Hong Kong Embraces Web3 Development with Dedicated Task Force

Indian multinational technology firm Jio Platforms, a subsidiary of India’s largest private sector company, Reliance Industries, has launched JioCoin, a rewards-based token, on the Polygon blockchain. While Jio Platforms has yet to make an official announcement related to JioCoin, Kashif Raza, the founder of Indian crypto education startup Bitinning, took to the X social media platform on Jan. 16 to highlight his discovery that JioCoin had been launched and that the tokens could be accumulated via the JioCoin Wallet, a Web3 wallet. Polygon Labs partnershipLast week, it emerged that Jio Platforms had entered into a partnership with Polygon blockchain developer Polygon Labs. Polygon co-founder Sandeep Nailwal told Cointelegraph that Polygon Labs intends to support Jio to enable blockchain integration across a spectrum of Jio applications. In a follow-up post, Raza provided a more detailed account of the offering. The crypto educator explained that the token “is a mechanism to reward internet users for surfing the internet on the JioSphere browser.”Photo by GuerrillaBuzz on UnsplashUse case speculationOn that basis, it’s likely that the emergence of JioCoin is the first demonstration of one of the outcomes of that collaboration.  In the absence of an official announcement and a specific clarification of the intended use case for JioCoin, Raza speculated that its likely use case will be to act as a currency within the Jio network. He explained that within Jio’s sphere, thousands of companies are interacting with each other. Raza speculated that in the future, users would be able to use JioCoin to pay for gas at gas stations or renew mobile phone services. Jio’s parent company operates a network of gas stations in partnership with BP. He believes that JioCoin could potentially give Jio an edge in competing with other internet browser providers like Google, Brave and Microsoft, while suggesting that Reliance Industries group companies could run one of the most significant rewards programs in the world via JioCoin. Polygon adoptionIndian venture capitalist and blockchain enthusiast Aditya Singh suggested that the move will help Polygon from an awareness and adoption perspective. However, he outlined that while this is a big deal, it’s not the first time that Polygon has struck big-name partnerships, having done so in the past with Meta, Disney, Nike, Adidas, Adobe, Reddit and others. Raza believes the partnership provides significant validation for Polygon, given Jio's reputation. He suggested that, as a consequence, other large Indian corporations may choose to launch an ecosystem coin on the Polygon blockchain. If JioCoin fulfills its potential and turns out to be a success, the Polygon network will see a significant rise in the overall number of transactions processed. In a similar vein, Jio could bring a substantial user base to Polygon.  While Singh and Raza see JioCoin as a largely positive development, its introduction hasn’t occurred without criticism. Author and crypto analyst Sunil Aggarwal took to social media to warn the community to investigate the token further before automatically assuming it to be a huge milestone for Polygon and crypto generally. He cited concerns related to the transparency and integrity of the token offering.

