Japan’s Premier Says the Country is Committed to Fostering Web3

Foblgate teams up with GLEN Studio to introduce NFT game to investorsSouth Korean cryptocurrency exchange Foblgate has partnered with GLEN Studio, the operator of the NFT game Random Crypture Defense, to bring the game to users of Foblgate, according to an article published by local news outlet ET News on Thursday (local time). The two firms aim to jointly create and share content for the blockchain and NFT community to engage in.Photo by Arstin Chen on Unsplash“This collaboration will play a crucial role in enhancing Foblgate’s capabilities in discovering and developing diverse content. In the rapidly evolving blockchain market, we aim to provide users with content that aligns with the latest trends,” Foblgate CEO Ahn Hyun-jun said.User-centric, rewards-based gameplayRandom Crypture Defense is a Play-to-Earn (P2E) tower defense game built on the Solana blockchain that is centered around unique and colorful NFT characters. These characters are available for purchase on NFT marketplaces like Magic Eden and SolSea.Players can also play and earn $GLEN, an in-game governance token that gives players voting rights in decisions regarding community wallet usage, sequel game genre planning and project direction, putting players at the forefront of game development and improvement. According to the developer, $GLEN will be listed on decentralized exchanges and will be able to be exchanged with Solana or fiat currencies.Those who wish to participate in a demo play of Random Crypture Defense can do so through Foblgate’s official website. The demo play period is set to last about a month, after which the two companies plan to hold special events for Foblgate users.Foblgate’s expansionFoblgate has recently undertaken various projects in an attempt to grow not only as an exchange but also as a hub for public-oriented, blockchain-related content. Last month, the platform began working with crypto newsletter Conut to display crypto-related news and information on its website that appeals to younger users through trendy vernacular and internet meme references.

Korea Investment and Securities Completes the Construction of Security Token InfrastructureKorea Investment and Securities (KIS) recently announced that it has become the first securities firm in South Korea to successfully establish an infrastructure for security token offerings.Photo by Joshua Sortino on UnsplashReal-world assetsSecurity tokens are a new class of securities that are based on distributed ledger technology, allowing individuals to invest in real-world assets (RWAs) that can be tokenized. Such assets include real estate, ships, airplanes, and artworks.In March, KIS initiated a security token consortium named “Korea Investment ST Friends,” collaborating with Internet-only banks KakaoBank and Toss Bank, AI company Kakao Enterprise, and blockchain developer Open Asset. Since May, the consortium has been diligently working with the principal objective of constructing an infrastructure leveraging distributed ledgers. Consequently, the group has finalized the development and testing of a system that manages the entire trajectory of security token projects, from issuance to liquidation.Cloud systemSpecifically, KIS has built its infrastructure on a cloud network, bearing in mind that the regulatory framework for security tokens is still in development. This cloud system is capable of adapting to regulatory modifications and implementing improvement updates. Moreover, it utilizes an agile development approach to encourage rapid decision-making and productive collaborations, enhancing time efficiency.Compatibility with the traditional systemThe newly established security token infrastructure is also compatible with the traditional security trading system. Achieving this compatibility posed numerous technical challenges as the new system operates on distributed ledgers, whereas the existing one relies on centralized servers.KIS is preparing to file patents for some of the technologies incorporated into the new system. These technologies encompass the payment of dividends through smart contracts, assurance of immediate settlements using deposits on distributed ledgers, and the management and safeguarding of personal information. By demonstrating the infrastructure’s capability and stability, the securities firm aims to gain a technological edge.Choi Seo-ryong, the head of the platform division at KIS, expects the new infrastructure to mark a significant milestone as distributed ledger technology merges with traditional finance. He further mentioned that the securities company will discover blue-chip assets meeting investor needs while committing to the stable establishment of the regulatory framework and the protection of investors.Moving forward, ST Friends will continue to enhance the stability and functionalities of the infrastructure through a series of field tests related to the entire process of security token products. Aiming to construct a security token ecosystem, the group will also concentrate on developing products by collaborating with various firms, including Korean content investment platform Funderful and real estate trading platform Valuemap.

Coinbase Effects International Expansion By Extending Singapore OfferingIn further proof of Coinbase’s recently-adopted strategy of focusing on global expansion, the company has just extended the range of its product offering to Singaporean customers.Photo by Meriç Dağlı on UnsplashNo Fees on USDCThe move was announced by way of a blog post published to the company’s website on Tuesday. The expansion entails the introduction of fee-less purchases of the USDC stablecoin for users who buy it with the Singaporean dollar (SGD). Furthermore, it is enabling Singaporean customers to earn rewards on the USDC that they hold on the platform. USDC trading pairs are being added that will allow users to trade USDC directly with over two hundred digital assets.Taking staking overseasAdditionally, Coinbase Global is rolling out staking to the Singaporean market. Users will be empowered with the ability to stake the following digital assets: ETH, SOL, ADA, ATOM, and XTZ.It’s interesting that Coinbase feels enabled in rolling out a digital asset staking service in this overseas market. In March of this year, the company received a Wells Notice — a formal notice informing the recipient that there are firm plans to bring enforcement actions against it — from the Securities and Exchange Commission (SEC) in the United States. The notice was sent in relation to digital assets covered under Coinbase’s staking product offering, Coinbase Earn.In highlighting the issue, the company bemoaned the fact that the SEC had gone down the route of issuing a Wells Notice without it expressing a single specific concern about any specific digital asset offered by the platform in advance of taking the action.Global strategyCoinbase Founder and CEO Brian Armstrong has been outspoken in criticizing the regulatory approach to crypto in the United States. He expressed that at the time of having received the Wells Notice earlier this year, and again last week, when he and key Coinbase executives visited Abu Dhabi and Dubai in the United Arab Emirates.On the day of SEC Chair Gary Gensler’s appearance before the House Financial Services Committee on Capitol Hill in Washington, D.C. a few weeks ago, Armstrong signaled that unless there was a more accommodating regulatory approach taken to crypto in the US, Coinbase would increasingly be looking to expand operations overseas.A short time later, it emerged that the company had obtained a license to trade in Bermuda. At last week’s Dubai Fintech Summit, Armstrong applauded the regulatory approach taken by the UAE and indicated that the company is interested in opening a base in Abu Dhabi.Positive survey resultsAgainst this background, it’s not surprising to hear that Coinbase has expanded its service offering in Singapore, another aspiring global hub for crypto business. As part of reviewing and updating its business offering in the city state, Coinbase carried out a survey of prospective customers in Singapore. It found that 25% of Singaporeans consider crypto as the future of finance, on a par with findings in the US, and higher than the 17% reported in the UK.Among its other findings, security concerns and price volatility of digital assets are still a barrier to entry for many. Of those who are already crypto-native, they tend to trade higher trade amounts, and with greater frequency, if from higher income backgrounds.