Academia, Industry Collaborate on Crypto Accounting Research in Korea

Chung-Ang University to Issue Blockchain-Based CertificatesChung-Ang University, a post-secondary institution in South Korea, on Monday announced plans to implement a system that distributes blockchain-based digital OmniOne badges to students upon accomplishment of tasks such as the completion of courses or extracurricular activities. By doing so, the school aims to leverage blockchain technology to secure digital records of students’ educational backgrounds, thereby creating a more solid foundation for the cultivation of young global talent.Photo by Josefa nDiaz on UnsplashElevating identity verificationThe badges are a blockchain-based software as a service (SaaS) tailored for identity authentication and built on Raon Whitehat’s decentralized identity platform, OmniOne. Raon Whitehat is the blockchain service provider of Korean tech security firm RaonSecure.As a certification tool customized for Chung-Ang students, the badges can showcase progress and achievements in learning, skills, and experience as well as keep records of awards, licenses, and endorsements.“By providing blockchain-powered digital badges, we aim to support individuals in building their expertise and competencies,” said Park Sang-gue, the school’s President.Bringing blockchain technology to the campusThe school said it would run a trial for the system from the end of this month to January next year, then officially implement it starting in next year’s spring semester. It will be applied first to the LG PerfecTwin education curriculum, which the school jointly operates with IT solutions provider LG CNS, and the industrial security convergence program. Students can pass exams and successfully participate in discussions to receive digital badges, which can be managed on the university’s e-portfolio portal.The university also plans to eventually bring the badges to other subjects like artificial intelligence (AI) and the metaverse, then expand the system outside of the classroom so students can use the badges when going through employment processes, academic competitions, and certification acquisitions.Chung-Ang is also working to establish a system where non-fungible token (NFT) degrees and digital badges can be managed together in a single digital wallet. It had formerly worked with Raon Whitehat last year to issue NFT degrees to some 2,000 graduates.Furthermore, the school plans to solidify a support system for global talent development by collaborating with overseas educational institutions and global corporations.“We will provide a safe and convenient learning experience, continuously expand domestic and international partnerships, and create a foundation for students to grow as global talents,” President Park emphasized.

The CEO of Japanese hotel operator turned Bitcoin treasury company, Metaplanet, has suggested that the firm may consider acquiring a digital bank in the future. Simon Gerovich, the firm’s CEO and a former Goldman Sachs banker, told the Financial Times that part of the second stage of its overall strategy may involve “acquiring a digital bank in Japan and providing digital banking services that are superior to the services which retail now is getting.”Photo by Kanchanara on UnsplashBitcoin gold rushGerovich explained that phase one of Metaplanet’s plan involves participating in what he considers to be “a bitcoin gold rush.” He added: “We need to accumulate as much bitcoin as we can . . . to get to a point where we’ve reached escape velocity and it just makes it very difficult for others to catch up.” Other firms are jumping on the bandwagon, as within a very short timeframe, 140 companies around the world have adopted a Bitcoin treasury strategy. Metaplanet currently weighs in as the fifth-largest corporate holder of Bitcoin globally. Right now, the company holds 15,555 BTC. Its target is a holding of 210,000 BTC, which equates to around 1% of the total Bitcoin supply. Based on current pricing, such a holding would be worth in the region of $23 billion. Acquiring cash-generating businessesOnce the company has accomplished its Bitcoin accumulation goals, it plans to move on to phase two, acquiring cash-generating businesses while leveraging its Bitcoin holdings in order to do so. Using Bitcoin as collateral, Gerovich said that Metaplanet will “get cash that we can use to buy profitable businesses.”  While inroads are being made with regard to the acceptance of Bitcoin as a corporate reserve asset, it is earlier days still for its acceptance as collateral. Last month, the Federal Housing Finance Agency (FHFA) in the United States, ordered Fannie Mae and Freddie Mac, key government-sponsored players in the American mortgage market, to explore the treatment of Bitcoin as eligible collateral for mortgages. Standard Chartered and crypto exchange OKX launched a pilot program earlier this year geared towards the use of crypto for collateral purposes. Gerovich talks in terms of Metaplanet’s phase two plan playing out at a time “when bitcoin, like securities or government bonds, can be deposited with banks and then they’ll provide very attractive financing against that asset.” The Metaplanet CEO stated that he expects the Bitcoin accumulation phase of the plan to play out over a period of between four and six years. The Tokyo-listed firm started accumulating Bitcoin in 2024. Some market participants are backing Metaplanet’s strategy with their own money. Global investment management firm Capital Group recently became Metaplanet’s second-largest investor. Bitcoin treasury criticsHowever, the emergence of Bitcoin treasury firms has also drawn quite a few detractors. Some critics point out that many of these companies have a negative operating income. Market analyst Caleb Franzen asserted that even after buying Bitcoin, they’re still junk companies. Others point out that too many firms have jumped on the Bitcoin treasury bandwagon, making the prospect no longer attractive. Fakhul Miah, managing director of GoMining Institutional, is also concerned about copycats. He told Cointelegraph that ”if these smaller firms crash, we could see a ripple effect that hurts Bitcoin’s image.”

NEOPIN and SBINFT Join Forces to Expand DeFi and NFT EcosystemsNEOPIN, the global CeDeFi platform of South Korean investment holding company Neowiz Holdings, announced today its strategic partnership with SBINFT, the NFT marketplace developer and Web3 subsidiary of Japanese online financial conglomerate SBI Holdings.Photo by Markus Winkler on PexelsExtending their global reachThrough this partnership, the two companies will combine their individual expertise to enhance the global reach of each other’s ecosystems. Their strategy involves facilitating the introduction of established NFT projects from regions such as South Korea, the Middle East, and Southeast Asia into the Japanese market. Additionally, they will collaborate to offer both financial and technical assistance to promising Japanese Web3 initiatives, enabling them to expand internationally.Web3 projects and utility NFTsTo achieve this objective, NEOPIN will onboard a diverse range of Web3 projects to its ecosystem, thereby broadening their adoption and appealing to a worldwide user base. Meanwhile, SBINFT will proactively seek to bring utility NFTs into its NFT marketplace.NEOPIN’s partnership with SBINFT is a strategic step in its plan to enter the Japanese market. Just recently, the South Korean enterprise revealed its proactive approach to intensify endeavors to attract a Japanese customer base.Kim Yong-ki, NEOPIN’s CEO, mentioned that the collaboration with SBINFT represents one of their initial endeavors to penetrate the Japanese market. Kim further stated that NEOPIN is dedicated to achieving favorable outcomes not only within Japan but also across the East Asian region.Ko Jang-deok, CEO of SBINFT, echoed this sentiment, expressing that NEOPIN possesses a robust strategy tailored for the Japanese market. He mentioned that the partnership with such a company will help SBINFT introduce international content to the Japanese market. Ko highlighted SBINFT’s commitment to extending its presence in the East Asian market.