Wame and Pacific Meta join forces to build Asian Web3 industry

Klaytn Foundation Denies Embezzlement Allegations Involving KLAYThe Klaytn Foundation, the group behind virtual asset KLAY, has denied allegations against the former chairman of Kakao, the South Korean messaging app developer, as well as executives from its subsidiaries, according to local news outlet Digital Asset. These allegations accuse them of embezzlement involving the cryptocurrency.A formal complaint detailing these allegations was submitted on Wednesday by Economic Democracy 21, a civic group, to the joint crypto-crime investigation division of the Seoul Southern District Prosecutors’ Office.Photo by alleksana on PexelsKlaytn’s responseIn response, the Klaytn Foundation has characterized the allegations as arbitrary and unfounded. The foundation is taking the matter seriously and is planning to conduct a comprehensive fact-check to actively address the claims.Civic group’s claimsEconomic Democracy 21 contends that select insiders at Kakao and its subsidiaries have illicitly accumulated hundreds of billions of Korean won. According to the group, this was done by converting KLAY tokens into cash under the pretense of investment and compensation.Ongoing commitmentIn the midst of this legal dispute, the Klaytn Foundation reaffirmed Klaytn’s steadfast dedication to advancing its scheduled initiatives in collaboration with its ecosystem partners.

Incheon Launches Blockchain Hub Center to Lead Web3 EraIncheon Metropolitan City announced Monday that it has established the Incheon Blockchain Hub Center at the heart of the city in an effort to establish itself as a blockchain hub in Korea and usher in the era of Web3.Photo by Hon Kim on UnsplashThe center, located in the Jemulpo Smart Town building, will house various facilities, including offices for the Incheon Technopark Blockchain Center, blockchain companies, and startups, as well as spaces for technological development and relaxation.Fostering innovation and cooperationThe center aims to undertake systematic and diverse projects that citizens and businesses alike can benefit from. This includes supporting tenants of the hub center, providing an environment for technology development and demonstration, and funding blockchain technology development. It will also serve as a spot for Incheon Technopark’s blockchain acceleration program, business model exploration and design, and events such as blockchain hackathons and conferences.The city is also set to hold an opening ceremony for the center on Wednesday, during which over 20 organizations and firms will gather for the inauguration of a committee dedicated to promoting mutually beneficial relationships between blockchain-based service providers and consumers. Among the consumers are central and municipal governments and state-run agencies. Initiating connections and making business support processes more efficient will constitute the committee’s core tasks, the city said.Incheon’s vision for Web3“The world is evolving to accommodate Web3, the new blockchain-based Internet, amid the global trend of digital transformation,” said Lee Nam-joo, Director of Incheon’s Future Industry Bureau. In accordance with this transformation, he said, the city of Incheon would push on to become a leading blockchain hub with a globally competitive edge by continually implementing various projects and policies through the committee — including joint projects between the public and private sectors — to provide support for business and technological development.In more efforts to build an active blockchain industry, Incheon is also currently operating a blockchain education program and regularly hosts events and hackathons to promote the widespread use of Web3 technology. Notably, a two-day conference dubbed “Global Blockchain Incheon Conference” is scheduled to take place from October 30 to 31 in the city’s southern district Songdo.

Busan BDX Consortium named preferred bidder for Digital Asset ExchangeIn the latest development of Busan’s initiatives in the blockchain industry, the Busan BDX Consortium has been named the preferred bidder for the project aimed at setting up and operating the Busan Digital Asset Exchange (BDX).The South Korean port city of Busan organized a bidding competition for the project, whose application deadline was Nov. 28. This competition saw participation from two companies. Following this, a project proposal evaluation committee was recently assembled to review the presentations of these bidders at the Busan International Finance Center (BIFC).The selection of the Busan BDX Consortium as the preferred bidder was made after an evaluation process where 90% of the assessment criteria were qualitative and the remaining 10% were based on quantitative factors. The consortium is led by Itcen, a Seoul-based tech company that specializes in digital transformation.Photo by Pang Yuhao on UnsplashNegotiations and future stepsBusan City will now promptly enter into negotiations with the consortium, with the goal of finalizing its decision before the end of this year. Following the selection, Busan intends to sign a business agreement with the chosen bidder in January to move forward with the project.BDX is a platform designed to use blockchain technology for the digitization and trading of assets linked to Busan’s infrastructure in logistics, culture and finance. It is planned to be a fully private entity, a decision aimed at fostering freedom and creativity in its operations. Meanwhile, the city will offer administrative and financial support in accordance with its local ordinances.Son Seong-eun, who leads the Finance and Start-up Policy Bureau of Busan City, remarked that the development of BDX is set to establish a solid foundation for the blockchain industry and enhance the region’s economic growth. Aiming to establish Busan as a leading global blockchain hub, the city is committed to providing ongoing support for the new digital exchange, Son added.Blockchain to encourage volunteeringBesides the BDX project, Busan is also leading another blockchain initiative. Starting next year, the city will test a blockchain-based platform designed to manage and track volunteer experience points for its residents.The platform being developed by Busan will facilitate the connection between individuals seeking volunteer assistance and those who participate in volunteer activities. Its goal is to foster a virtuous cycle that contributes positively to society, enhancing the efficiency and impact of volunteer efforts within the community.Citizens will be able to accumulate points on the blockchain platform by participating in socially beneficial activities like distributing staple goods and contributing to carbon emission reduction. These points can then be redeemed for various benefits like attending concerts or accessing public parking lots. This endeavor to encourage volunteering is set for a full-scale launch in 2025.