Hong Kong raises red flag on 'Floki' and 'TokenFi' staking programs

Kandle Secures Funding for Platform DevelopmentSingapore-based crypto fantasy GameFi startup Kandle has recently secured $1.7 million in a seed funding round, with Saama Capital, a venture capital firm that invests in early and growth stage tech sector companies, leading the investment.Other participants in the funding round included PointOne Capital, Cloud Capital, Good Capital, Founder’s Room, Seeders Fund, and Sumit Gupta, CEO of crypto investment platform CoinDCX.The GameFi concept is an innovative fusion of blockchain technology, gaming, and decentralized finance, allowing players to earn cryptocurrency and non-fungible tokens (NFTs) while playing games on the platform. Additionally, GameFi enables the transfer of in-game items to the virtual world, enabling trade on NFT marketplaces and crypto exchanges.Photo by Towfiqu barbhuiya on UnsplashExpansion plansKandle stands out by offering fantasy games that incorporate crypto tokens, where players compete to win various rewards. Already gaining traction in Southeast Asian countries like Indonesia and Vietnam, as well as in burgeoning markets such as Nigeria and India, Kandle has ambitious plans to expand its footprint across Asia and North America.As part of its efforts to realize that expansion, funding is being used to build out the Kandle platform further, expanding its user base into the bargain. Founder Jaideep Yadav expressed enthusiasm about the potential of gaming and crypto coming together, positioning Kandle at the forefront of this evolving landscape.Yadav stated: “There is a massive opportunity at the intersection of gaming and crypto, and we’re excited to be at the forefront of this evolution in crypto fantasy gaming. Super grateful for the unwavering support of our investors as we forge ahead in bringing the vision of Kandle to fruition. “Project roadmapLooking ahead, Kandle aims to unveil its project roadmap, which will include token issuance, token utility, and a play-and-win model designed to reimagine the play-to-earn ecosystem. Notably, Kandle has taken a unique approach by prioritizing the development of a fully functioning, sustainable gaming product based on sound gaming principles rather than merely focusing on project tokens. The team plans to integrate smart contracts to ensure transparency, security, and fairness in the gaming experience.Ash Lilani, the Managing Partner at Saama Capital, commented on the importance of making the crypto industry safer for the next wave of users. He praised Kandle’s gamified approach for providing a secure and unique way for users to engage with crypto without taking direct exposure to any specific coins.Kandle’s funding success signifies the increasing interest and investment in the GameFi space, which merges the excitement of gaming with the possibilities offered by blockchain and cryptocurrencies. News of the investment comes within the same time frame as an announcement by Sky Mavis, the team behind Axie Infinity, which is also Singapore-headquartered, which sees it partner with CyberKongz, an Ethereum-based non-fungible token collection.The development of blockchain gaming has not progressed in a neat straight line. It’s been imperfect but ongoing activity in the sector suggests that ultimately, GameFi start-ups will continue to evolve until such time as a mass market breakthrough is made in gaming.

Me2on launches P2E game ‘Solitaire Crypto War’ with crypto integrationMe2on, a Seoul-based game developer, revealed the launch of its new game, Solitaire Crypto War, a play-to-earn (P2E) tournament game developed internally and published by its subsidiary, Memoriki. This Android game will be available globally, excluding South Korea and China. Memoriki, established in 2009 and originally based in Hong Kong, was acquired by Me2on earlier this year, broadening Me2on’s reach in the gaming market.Photo by Erik Mclean on UnsplashPVP card gameSolitaire Crypto War, developed from Me2on Group’s Solitaire IP, is a card puzzle player-versus-player (PVP) game that has amassed over 130 million global downloads. Players can engage in the classic Solitaire game against multiple opponents, competing to achieve the fastest clear times. The game ensures fair competition by matching players under identical conditions, with the highest scorer emerging as the winner. Designed for fast-paced gameplay, it pairs players of similar skill levels. Additionally, each season introduces unique events like puzzle piece collecting, Monopoly, and Powerball games, offering various rewards.Available in both free and paid optionsSolitaire Crypto War is a free game, but it also offers a feature where users can opt to use cryptocurrencies like ETH, USDT, USDC, UNI, LINK, MATIC and MEV to participate in competitions against other players and win prizes. The game boasts a variety of modes, including PVP battles, challenges and tournaments, enhancing its appeal. Additionally, its integration with Face Wallet enables users to log in using their social accounts, eliminating the need for a separate wallet installation, thus simplifying the gaming experience.Event running until Dec 28In celebration of the official launch of Solitaire Crypto War, Me2on has planned an opening event running until Dec. 28, providing various benefits to its users. Everyone accessing the game during this event period will receive a welcome package. Additionally, players can engage in various activities such as the game review challenge, ticket triumph challenge, and community quest takedown to receive items daily, enhancing their gaming experience and rewarding their participation.Cho Choong-hyeon, who leads Me2on’s Blockchain Game Division, expressed that the company has integrated blockchain technology to bring the classic card game Solitaire into the Web3 realm. He emphasized that this move allows Solitaire to evolve into a play-to-own (P2O) game, where users can directly own their gameplay achievements. Cho also highlighted Me2on’s dedication to being at the forefront of the Web3 market, which he believes is set to transform the paradigm of the gaming industry.

Nearly five years have passed since South Korea’s second-largest city Busan was designated as a blockchain regulation-free zone (blockchain zone) in July 2019. This designation has allowed blockchain companies to run their businesses within the region’s regulatory sandbox, freely exploring the potential of the cutting-edge industry. Busan is the only city in Korea to have won the bid for running more than two regulation-free blockchain projects approved by the SME ministry. However, Busan city may soon lose its status as the blockchain zone, unless it develops and attracts new blockchain-related businesses, local news media KBS News reported. The city has been struggling to attract new blockchain businesses after its 10-month-long preparation to enact a law, which would have enabled startups to enroll in indemnity insurance, resulted in failure.  Photo by Alexander Smagin on UnsplashBlockchain startups on the brink of closing its services Among the blockchain companies operating in the blockchain zone is Busan Blockchain Real-estate Investment Currency (BBRIC), which allows users to invest in real estate with a budget as small as KRW 1,000 ($0.75). Park Hyo-jin, Vice CEO of Sejong Telecom operating BBRIC, expressed his concerns in an interview with KBS News, saying that the termination of the city’s status as the blockchain zone would make it difficult for BBRIC to continue its services. Another blockchain startup in the region’s blockchain zone emphasized the importance of maintaining the city’s status in an interview with the press. Kim Yong-gil, the chief research officer at a blockchain-driven solution firm, said the company he’s working for was able to lay the foundation for its business growth after it was selected as one of the first companies to operate within the blockchain zone in 2019. The company currently aims to expand its distribution business from fisheries to coffee industry.  At the moment, 43 blockchain companies like these are operating their offices at the Busan International Finance Center (BIFC). Among 15 of them have relocated to Busan from the outside region to benefit from the sandbox. Busan’s loss of its status would also result in these companies leaving.  Busan’s desperate bid to retain its status as blockchain zone To retain the blockchain startups, the Busan government must maintain its status as the blockchain zone by getting permission to extend the designation period. Kwon Ki-kwang, Head of the Blockchain Regulation-free Zone team at Busan Technopark – a public foundation that supports SMEs – stated that it is looking for businesses specialized in blockchain technology, including those focused on blockchain-driven voting systems.