Leading crypto exchange platform OKX has recently unveiled its plans to enhance its marketplace by incorporating Atomicals (ARC-20), Runes, Stamps (SRC-20) and Dogecoin’s Doginals (DRC-20) into its Web3 wallet. ‘First-to-market’ initiativeTaking to social media on Monday, the firm provided further details regarding the additions, outlining that it is part of a "first-to-market" initiative, solidifying OKX's commitment to the expanding realm of Bitcoin NFTs. The integration of these token standards is aimed at positioning OKX as a leading one-stop NFT ecosystem within Web3. Starting with the integration of Stamps on Feb. 5, OKX Wallet users will gain the ability to view and transfer Bitcoin token standards. Subsequently, in late February, OKX Wallet will extend its support to Atomicals, Doginals and Runes, enabling millions of users to engage in buying and selling these NFTs without incurring any trading fees. OKX Marketplace will also follow suit, integrating DRC-20, ARC-20 and Runes standards in late February, thus broadening the scope for users to participate in zero-fee trading.Photo by Shubham's Web3 on UnsplashDriving mainstream adoption of Web3Jason Lau, chief innovation officer at OKX, underscored the platform's dedication to driving mainstream adoption of Web3 technologies, making the exploration and realization of NFT potential more accessible for users. Despite concerns about potential blockchain congestion due to NFTs, Lau characterized these challenges as "growing pains," expressing confidence that they will be addressed over time. Lau told CoinDesk that “these things will last forever, as long as the chain lasts.” Emphasizing the surge in activity and user growth since the launch of their product, Lau positioned OKX as an evolving platform at the forefront of developing tools for users to access all of Web3. OKX Wallet's inscriptions tool presently supports minting on 23 networks, including Bitcoin, Dogecoin, Ethereum, Polygon, BNB Chain, Avalanche-C and Arbitrum One, among others. Boosting OKX MarketplaceThe move aims to establish OKX Marketplace as the largest NFT marketplace in the industry, boasting zero-fee trading across an expanding range of token standards. The platform's advanced NFT offering includes features such as hex error checking, liquidity across multiple standards, bulk minting capabilities and automatic error detection. Despite OKX's open embrace of Ordinals and other Bitcoin protocols, some members of the Bitcoin ecosystem express discontent, labeling Ordinals as digital spam. Jason Lau vehemently disagrees, asserting that in open and permissionless networks like Bitcoin, "there is no such thing as spam." He contends that as long as fees are paid and transactions adhere to consensus rules, they are valid. Lau emphasizes OKX's historical support for the Bitcoin ecosystem, including upgrades like SegWit, Taproot and Lightning. As debates surrounding the role of Ordinals and NFTs within the Bitcoin ecosystem persist, OKX's proactive stance signals a belief in the potential of Bitcoin-based NFTs to introduce innovative use cases and design possibilities. The disruptions experienced by various blockchains in December, attributed to increased transaction activity related to inscriptions, underscore the growing impact of these developments within the Bitcoin ecosystem and the broader crypto landscape. 

Alchemy Pay scores second money services license in United StatesAlchemy Pay, the Singaporean crypto-fiat payment services provider, is solidifying its presence in the United States, with the acquisition of a money services license in the state of Iowa.Photo by Austin Goode on UnsplashU.S. licensing driveThis expansion, announced on Thursday, aligns with the company’s strategy to navigate the U.S. regulatory landscape and enhance compliance with local requirements. This recent acquisition follows Alchemy Pay’s earlier achievement of a money transmitter license (MTL) in Arkansas in September. The company has not only completed the application process for MTL licenses in additional U.S. states but also expects responses in the coming months.Under the regulatory framework of Iowa, entities or individuals engaged in currency exchange or money transmission must obtain a money services license. In an interview with Cointelegraph, Alchemy Pay Ecosystem Lead Robert McCracken highlighted the Singaporean company’s commitment to a well-structured regulatory environment. McCraken stated:“We believe that a well-structured regulatory environment is essential for the sustainable growth and development of any industry, and that includes the fiat-crypto payment industry.”Despite the challenges posed by the evolving regulatory landscape in the U.S., McCracken affirmed the company’s dedication to seeking licenses and upholding compliance standards as it expands operations. He described this approach as “more challenging but ultimately correct” for ensuring the long-term success of the crypto payment industry.Global market expansionIn addition to its U.S. endeavors, Alchemy Pay is actively pursuing license applications and market expansion opportunities globally, including in the United Kingdom and Hong Kong. The firm operates in 173 countries already, facilitating transactions through various payment methods, including Visa, Mastercard, regional mobile wallets and domestic transfers.In April, the company secured $10 million in funding from Singaporean venture fund and market maker DWF Labs, with a view towards expanding the business in South Korea. The following month, it enabled a rupee-denominated on-ramp, integrating with India’s UPI real-time payments system. In July, it partnered with well-known payments processor Checkout.com, integrating its Visa and Mastercard channels into its on and off-ramps.ICP collaborationThe collaborations and partnerships keep coming with Alchemy Pay and with that, on Wednesday it announced a strategic partnership with the Internet Computer (ICP) smart contract platform.That collaboration will see the listing of ICP, Internet Computer’s native token, on Alchemy Pay’s fiat on-ramp. This is the latest in a line of collaborations the crypto payments gateway has made with layer one and two blockchain network projects, including Polygon, Avalanche, Algorand and Arbitrum.These latest strategic expansions align with the company’s vision to establish a strong global presence while navigating and contributing to the ongoing evolution of crypto regulatory frameworks. Currently, comprehensive regulations for the entire crypto industry in the U.S. are under consideration by regulators, reflecting the dynamic nature of this rapidly evolving sector.