NH Bank Establishes Consortium to Build Security Token Ecosystem

Lillius and Crypto.com Team Up for NFT Collaboration and Global MarketingLillius, a Korean artificial intelligence (AI) sports challenge app, has signed a business deal with global crypto trading platform Crypto.com to collaborate on a non-fungible token (NFT) project and global marketing strategies. The two companies will work together to promote Lillius’ platform mainly by issuing and distributing NFT rewards within the app.Elevating fitness with AILillius, set to launch its open beta service this month, is a mobile app where users can participate in exercise challenges that use AI motion detection technology to analyze their form while doing the movements. After they complete a given challenge, they can receive rewards based on the score they earn. Some of these challenges feature lessons from Korean Olympic medalists like taekwondo athlete Lee Dae-hoon, fencer Nam Hyun-hee, and wrestler Jung Ji-hyun.Photo by Huckster on UnsplashTo grow its platform, Lillius has also minted NFT figurines for iconic athletes such as table tennis player Ryu Seung-min, swimmer Park Tae-hwan, and archer Joo Hyun-jung, among others.Unlocking global Web3 sports experiencesUnder the new partnership, Crypto.com will be responsible for leveraging its global infrastructure to support Lillius’ broader global expansion and various marketing endeavors.“Our partnership with Crypto.com will expand access to Web3-based sports experiences for users around the world and serve as an important milestone in advancing our Web3 sports ecosystem,” said Julia Kim, CEO of Lillius. “We plan to enhance Lillius’ global competitiveness and lead the Web3 sports industry.”Crypto.com has consistently been participating in sports-related marketing projects and investing in such businesses as well. In 2021, it signed a naming rights agreement to change the name of the world-renowned sports and entertainment arena, the Staples Center, to Crypto.com Arena. It also became the first virtual asset platform to sponsor the 2022 FIFA Qatar World Cup. Furthermore, the platform has worked with some of the world’s biggest sports associations such as the UFC and Paris Saint-Germain F.C., playing a key role in bridging the gap between blockchain and sports. Its latest business agreement with Lillius comes as part of more concentrated efforts to enter the Korean market.“Through this partnership, we will cultivate the merging of sports and blockchain technology by providing Crypto.com’s 80 million users with a unique sports-related consumer experience,” said Patrick Yoon, CEO of Crypto.com Korea.

The recent 19b-4 approval of spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) is putting pressure on South Korean financial regulators to revisit their policies on digital assets. The SEC's decision to allow ETFs for Ethereum, the world's second-largest cryptocurrency, on May 24, 2024, follows its earlier endorsement of Bitcoin ETFs in January 2024. This move is seen as a significant step in merging traditional finance with the digital asset sector.Photo by DrawKit Illustrations on UnsplashKorean regulatory cautionIn contrast to the progressive stance in the U.S., the Korean Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) have maintained a cautious approach regarding the integration of crypto assets into traditional securities markets. According to current regulations under the Capital Markets Act, ETFs in Korea are limited to traditional underlying assets such as financial instruments, securities, international currencies and commodities. These foundations are crucial for the creation of financial derivatives, leaving little room for digital assets under current laws. Calls for regulatory reforms and market implicationsThe decision by the SEC is expected to influence the Korean regulators to update their views on digital assets, according to local media and industry experts. Jung Eui-jung, the head of the Korean Stockholders’ Alliance, has advocated for Korea to emulate the U.S. by approving Bitcoin and Ethereum ETFs. He expressed concerns that continued regulatory hesitance could lead to investor funds migrating to more progressive markets like the U.S., potentially positioning the U.S. to broaden its crypto market further. Xangle, a digital currency data provider in Seoul, has also criticized the current regulations as outdated, emphasizing the need for revisions to accommodate the increasing relevance of digital assets in global finance. 

BPMG launches competition platform GemPION for Web3 gamersBPMG, a South Korean Web3 platform developer, revealed the launch of GemPION. This platform, operated under BPMG’s gaming arm GemHUB and developed in collaboration with blockchain network Everscale, is designed specifically for competitive gaming. It offers users of its integrated games the opportunity to engage in tournament competitions or partake in various missions.Photo by Andrey Metelev on UnsplashDiverse competitive formatsOn the GemPION platform, gamers have the opportunity to participate in various competitive formats such as single-elimination tournaments, battle royales, or leaderboard challenges. The platform features both free-to-enter and paid competitions, with the latter offering larger prize pools. To maintain and increase user engagement, each game hosted on GemPION provides a variety of competitions, either through seasonal events or on an ongoing, all-year-round basis.Launch eventsIn celebration of its official launch, GemPION is organizing a series of events. From Nov. 18 to Dec. 16, a selection of games on GemHUB, including Number Shoot, Jelly Snake, Find Bird, Push Push Cat and Mayan Cryptex, will be highlighted in tournament competitions. These tournaments are set to occur every Saturday and feature a total prize pool of $3,500.The platform is offering 1,000 tickets for complimentary access to paid tournaments. These tickets are available on a first-come, first-served basis and can be obtained by users who apply the promotion code. Furthermore, users who invite friends to join the platform, either by completing certain missions or through the use of referral links, will receive additional incentives.GemPION is also preparing to launch more games, including Heroes9 with NFT, Jewel Dungeon Quest and Farm Raid Mission.Cha Ji-hoon, CEO of BPMG, stated that GemPION is a gaming system designed to elevate the immersive experience of users and increase their engagement. He highlighted that the system utilizes technology that is not only applicable to Web3 games but also to conventional games. Cha further shared his vision for GemPION, expressing his aspiration to broaden the gaming ecosystem. He plans to do this by introducing seasonal events and country-specific competitions, which will feature even larger prize pools.