Netmarble’s MARBLEX Secures Whitelist Approval for MBX Token in Japan

EDUM – a blockchain project run by educational and professional services provider Jinhak’s subsidiary Dream Ladders – has signed a strategic business deal with Web3 firm Metaverse.Network (MNet), according to an article published by South Korean news outlet Maeil Business Newspaper on Friday (KST). Through this agreement, EDUM will be able to strengthen its Web3 platform to help promote effective learning and implement various services within metaverse parameters.Photo by Kelly Sikkema on UnsplashLearning for everyoneEDUM is a Study-to-Earn (S2E) blockchain project that aims to provide learners with affordable, high-quality educational services. Users will be able to earn rewards in the form of EDUM or EDUMP tokens when using different functions on the EDUM mobile application. EDUM is the project’s market-based utility token that can be cashed through external exchanges or even swapped with EDUMP, which has a fixed value and can only be used within the EDUM ecosystem. EDUMP tokens can also be used for purchasing NFTs or lectures on the EDUM platform. MNet’s technological prowessMeanwhile, MNet is a blockchain network operated from headquarters in Singapore. Backed by an Ethereum Virtual Machine (EVM) and WebAssembly (WASM) smart contract playground, builders can develop Web3 decentralized applications (dApps) for Web2 users. Notably, it has secured an investment from global blockchain investment company Animoca and is a key technological partner of the blockchain platform Polkadot. "We will continue to expand the success story and ecosystem of the EDUM project through continuous partnerships with various companies," said Yoo Sung-won, CEO of Dream Ladders. EDUM also recently teamed up with layer 1 blockchain XPLA to expand blockchain-based educational services and increase the role that Web3 can play in various fields.

RAK Properties has signed a strategic agreement with Hubpay that will allow international buyers to pay for homes in the United Arab Emirates (UAE) using digital assets, the real estate developer said in a Sept. 1 statement on its website. Under the arrangement, customers can settle property purchases with major cryptocurrencies, including USDT, Bitcoin (BTC), and Ethereum (ETH). Payments will be processed on Hubpay’s regulated platform, converted into UAE dirhams, and transferred directly to RAK Properties’ account. The company said it will not handle digital assets directly. Instead, all transactions will be processed by Hubpay and its partners, who are licensed by Dubai’s Virtual Assets Regulatory Authority (VARA), to ensure compliance and transparency. The initiative is aimed at drawing new categories of overseas investors to Ras Al Khaimah, the UAE’s sixth-most populous city, including the developer’s Mina waterfront community.Photo by Precondo CA on UnsplashUAE’s crypto market expands amid rising risksThe move comes amid growing crypto activity in the UAE. A Chainalysis report last year ranked the Middle East & North Africa as the seventh-largest crypto market and noted that the UAE’s decentralized finance adoption was above the global average, citing regulatory clarity. From July 2023 to June 2024, crypto inflows to the UAE leaned heavily toward stablecoins, which represented 51.3% of value received, compared with 44.7% worldwide. Bitcoin’s share was smaller than the global average at 16.5% versus 22.3%, while altcoins and Ethereum showed little difference at 24.4% and 7.8%, respectively. At the state level, the UAE itself has emerged as a significant player. Based on Arkham’s tracking, it is the world’s fourth-largest government Bitcoin holder, with about 6,352 BTC ($703 million). In contrast to the U.S. and U.K., whose holdings largely stem from law enforcement seizures, the UAE’s reserves come from mining through Citadel Mining. The firm is majority-owned by 2PointZero under the International Holding Company (IHC), which is chaired by Sheikh Tahnoun bin Zayed al-Nahyan, the UAE’s national security adviser and a prominent member of the ruling family in Abu Dhabi. As crypto use has grown, so too have the risks. In the first half of this year, the UAE recorded the world’s largest average per-victim losses from crypto crime, with nearly $80,000 stolen per individual, according to Chainalysis. Only the U.S. came close to that figure, while Chile, India, Lithuania, Japan, Iran, Israel, Norway, and Germany rounded out the global top ten. Harmonizing crypto rulesAmid a shifting crypto landscape, regulatory structures in the UAE are continuing to evolve. At the federal level, the Securities and Commodities Authority (SCA) supervises virtual asset services, while the Central Bank of the UAE (CBUAE) oversees payment tokens. The Dubai International Financial Centre and the Abu Dhabi Global Market operate their own frameworks. Last month, the SCA and VARA introduced a cooperation framework to harmonize oversight and allow mutual recognition of licenses, though the system stops short of automatic passporting in order to preserve national security controls. In related developments, the National Bank of Ras Al Khaimah (RAKBANK) became the first bank in the UAE to partner with Bitpanda Technology Solutions, a Vienna-based crypto exchange and digital assets infrastructure provider. The partnership, which builds on earlier work exploring the issuance of digital payment tokens, is expected to give RAKBANK customers access to a variety of crypto use cases. 

