, Sleek Card has facilitated over 300,000 connections, establishing itself as a key player in the Web3 landscape. The platform has also formed strategic partnerships with prominent entities such as Solana Hacker Houses, Coinfest, Digital Art Fair and NFTNow, bringing innovative event experiences to life.Both of the startup’s founders spoke about the body of work Sleek is involved in. Co-Founder Tania Tse stated:“We are launching monetization models in our platform that are only possible through the blockchain, so talented creators from various verticals who don’t have a full team supporting them can earn sustainably.”Chase Guo added: “Leveraging our own experiences and lessons learned, we are building applications alongside our users to power the future of Web3 social.”Looking ahead, Sleek plans to unveil an open marketplace in the first half of 2024, empowering domain experts to become creators by tokenizing their knowledge into liquid and accessible assets. This strategic move aligns with Sleek’s vision for a more equitable, user-centric and transparent digital social landscape.Broad industry backingSleek’s investor roster includes well-known names such as Shima Capital, Spartan Group, Symbolic Capital, Genblock Capital, Big Brain Holdings, Market Across, Emirates Consortium, Arkstream, Perridon, GBV and various angel investors. Notably, Binance Labs, the venture capital arm of Binance, invested in Sleek through the Binance Labs Incubation Program in 2022.