ZTX Collects $13 Million in Seed Funding for Web3 Metaverse Platform

The United Arab Emirates (UAE) has taken a step toward global tax transparency in digital assets, opening a public consultation on how it will implement the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF) and confirming a formal commitment to the regime. The UAE Ministry of Finance said it has joined the Multilateral Competent Authority Agreement, enabling the automatic exchange of information under CARF, following its intention announced last November. Implementation is slated to begin in 2027, with the first cross-border exchanges of data expected in 2028.Photo by Saj Shafique on UnsplashGlobal rules for crypto tax reportingDesigned by the OECD, CARF establishes standardized rules for collecting and sharing tax-relevant information on crypto activity. UAE officials say the framework will provide greater certainty for industry participants while aligning the country with international tax transparency standards. As part of the rollout, the ministry is seeking input from across the market. Advisory firms, intermediaries, traders, custodians, exchanges, and other stakeholders are invited to weigh in on potential impacts and areas needing clarification. The consultation began on Sept. 15 and runs until Nov. 8, with the aim of shaping clear, effective rules that reflect expert insight and market realities. Solana treasury companyThe policy moves come amid brisk momentum in the UAE’s digital asset ecosystem. A recent announcement outlined the planned launch of Solmate, a Solana (SOL)-based digital asset treasury firm that will emerge from the rebranding of Nasdaq-listed, Ireland-based holding company Brera Holdings. The venture is supported through a $300 million private investment in public equity (PIPE) sponsored by UAE-based Pulsar Group. Brera, known for its multi-club football ownership strategy across three continents, will have that business carried forward under Solmate, which counts the Solana Foundation, RockawayX, and ARK Invest among its investors. Former Kraken chief legal officer (CLO) Marco Santori is also set to become CEO. Tokenization and real estateReal-world asset (RWA) tokenization is another area gaining traction in the UAE. Mavryk, a layer-1 network, has raised $10 million in a round led by financial derivatives provider MultiBank Group. The investment builds on a partnership targeting the tokenization of more than $10 billion in UAE real estate via MultiBank’s RWA platform. Fireblocks will provide multiparty computation wallets to secure tokenized assets on Mavryk’s network. Beyond tokenization, RAK Properties has signed a strategic deal with Hubpay to let foreign buyers acquire homes in the UAE, most notably in Ras Al Khaimah, the country’s sixth most populous city, using cryptocurrencies such as USDT, Bitcoin (BTC), and Ethereum (ETH). Taken together, the UAE’s alignment with CARF and the burst of private sector initiatives point to a market moving toward clearer rules and broader institutional participation, even as the details of implementation are refined through the current consultation. 

Ethereum Co-Founder Highlights User-Friendly Crypto Wallets at Ethcon Korea 2023Ethereum co-founder Vitalik Buterin delivered a keynote speech last Friday at Ethcon Korea 2023 — a hackathon and conference sponsored by Ethereum for the Korean Ethereum community in Seongsu-dong, Seoul — where he emphasized the importance of making crypto wallets user-friendly by striking a balance between user familiarity and decentralization.Photo by Nenad Novaković on UnsplashEnhancing security and convenienceParticipating in the event via video call, Buterin explained Ethereum’s ERC-4337 account abstraction upgrade during his speech, which was livestreamed on the Ethcon Korea YouTube channel. “The goal of account abstraction — a field that many wallets are currently working on developing — can be broadly categorized into two areas: security and convenience,” he said.Deployed on the Ethereum mainnet in March, the ERC-4337 is a standard that makes it possible to transact and create contracts in a single contract account, paving the way for more user-friendly crypto wallet designs. At its core are features such as easy account recovery, improved security, and customized services like auto-pay and bundled transactions. This provides a more convenient alternative to other crypto wallets, which mostly rely on private keys for account access, complicating setup and recovery procedures especially if a user loses their seed phrase.“Wallets must fundamentally be secure in a decentralized way, but there should also be ways to recover passwords as hardware wallets do,” Buterin stated. “However, many projects still rely on methods such as account recovery via email.”Simplifying transactionsAnother change introduced through the update is gas flexibility. Gas is a fundamental fee that users must pay to conduct transactions or execute a contract on Ethereum. Wallets backed by ERC-4337 can pay gas fees with any Ethereum utility tokens and more, including USD coins (USDC).From a convenience standpoint, Vitalik argued, it is very useful for first-time Ethereum users to be able to pay for gas with the USDC they already have. Sponsored transactions, where applications pay for fees, will be a great way to attract new users, especially for non-financial applications.He further elaborated that in order to transition from being user-friendly but centralized to more decentralized, a combination of a faster but precarious centralized approach with a slower but safer decentralized approach is required.He also stressed the importance of utilizing the various options available in modern technology concerning convenience, security, and decentralization, saying that it is essential to utilize these options effectively, continuously improve them, and take advantage of the benefits.Since 2019, Buterin has used Ethcon as a platform to announce Ethereum’s development roadmap and major technical updates.

Krafton and Naver Z Unveil a Metaverse Joint Venture ‘Overdare’Krafton, the developer behind the popular shooter game PlayerUnknown’s Battlegrounds (PUBG), made an announcement on Thursday regarding its collaboration with augmented reality company Naver Z for a metaverse platform project. The official name of their joint venture has been revealed as “Overdare.” Furthermore, its forthcoming metaverse service, previously referred to as Migaloo, will also be rebranded under the name Overdare.Photo by Tima Miroshnichenko on PexelsInvestment breakdownThe total investment in the joint venture amounts to KRW 48 billion (approximately $36 million), with Krafton’s anticipated purchase price standing at KRW 40.8 billion and Naver Z’s expected purchase price at KRW 7.2 billion. Following the acquisition, Krafton will hold an 85% stake in the joint venture, while Naver Z will possess the remaining 15%.Meaning behind ‘Overdare’The company has chosen the English word Overdare to convey two meanings–“dare too much” and “over there,” which has a phonetic resemblance. Through this name, the joint venture aspires to establish itself as a pioneer in the realm of interactive user-generated content (UGC) platforms. Simultaneously, its service aims to provide a place where users can freely and fearlessly express themselves.As a mobile UGC platform, Overdare offers users the ability to craft games of diverse genres, including action RPGs, sports games, and shooting games. Leveraging the power of generative artificial intelligence and the advanced capabilities of Unreal Engine 5, a renowned video game engine, the platform facilitates the streamlined creation of top-notch content. Beyond game development, users can immerse themselves in a wide array of social activities, ranging from personalizing their avatars to engaging in lively conversations.C2E systemOverdare has adopted a create-to-earn (C2E) system within the metaverse, empowering creators to produce their own content, which users can then purchase and own. The trading of these creations is facilitated through non-fungible tokens (NFTs) and blockchain technology. Every transaction that takes place within the metaverse is recorded on the blockchain, and creators are duly compensated based on these transaction records. This system enhances the transparency of transactions and settlements.Compensation in USDCIn pursuit of this vision, Overdare has selected Settlus, a Cosmos-based blockchain developed by Krafton’s subsidiary of the same name, as its mainnet. Settlus has been dedicated to licensing creators’ intellectual property through NFTs on Web2 platforms. As part of this ecosystem, creators have the flexibility to receive compensation in USDC, the US dollar-pegged stablecoin issued by crypto company Circle.Overdare has its sights set on a soft launch of its service in December, followed by the official global release planned for the first half of next year.