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Korean Cafe Attracts Customers with NFTsA South Korean cafe owner has employed non-fungible tokens (NFTs) as an ingenious marketing strategy to attract customers.©Pexels/Leeloo ThefirstNFT holder benefitsIn an interview with Korean crypto news outlet Digital Asset, Yoo Hyun, the entrepreneurial business owner, explained that he was seeking a strong marketing tool to capture the attention of the NFT market. Yoo was interested in seeing if his cafe could remain profitable while also offering substantial benefits to its customers.Since April 2022, Yoo has released a total of 50 Ethereum-based NFTs related to his cafe, Hide Me, Please (HMP), in two separate batches of 25 each. The first set of NFTs grants holders a free cup of coffee or drink daily for life, while the second set offers an extra drink or dessert with each drink purchased.Increased revenueThis unique NFT initiative has led to increased revenue for the cafe. Kim Dae-sung, the CFO of HMP, explained that the cafe’s monthly revenue increased by 15% compared to the same period last year.HMP is currently selling 500 NFTs as a third set and plans to release more depending on demand. Yoo highlighted the importance of an appealing interior design and tempting desserts, as NFT holders visiting for a free coffee may be enticed to purchase a dessert as well.Regular customersYoo asserts that the food and beverage industry hinges on retaining regular customers and believes NFTs can help achieve that objective. HMP aspires to become a community-based platform, and according to Kim, many digital artists are interested in the space that the cafe provides because it enables them to connect with clients. Collaborations often take place, and while the cafe charges for food and drinks, it does not charge for space rental. This approach fosters a positive impression and contributes to a strong brand image.High-quality cafeAt present, about 5% of HMP’s customers hold NFT memberships. Yoo and Kim plan to increase this number to 10% but no higher, as excessive reliance on NFT members could jeopardize the business. They underlined the significance of remaining a high-quality cafe, staying true to the core foundation of their enterprise. As they anticipate the growth of the Web 3.0 ecosystem, Yoo and Kim believe that with continued efforts, HMP will gain even greater value.

Japan’s GMO Coin Announces Special SGB Airdrop for XRP HoldersGMO Coin, a prominent cryptocurrency exchange operating as part of the Japanese IT conglomerate GMO Internet Group, has unveiled a unique opportunity for XRP holders. Eligible GMO Coin clients who have previously invested in XRP will receive an exclusive airdrop of Songbird (SGB) tokens.Photo by Kanchanara on UnsplashSGB token distributionThe distribution of these SGB tokens is slated for completion by September 29, offering a promising opportunity for XRP enthusiasts. To qualify for this airdrop, customers must have held XRP in their GMO Coin accounts at 09:00 on December 12, 2020. The airdrop is also being extended to those utilizing crypto asset lending services on the platform.To take advantage of the opportunity, eligible clients will need to provide a snapshot of their XRP holdings. While the exact pricing mechanism for the distribution remains undisclosed, it will be revealed at a later date. Presently, SGB is trading at approximately $0.0045, according to Malaysian cryptocurrency data aggregator CoinGecko.GMO Coin has assured its clients that they are free to manage their XRP holdings as they see fit after submitting the necessary proof. The distributions will ultimately be converted into Japanese yen and made available to clients by the end of the month.Ripple’s mixed fortunesThis development comes in the wake of a roller-coaster year for XRP holders. Ripple’s native token experienced substantial price fluctuations in response to various developments and events.One noteworthy instance occurred in mid-July when XRP surged by more than 70%. This surge followed a favorable ruling in a legal dispute between Ripple and the United States Securities and Exchange Commission (SEC).While regulatory pushback has featured strongly in the US, Ripple has sought to expand its business elsewhere with the Asian region featuring within that strategy. In June, the blockchain-based payments firm obtained in-principle approval from the Monetary Authority of Singapore (MAS) to offer its services within the city-state.Earlier this month, Ripple struck a deal with SBI Remit Co., a subsidiary of Japanese financial services conglomerate SBI Group, to enable the remittance company to utilize Ripple’s XRP cryptocurrency as a bridge currency, connecting bank accounts in the Philippines, Vietnam, and Indonesia.Songbird networkThe Songbird network serves as a canary blockchain on the Flare layer one network. Essentially, the blockchain plays a crucial role in allowing the facility to enable network architecture testing on the Flare network, including the Flare Time Series Oracle, F-Asset systems, and StateConnector.GMO Financial Holdings, the parent company behind GMO Coin, bought a 10% stake in AWR Capital, a multi-strategy crypto hedge fund, in April. Following that investment, AWR became a market maker at GMO Coin. The Japanese exchange business is ranked ninth on Forbes Digital Assets’ list of the world’s largest crypto exchanges.As GMO Coin prepares to distribute SGB tokens to eligible XRP holders, this airdrop marks a great opportunity for relevant stakeholders. It showcases the platform’s willingness to reward its customers and foster engagement within the crypto community.

Korea’s KFTC launches blockchain-powered loan service for public servantsThe Korea Financial Telecommunications and Clearings Institute (KFTC) today launched a new blockchain-based loan service tailored specifically for public servants. This initiative is a collaborative effort with the Government Employees Pension Service (GEPS) and involves five banks: BNK Kyongnam Bank, Busan Bank, Woori Bank, Kwangju Bank and Jeonbuk Bank.Photo by REDioACTIVE on PixabaySimplified loan processAdministered by GEPS, this loan program offers loans up to KRW 50 million (approximately $38,600) to government employees based on their projected retirement benefits and years of service. Leveraging the joint financial blockchain system, KFTC has established an infrastructure to issue and verify digital loan recommendation letters, simplifying the loan application process for public servants.Up until now, the loan application process has been cumbersome, requiring government employees to obtain a recommendation letter from GEPS and physically submit it at a bank branch. The new service streamlines this process by allowing them to apply for loans at bank branches or through mobile banking using digitized recommendation letters.More banks to joinKFTC and GEPS are set to increase the number of participating banks, allowing government employees to access loan services at a total of 10 banks. Furthermore, KFTC and GEPS intend to introduce additional financial products that utilize recommendation letters and verification processes underpinned by blockchain technology.The plan indicates that starting early next year, five additional banks will participate in this initiative. These banks are KB Kookmin Bank, Nonghyup Bank, Daegu Bank, Hana Bank and Korea Post.In a statement, KFTC stated its plans to further expand identification verification services within the financial sector, aiming to streamline the application processes for various financial products, including deposits and loans.