Korean Game Company to Reward Female Golfers with WEMIX Tokens

BC Card Accelerates Launch of NFT Guarantees for Secondhand Luxury Goods TradesSouth Korean credit card issuer BC Card announced on Sunday that it has applied for two domestic patents for blockchain technology that will be used to issue digital guarantees for purchases of luxury goods, such as bags, watches, and more. These guarantees will be minted as non-fungible tokens (NFTs) that can later be accessed by buyers or sellers during secondhand trades, which often pose risks and uncertainty regarding product quality or authenticity.Enhancing trust and securityThese NFTs will be based on paper or digital payment receipts — which contain detailed information on purchase receipts, such as product names, payment amounts, purchase dates, and shop information — that a customer receives after purchasing goods at stores that accept BC cards.Photo by Towfiqu barbhuiya on UnsplashBecause the guarantees are stored on a blockchain, they are almost impossible to tamper with. BC Card anticipates that this service will offer advantages like boosted safety, convenience, and security for both buyers and sellers who wish to partake in transactions of secondhand luxury goods.In addition, the data distributed across servers eliminates concerns about data loss. To achieve this, BC Card plans to collaborate with telecommunications provider KT and BC’s subsidiary, VP, which specializes in electronic payment services.“Through this patent application, we expect to significantly enhance the trustworthiness of secondhand luxury goods transactions in Korea,” said Kwon Sun-moo, Director of the New Financial Research division at BC Card. “After the patents are registered, we plan to collaborate with companies under KT Group like KT Alpha as well as other distribution companies in a business-to-business-to-consumer (B2B2C) system.”Access through a digital walletCustomers can take a photo of a receipt with their phones or download it, then upload it to BC Card’s financial platform, Paybook. The photo is then converted into an image that is automatically stored as an NFT on the blockchain network.Once a seller registers a payment receipt for a product that they bought, then the subsequent NFT guarantee can be accessed or sent through their BC Card digital wallet — a feature that the company plans to launch soon — at any time during future transactions. This offers a convenient solution to the possibility of losing receipts, which traditionally requires manually downloading them again from the card company’s website or app.Revolutionizing secondhand tradeThis new technology could play a significant role in the booming resell and secondhand goods trading market, the company said. According to data from the Korea Internet & Security Agency last year, the domestic secondhand market has grown from a scale of KRW 4 trillion in 2008 to KRW 24 trillion in 2021 and is projected to exceed KRW 30 trillion this year.“Through the registration of payment receipts, we can analyze consumption patterns and even suggest improvements in spending habits to our customers,” Director Kwon highlighted.BC Card is also considering offering luxury appraisal and authentication services along with the future launch of the NFT service.

KuCoin Dismisses Notion of a Layoff PlanAmidst recent rumors of significant layoffs at Seychelles-based cryptocurrency exchange KuCoin, the company’s CEO has come forward to deny any such plans.While not refuting the possibility of staff reductions, KuCoin’s CEO, Johnny Lyu, took issue with the term “layoffs,” asserting that it was a reevaluation of the organization’s structure rather than job terminations. The speculations about staff cuts were first reported by Colin Wu of Wu Blockchain on Twitter.Photo by Joao Viegas on UnsplashAlleged 30% workforce reductionAccording to his sources, KuCoin was planning to layoff around 30% of its workforce, attributing the alleged measure to a strict know-your-customer (KYC) policy that had impacted the firm’s profits.The KYC policy in question was introduced after KuCoin faced legal action from the United States. In March, the New York Attorney General accused the exchange of violating securities and commodities laws, leading to the implementation of the more stringent KYC measures.Routine bi-annual appraisalsInstead, Lyu has clarified that any adjustments to the company’s headcount were a result of routine bi-annual appraisals aimed at maintaining competitiveness in the market.Taking to Twitter on Tuesday, Lyu referred to the layoff reports as “rumors.” He emphasized that the company regularly evaluates its organizational structure based on employee performance and overall company development to ensure dynamism and competitiveness.The Kucoin CEO pointed to a recent report issued by the company as evidence of the exchange’s ongoing growth. The report revealed that the firm had added 300 new employees in the first half of the year. It also mentioned that KuCoin was in the process of upgrading its KYC authentication systems to enhance user asset security, comply with global compliance requirements, and create a safer trading environment.Despite the speculation and policy changes, KuCoin ranks 11th in terms of “trust score” among other exchanges, according to CoinGecko. Over the past day, the exchange notched up an impressive $327 million in trading volume.KYC policy changeRecently, KuCoin updated its KYC policy, requiring newly registered users to complete the KYC process to access the exchange’s products and services. Existing registered users who had not completed KYC by the deadline faced restrictions on their accounts, limiting certain activities but allowing fund withdrawals.The update to the KYC policy had a notable impact on KuCoin’s trading volume. A day after the announcement, trading volume skyrocketed to $6.8 billion from the previous day’s $500 million, according to CoinGecko data.Lyu has pledged to continue investing in the company’s core businesses while providing users with the exceptional trading experience they’ve been promised.KuCoin may have dispelled rumors of widespread layoffs and clarified that any staff adjustments were part of routine organizational development. However, there’s no doubt that the crypto exchange business is going through a difficult period.Most exchanges have suffered due to regulatory pushback, particularly those that have focused their activities in the United States. Earlier this month, global exchange Binance cut 1,000 jobs with plans to make further cuts in the future.

