Ozys Expands into Japanese Web3 Ecosystem Through Partnership with GensoKishi

Research Center Highlights Overvaluation in Overseas Crypto Holdings Reported to Korean Tax AgencyThe Korbit Research Center, affiliated with one of South Korea’s leading cryptocurrency exchanges, Korbit, has raised questions about the size of overseas cryptocurrency holdings reported by Korean individuals and businesses to the National Tax Service.Photo by REDioACTIVE on PixabayThe issue of market-making activitiesThe center noted that following the 2017 initial coin offering (ICO) boom, many enterprises that issued cryptocurrencies through offshore entities might still be holding onto their native tokens. This would have resulted from their inability to distribute these tokens to the market after the speculative bubble burst. The center believes these reported values could have been influenced by the issuers’ market-making activities, possibly inflating their worth.According to the National Tax Service, Korean individuals and corporations hold a total of KRW 130.8 trillion (around $98 billion) in overseas crypto accounts. Notably, 73% (KRW 120 trillion) of this sum is held by 73 corporate entities.Highlighting a critical aspect of cryptocurrency valuation, the Korbit Research Center pointed out that when tokens are priced based on market-making activities, they may be overvalued. They further underscored that even if the true value of overseas holdings by these entities is only a tenth of the reported sum, a figure like KRW 12 trillion is still substantial.Retail investors seeking overseas optionsFurthermore, the center touched on retail investors, noting that the KRW 10 trillion in their offshore accounts indicates a gap in services offered by Korean crypto enterprises. It suggests that individual investors might be exploring foreign markets due to domestic limitations like the absence of derivatives and lending options.Given the borderless nature of the crypto industry, Korean individuals readily turn to overseas services that cater to their needs. The Korbit Research Center estimates a KRW 10 trillion unmet demand in the domestic crypto sector, suggesting that stringent local regulations might be driving capital outflows.

Intella X Teams Up with Web3 Comm Protocol to Boost Game ExperienceSouth Korean gaming company Neowiz announced on Tuesday that its blockchain gaming platform, Intella X, has forged a partnership with DMTP, a developer of Web3 communication protocols.The partnership aims to bolster the capabilities of Intella X services and nurture a robust ecosystem around the platform.Photo by Andrey Metelev on UnsplashOn Polygon networkIntella X, currently under development by Neowiz, will operate on the Polygon network. The platform is designed to be user-centric, offering a range of services beyond gaming. These include its own decentralized exchange (DEX), an NFT launchpad, and an NFT exchange.Messages between wallet addressesDMTP has developed a communication tool named after itself, which enables message exchange between Web3 wallet addresses. Encrypted user messages are securely stored on the blockchain and managed in a decentralized, distributed manner. This ensures data preservation in case of unforeseen circumstances, such as service termination.The two companies will discuss introducing DMTP to the Intella X Wallet. Having recently soft launched the Android and web versions of Intella X Wallet, Neowiz plans to coordinate with DMTP to expedite technological development and marketing efforts to enrich user experience.

FanC – a South Korean blockchain reward project designed for creators and users of the Watch-to-Earn short-form video app CELEBe – has signed a business agreement with Coins.ph, the largest cryptocurrency exchange in the Philippines. Through this agreement, the two companies aim to expand their respective global ecosystem through fanC’s rewards system, according to an article by local news outlet Daehan Kyungjae.Photo by Lance Anderson on UnsplashEmpowering creators and rewarding viewersThe CELEBe app aims to bring content creators and viewers together through Create-to-Earn and Watch-to-Earn mechanisms. The platform has notably collaborated with some 4,000 well-known figures, ranging from actors and singers to YouTubers and athletes. Connecting communitiesUnder the agreement, fanC's reward token (FANC) will be available for trading on Coins.ph, allowing fanC to deepen its roots not only in the Filipino market but also in the larger Asian blockchain community. "This agreement marks an important step in fanC's global expansion strategy," said Lee Dong-ho, CEO of fanC. "Through our collaboration with Coins.ph, we will build a stronger global network." Meanwhile, fanC plans to continue to strengthen its partnership with Coins.ph through activities like global meetings to lead the growth of its global fan community. The platform is thus committed to consistent technological development and innovation through collaborations with various global partners. Through these efforts, it aims to provide new value by building an ecosystem that connects the global blockchain community.