GS Group Supports Blockchain Startups in Korean Retail Industry

MultiBank Group, a global financial derivatives company headquartered in Dubai, has partnered with two other United Arab Emirates (UAE)-based firms, real estate giant MAG and tokenized real-world asset (RWA)-focused blockchain infrastructure provider Mavryk, in a $3 billion tokenized real estate deal.Photo by Tierra Mallorca on UnsplashWhile a large proportion of MAG's business activities center around the Dubai real estate market, MAG Group is a multinational conglomerate with a portfolio that includes commercial and residential developments and high-end luxury real estate projects.  According to a press release published on May 1, this $3 billion deal implicates MAG’s luxury developments, such as The Ritz-Carlton Residences in Dubai and other properties located within the Keturah Resort and Keturah Reserve in the UAE’s most populous city. These properties will be tokenized and hosted on the blockchain through MultiBank.io’s regulated tokenized RWA marketplace. Mavryk will provide the necessary infrastructure, with the tokenized assets running on its blockchain network. The deal provides another indication of the growing role of tokenization, with it being the largest tokenized RWA deal to have been put together to date. The Mavryk Network testnet was launched in February, with Mavryk Network developer Mavryk Dynamics securing $5 million in funding to establish a tokenized RWA network economy. In this instance, Mavryk will provide support in terms of on-chain asset issuance and DeFi integrations. Not just a real estate dealTalal Moafaq Al Gaddah, senior executive vice chairman of MAG, said that the project “marks a milestone in broadening access to high-value developments and unlocking liquidity via blockchain.” Al Gaddah also commented on the MBG token, stating:“$MBG token provides ecosystem utility, including trading discounts, early access to properties, and a deflationary buyback-and-burn model.” MBG is a MultiBank utility token which features deflationary tokenomics. It will be used to enable staking and lower trading fees. The token is scheduled to be launched on June 2. MultiBank.io Founder and CEO Zak Taher highlighted the importance of the token launch alongside this tokenized real estate deal. He stated:“This isn’t just a real estate deal — it is a flagship use case for the $MBG token. By enabling seamless access to $3B in tokenized property, MultiBank becomes the bridge between regulated finance and next-generation investment infrastructure.” Dual utilityAl Gaddah referred to the duality of the tokenized real estate offering:“Tokenized assets issued by MultiBank will have dual utility. Within the MultiBank Group, they can be used as collateral for derivatives, creating a seamless bridge between traditional finance and tokenized assets.” RWA tokenization has been gaining momentum within the UAE recently. It emerged last month that the Dubai Land Department (DLD), a government agency responsible for the registration of real estate in Dubai, had signed an agreement with local regulator the Virtual Assets Regulatory Authority (VARA) to integrate tokenized real estate within existing systems.  Around the same timeframe, blockchain technology firm Serenity signed a partnership with Dubai’s MTA Real Estate to develop a tokenized real estate platform. Last year RWA-focused layer-1 blockchain project MANTRA Chain announced that it would tokenize $500 million in real estate assets in Dubai.

Gala Games announces worldwide release of 4X RPG Eternal ParadoxGala Games officially launched South Korean game developer Ndream’s newest game, Eternal Paradox, worldwide on Tuesday (PT), according to an official blog post. Eternal Paradox is a 4X mobile role-playing game (RPG) where players can engage in war simulations or turn-based battles by playing with tiered characters, or “Mercenaries”. In particular, it employs Web3 ownership mechanisms, including a native token Eternal Time (ETIME), which is built on Gala Games’ layer 1 blockchain GalaChain.Photo by Jack B on UnsplashRewards-based gaming universeThe token powers the Eternal Paradox ecosystem and distributes rewards to players, such as in-game assets, upgrades and special Mercenaries that are minted as non-fungible tokens (NFTs).“We are pleased to bring a new game from South Korean game developer Ndream to the Gala Games platform. We will continue to work with Ndream to ensure that global users can enjoy the game for a long time to come, as it is a piece of Korean content recognized by many around the world,” Gala Games said.Global RPG experienceThe RPG is playable in 11 languages and allows simultaneous chatting with automatic translation, facilitating communication between global users. It also implements a seasonal system, resetting every 49 days to create an immersive and unique gameplay experience. Players around the world can interact with each other by participating in guild wars each season, where national guilds can battle for control of territory and earn rewards.“Eternal Paradox is a superb combination of turn-based RPG and war simulation,” said Kwon Won-seok, CEO of Ntroi, a subsidiary of Ndream and the executive producer of Eternal Paradox. “I’m very curious to see which country will be the winning guild in the first season. We hope you enjoy the game.”Eternal Paradox is now available for mobile download on the Google Play Store, Apple App Store and Gala Games platform. Support for PC play will be available in the future. Gala Games also noted that the game is not available in some countries, including South Korea.

Hong Kong and Kazakhstan Pilot SWIFT’s CBDC SolutionCentral bank digital currency (CBDC) development globally is unrelenting, with the latest iteration of that involving global financial messaging network SWIFT.The global member-owned cooperative recently disclosed that three central banks are currently participating in beta-testing of this revolutionary solution, including the Hong Kong Monetary Authority (HKMA) and the National Bank of Kazakhstan.Photo by NASA on UnsplashBuilding upon initial successThe company provided details on the initiative via a press release published to its website on Wednesday. Simultaneously, an extended consortium of over 30 financial institutions is embarking on sandbox experiments to explore a multitude of potential use cases.The impetus behind SWIFT’s commitment to CBDC interoperability grew stronger after a successful round of sandbox testing. Participants in the initial phase quickly recognized the potential and intrinsic value of SWIFT’s solution.Building on this success, the beta version of SWIFT’s CBDC connector solution is now being integrated into the infrastructure of three central banks and monetary authorities.Second phase testingIn tandem with the beta testing, SWIFT has inaugurated a second phase of sandbox experiments, drawing in a consortium of commercial banks, central banks, and financial market infrastructure providers. This phase is dedicated to exploring an array of use cases, ranging from trigger-based payments for digital trade platforms to foreign exchange models, delivery vs. payment mechanisms, and liquidity-saving techniques.Eighteen central and commercial banks had taken part in the first phase of those sandbox experiments. Equally, the second phase has attracted a long list of entities, including the Reserve Bank of Australia, Deutsche Bundesbank, HKMA, Bank of Thailand, CLS, and others. With thirty leading global financial institutions participating in this latest testing round, that makes for a 66% increase in participation by comparison with the first phase. Their collective input and collaboration will contribute towards shaping the future landscape where CBDCs are concerned.Tom Zschach, Chief Innovation Officer at SWIFT, commented on the use of the technology in bridging from existing systems, stating:“The financial community has already recognized the strong potential of our CBDC innovations for preventing digital islands while securely bridging the payment systems of today and the future.”Global hotbed of innovationThe American think tank, the Atlantic Council, has been tracking CDBC projects on a global basis. Its endeavors in that respect demonstrate the expansive efforts that are being made to develop this technology.19 of the G20 countries are in advanced stages of CBDC development, with nine already in pilot phases. While this proliferation signifies the growing importance of CBDCs on the global stage, it also raises concerns about potential fragmentation as countries predominantly focus on domestic usage.SWIFT has taken a proactive stance in addressing the potential challenges of a fragmented CBDC landscape. The company embarked on its CBDC journey over 18 months ago, with the initial sandbox phase simulating nearly 5,000 transactions between different blockchain networks and existing fiat-based payment systems.