Metabora Singapore Launches Global Pre-Registration for PvP Gaming Platform ‘Skill Blitz’

Grab, the Nasdaq-listed Southeast Asian superapp, has signed a strategic memorandum of understanding (MOU) with StraitsX, a Singapore-based stablecoin payment infrastructure provider, to develop Web3 wallets and a payment network powered by stablecoins. A Nov. 18 press release said Web3 wallets will be added to the Grab app, allowing merchants in Asia to accept stablecoin payments from local and overseas customers.Photo by Grab on UnsplashXSGD and XUSDUnder the partnership, Grab users may be able to hold and use stablecoins like XSGD and XUSD, which are pegged to the Singapore dollar and U.S. dollar respectively, and convert between fiat and other stablecoins in-app, provided they meet regulatory compliance requirements. Grab expects the integration to facilitate real-time cross-border settlement with transparent foreign-exchange rates, improving efficiency through faster, cheaper, and compliant transactions. The superapp operator seeks to create a single, interoperable Web3 payment framework that eliminates the need to switch between country- or method-specific systems. Merchants are expected to benefit from enhanced liquidity and capital management via programmable settlement features enabled by smart contracts and on-chain treasury tools. ASEAN’s regulatory gapsThis industry development comes amid growing interest in digital finance among intergovernmental organizations. In a blog post, Yasuto Watanabe, Director of the ASEAN+3 Macroeconomic Research Office (AMRO), noted the private sector’s growing involvement in stablecoins, outlining their advantages and risks. He said stablecoins offer greater accessibility and enable faster, cheaper transactions compared with traditional banking.  Stablecoins are widely used for remittances in Southeast Asia, particularly in the Philippines and Vietnam, and are also a common tool for small businesses engaged in cross-border trade. Watanabe also warned of risks such as anonymity-driven money laundering and capital control evasion. He also pointed to concerns that the rise of U.S. dollar–denominated stablecoins could undermine monetary sovereignty. In this context, the AMRO Director underscored the importance of the ASEAN+3 region addressing existing gaps through concerted action. 12M USDT seized in Thailand crackdownGovernment concerns are reflected in recent crypto-related crimes making headlines. In a recent case, Thai authorities, in coordination with the U.S. Secret Service, detained 73 individuals and confiscated assets valued at more than 522 million baht. About 400 million baht of that total was in USDT (12 million USDT). Tether said in an announcement that it supported law enforcement in the operation. The emergence of stablecoins is clearly transforming the traditional financial landscape. Companies are racing to harness new technologies, while regulators focus on combating illicit activity and strengthening consumer protections. As the sector evolves, new opportunities and risks will surface, and the balance between innovation and safety will be a key question moving forward. 