Binance’s U.S. legal woes may have repercussions for its expansion in ThailandWhile Binance, the world’s largest cryptocurrency exchange, is gearing up for a new trading venture in Thailand, the recent guilty plea by the firm in the United States and the hefty $4.3 billion penalties for anti-money laundering and sanctions violations have raised concerns about the feasibility of its Thai market venture.That’s a consideration that has been raised by a recent report by Bloomberg. Earlier this month, it emerged that Binance had entered the beta testing phase of its Binance.th platform in Thailand. The venture is a collaboration with the local company, Gulf Energy Development Pcl, led by billionaire Sarath Ratanavadi.Photo by Peter Borter on UnsplashCasting a shadow over expansion plansFollowing Founder Changpeng Zhao’s (CZ) departure from the CEO role in the wake of the US criminal probe resolution, Singaporean Richard Teng, a regulator-turned-crypto executive, has taken the helm at Binance. In its report, Bloomberg suggests that these recent issues in the U.S. have “cast a shadow over the planned domestic digital-asset platform” in Thailand.The new Binance CEO has emphasized Binance’s commitment to compliance overhaul and increased corporate transparency. In an interview Ratanavadi expressed confidence in Binance, noting that the company was not accused of crimes such as fraud or misuse of customer funds in the U.S. settlement. He stated:“Binance grew extremely fast and so probably crossed paths with some regulations.”Despite the regulatory storm, Ratanavadi chose Binance due to its market-leading position. The stringent scrutiny by Thailand’s Securities and Exchange Commission and the approval process, including inquiries about Binance, reflect the regulator’s cautious approach. The Gulf Binance Co. platform is set to launch fully in January, with Gulf Energy holding a 51% stake and Binance the remaining share.Challenges in other Asian marketsThe company may also face additional challenges in other Asian markets as a consequence of its regulatory troubles in the United States. While it remains to be seen if this was an unrelated development, it emerged earlier this week that regulators in the Philippines were moving to block access to the Binance platform and curtail the exchange’s ability to target Filipinos through advertising.In South Korea, Binance’s activities in the country have come under renewed scrutiny within the crypto community in the wake of the regulatory penalties Binance has experienced in the U.S. Binance is active in that market through its acquisition of fiat-to-crypto exchange GOPAX. While GOPAX management are unfazed by these events, others have suggested that there may be consequences in terms of the ability of GOPAX to achieve full regulatory approval.Demand reductionAnother challenge for the Thai venture includes a reduction in demand for crypto trading services in the Southeast Asian country. Official data reveals a significant drop in monthly trading volume at licensed digital-asset operators in Thailand, falling from over 250 billion baht in November 2021 to 17 billion baht ($490 million) in September 2023. The number of active trading accounts has plummeted by 87% from the peak in 2021.Ratanavadi, whose net worth is estimated at $11 billion, believes that tighter regulatory oversight will restore investor confidence. Gulf Binance’s technology partner, Advanced Info Service Pcl, with its retail outlets, is expected to contribute to the joint venture’s marketing efforts.