KuCoin Halts Bitcoin and Litecoin Mining Pools Amidst Strategic ShiftIn an announcement on Tuesday, Seychelles-based cryptocurrency exchange KuCoin revealed its decision to temporarily suspend its Bitcoin and Litecoin mining pools, effective from 16:00:00 on August 15, 2023 (UTC).Photo by Traxer on UnsplashChanging business strategyThis move is attributed to KuCoin’s evolving business strategy, although specific details remain undisclosed. The exchange expressed its regret for any inconvenience caused and extended gratitude for users’ continued support.It appears that the company wants to focus on core business activities and for that reason, it’s terminating its mining pool activity. That said, the discontinuation was described in its statement as being “temporary” although that has been left open-ended with no indication of if or when it would bring the service back into operation.The company is open to the idea of revisiting the facilitation of mining pools in the future. “We will see if it is needed to restart based on the market and users’ demand in the future,” a spokesperson for the company told The Block.To ensure miners’ uninterrupted earnings during the suspension, KuCoin advised users engaged in cryptocurrency mining to transition their Bitcoin (BTC) and Litecoin (LTC) miners to alternative mining pools before the specified suspension date. Additionally, the exchange emphasized the importance of backing up and preserving mining records and related data, recommending users complete these actions before August 27.Presently, the KuCoin Bitcoin mining pool maintains a hash rate of 9.08 exahash per second (EH/s), while the Litecoin pool operates at 3.90 terrahash per second (TH/s). These figures contribute to the broader hash rate landscape, where the entire Bitcoin network boasts a hash rate of 349.19 EH/s, compared to the Litecoin network’s 792.16 TH/s.Workforce reductionIt is clear that the company is in the process of adjusting to current market conditions. Last week, rumors surfaced of a plan to effect a workforce reduction. That prompted KuCoin’s CEO Johnny Lyu to respond, clarifying that the exchange’s operations are running smoothly. Dismissing layoff speculation, Lyu highlighted the exchange’s steady expansion and strong growth as demonstrated by the H1 2023 report. The report showcased an increase in users and new listings, underscoring the platform’s vitality and development.Mandatory KYCIn recent months, KuCoin has also implemented mandatory Know Your Customer (KYC) requirements, obligating users to undergo verification processes. Existing customers who fail to complete KYC procedures will be unable to make deposits. With over 20 million registered accounts, the exchange felt that it needed to improve on its level of regulatory compliance and security measures.It’s highly likely that an action taken by authorities in New York in the United States in March prompted KuCoin’s decision to tighten up on KYC. At that time, the New York Attorney General said that action was being taken against KuCoin due to its failure to register as a securities and commodities broker-dealer.As KuCoin undergoes these changes, the suspension of its mining pools raises questions about the broader implications for its business strategy and the potential impact on miners within its ecosystem. That said, the firm is not alone in making changes, with most crypto exchanges having had to adjust to a business and regulatory environment that has changed considerably since the 2021 crypto bull run.