Blockchain Experts Gather at KBW 2023 Side Event to Discuss Future Prospects of South KoreaBlockchain experts from various corners of the industry converged to exchange insights on industrial and technological trends during “Unveiling Prospects in South Korea,” a side event affiliated with Korea Blockchain Week (KBW) 2023. This noteworthy gathering, co-hosted by Sui, Google Cloud, CoinNess, and Bitmain, took place on September 5 at Banyan Tree Club and Spa Seoul.Blockchain compatibility and Web3 adoptionAmong the distinguished speakers at the event, Derik Han, Head of APAC Partnerships at Mysten Labs, the team behind the layer-1 blockchain project SUI, discussed how the SUI project plans to enhance blockchain compatibility through a zero-knowledge (ZK) login feature, similar to single sign-on (SSO). SSO enables users to use a single set of login credentials to gain access to various applications.Han underscored the significance of reducing technical barriers for the widespread adoption of Web3 in our daily lives, and he pointed out that SUI’s ZK login feature would contribute to this goal. Additionally, Han shed light on SUI’s intention to add on-chain features highly favored among Korean gamers.Security tokens and RWAsJo Dong-hyeon, the CEO of Undefined Labs, a developer specializing in on-chain risk rating solutions, emphasized that the Korean decentralized finance (DeFi) market is poised for growth, driven by security tokens and real-world assets (RWAs). He highlighted the significant attention received by the Financial Services Commission’s announcement regarding guidelines for security token offerings (STOs) in February.Jo observed that tokens backed by real-world assets (RWAs) would serve as a bridge between the DeFi space and traditional financial markets, facilitating the development of the former. He also noted that this development would follow the pattern seen in the Korean cryptocurrency market whose liquidity has been supported by young investors.NFT ecosystemsMeanwhile, Kim Min-gu, Head of Web3 Business Development Lab at LG Uplus, a telecom company, expressed their commitment to expanding the Moono NFT ecosystem. This venture, anchored around their octopus character, intends to advance through collaborations with similar NFT projects like Lotte Homeshopping’s pink bear character, Bellygom. Kim highlighted that the company’s primary goal for this year is to make NFTs accessible even to customers who are unfamiliar with cryptocurrencies.Kim further explained that LG Uplus aims to delve into the differences between Web3 NFT communities and their Web2 counterparts. The company’s focus lies in improving the overall usability of its services, without narrowing down its target audience. They are particularly intrigued by the potential of wallets and decentralized applications (dApps) in this pursuit.Banks’ entry into the virtual asset landscapeFollowing this, Leem Min-ho, an analyst at Shinyoung Securities, predicted a strategic expansion by Korean banks, with an emphasis on offering digital asset custody services. This endeavor has been catalyzed by recent developments, including the introduction of security token guidelines in February and the passage of the Virtual Asset User Protection Act in June. These regulatory milestones are gradually shaping a more defined legal framework for virtual assets within South Korea. Leem went on to say that banks, known to favor engaging in business activities within established regulatory boundaries, are poised to concentrate their forthcoming initiatives on approved security tokens, ensuring compliance and adherence to regulatory standards.

NEOPIN and MEVerse Join Hands to Expand Blockchain EcosystemCentralized decentralized finance (CeDeFi) protocol provider NEOPIN said Tuesday that it has teamed up with MEVerse, the blockchain mainnet operated by gaming company ME2ON Group, to expand the global blockchain ecosystem and optimize the accessibility and functionality of their respective platforms.Photo by Gerd Altmann on PixabayPromoting blockchain worldwideBoth parties have agreed to collaborate on integrating their platforms to build a global user base consisting of those who have completed necessary verification procedures like Know Your Customer (KYC) and Anti-Money Laundering (AML). They will also support each other’s global partner networks, contributing to service enhancement and ecosystem expansion. NEOPIN has also vowed to introduce MEVerse to its global user community.“Initiating the integration of NEOPIN and MEVerse platforms, we are poised to play an active role in fostering the growth and widespread adoption of the blockchain ecosystem. This includes the enduring fusion of blockchain technology with Korean content.” said Ethan Kim, CEO of NEOPIN.Collaborative synergyMEVerse possesses various blockchain infrastructures, including the Web3 P2E casual game portal MEVerse GameZ, non-fungible token (NFT) marketplace MEVerse DEX, blockchain explorer MEVerse Scan, and more. The platform said that it is currently in the process of establishing a borderless Web3 ecosystem by boosting compatibility with its mainnet ecosystem and leveraging cross-chain technology.“MEVerse’s strengths lie in its possession of a wide range of blockchain platforms and content, from its blockchain mainnet to the Web3 gaming ecosystem and Korean content,” Kim commented.Meanwhile, NEOPIN has accumulated knowledge and expertise on blockchain operations during its time as a node validator for various blockchain networks such as Ethereum and Cardano since 2017. Last year, the platform launched its CeDeFi protocol, providing a secure and user-friendly DeFi platform.“We are thrilled to partner with NEOPIN, a pioneer in the DeFi sector. Through tangible integration examples, we look forward to facilitating user engagement and cultivating an expanded Web3 ecosystem,” said Jong-ho Hong, CEO of MEVerse.