NEOPIN works with Japan’s Jasmy to develop RWA-based DeFi products

Korean Pharma and Running App Employ NFTs to Promote Fatigue ReliefDaewoong Pharmaceutical recently announced its collaboration with D-Run, an NFT-based running app, to employ non-fungible tokens (NFTs) in marketing a fatigue relief product to millennials and Generation Z.©Pexels/Anna ShvetsUnique NFT IllustrationsFor the project, two unique NFT illustrations have been designed, showcasing a brown bear and a red heart with arms and legs. The bear, named Uri, represents Daewoong’s fatigue relief product UR-Shot, and the heart serves as D-Run’s mascot DZ. In one NFT edition, Uri and DZ are depicted running across a bridge, while the other shows them lying down on a grassy lawn under a tree.Each edition will have 100 NFTs available for purchase on Klip Drops, an NFT marketplace operated by Kakao’s blockchain subsidiary Ground X, from April 26 to May 9. NFT buyers will receive 20 tablets of UR-Shot and D-Run merchandise.Millennial and Gen Z runnersDaewoong’s partnership with D-Run, a platform operated by online media outlet dongA.com, a subsidiary of the nation’s leading newspaper Donga Ilbo, aims to connect with the digital-savvy millennial and Gen Z runners. This collaboration promotes UR-Shot as a healthy energy booster. In November last year, Daewoong introduced NFTs featuring Uri to attract millennials and Gen Z consumers.NFTs as marketing strategyNFTs are tokens that utilize blockchain technology to prove ownership of virtual assets. Due to their scarcity and irreplaceability, NFTs have recently become increasingly influential in the digital art sphere such as paintings and videos. In particular, young consumers often use NFTs as a tool to have fun and express themselves.Park Eun-kyung, the head of the consumer healthcare marketing team at Daewoong, said that this NFT collaboration to reach out to young consumers is the first marketing initiative of its kind in the pharmaceutical industry. Daewoong will continue to keep an eye on the consumption culture of younger generations and conduct various digital marketing programs to alleviate customers’ daily fatigue, she added

Mox, a virtual bank in Hong Kong and a subsidiary of Standard Chartered, has introduced exchange-traded fund (ETF) trading for cryptocurrencies, marking a significant expansion into the digital asset space. The bank announced on Aug. 7 that it now offers its customers the ability to trade spot Bitcoin and Ether ETFs directly on its platform, making it the first virtual bank to do so.Photo by Florian Wehde on UnsplashExpanding crypto offeringsThe digital bank is also planning to broaden its cryptocurrency services. Future expansions may include direct purchasing and trading of cryptocurrencies in partnership with a licensed exchange. This move aligns with Hong Kong’s regulatory framework, which has been adjusting to accommodate and regulate crypto activities more robustly. Competitive pricing and user engagementMox is promoting itself as an economical choice for crypto ETF trading, with fees set at 0.12% of the transaction volume, with a minimum charge of 30 Hong Kong dollars ($3.85) for Hong Kong-listed spot and derivatives ETFs and $0.01 per share with a minimum of $5 for U.S.-listed derivatives ETFs. As of now, a local report reveals that 28% of Mox's customers engage in cryptocurrency investments, with 18% actively trading. The introduction of these ETFs is seen as a move to empower these customers to access emerging asset classes securely. Future aspirationsBarbaros Uygun, the CEO of Mox, expressed that the inclusion of crypto ETFs is part of the bank's broader strategy to set a global benchmark from Hong Kong. The bank aims to stay competitive by innovating and adapting to market changes. Jayant Bhatia, the bank’s chief product officer, hinted at more extensive plans in the crypto investment realm, although specifics on the timeline for launching broader crypto trading services were not disclosed. Despite the launch, the overall uptake of crypto ETFs in Hong Kong has been lukewarm. Bosera HashKey, ChinaAMC and Harvest Global, the issuers of the three spot ETFs in Hong Kong, have seen minimal activity with combined assets under management totaling just $236.3 million. The launch by Mox could potentially invigorate the market for crypto ETFs in Hong Kong as the region strives to become a leading hub for cryptocurrency in Asia. 

OKX Burns $244M $OKB in Record Exchange Token Supply CutSeychelles-headquartered OKX, the world’s second largest cryptocurrency exchange, has conducted its largest-ever burn of its exchange token, $OKB, according to on-chain data.Approximately 5.5 million OKB tokens, equivalent to around $244 million, were removed from circulation. This record-breaking burn represents a significant milestone for OKX, surpassing the previous burns conducted since the monthly program’s inception.The burn was valued at approximately $258 million when calculated based on a 90-day average price, as reported by OKX. Chinese reporter Colin Wu highlighted that this burn marked another significant milestone in terms of the value of OKB tokens burned.Taking to Twitter on Thursday, Wu wrote: “The OKX exchange carried out the 20th OKB repurchase and burning on June 8, with a total of about 5.5 million OKB, or about 244 million US dollars, which once again set a new record for the value of OKB burning. OKX previously stated that it will burn OKX according to the seasonal market and operating performance, but has not disclosed the specific rules.”Photo by Jens Mahnke on PexelsBuy-Back & Burn program$OKB is described by OKX as a “global utility token issued by the OKX Blockchain Foundation,” offering holders various benefits such as discounts and exclusive access. The global exchange initiated the first Buy-Back & Burn program in May 2019. Since then, it has burned a total of 64,042,314.70 tokens as part of that ongoing burning process. Despite this significant development, the price of OKB has remained relatively stable, experiencing a slight increase of 0.29% on OKX. At the time of publication, the token was trading at a unit price of $44.97.Exchange token concernExchange tokens have recently garnered attention following the United States Securities and Exchange Commission’s (SEC) lawsuit against global crypto exchange Binance. The SEC has levied charges related to the sale of unregistered securities, resulting in a steep decline of nearly 15% in the value of Binance’s exchange token, BNB, over the past week.That scrutiny is likely to have followed the collapse of Bahamas-based cryptocurrency exchange FTX in November. At that time, it became apparent that the exchange was using its exchange token, $FTT, to prop up the business. FTX had issued $FTT tokens and used them as collateral, a dangerous act given that exchange tokens have no real-world asset backing and limited token utility.As the crypto market continues to face regulatory scrutiny and legal challenges, the burn of $OKB by OKX stands as a noteworthy event within the industry. The burn not only reduces the supply of $OKB tokens but also underscores OKX’s commitment to managing and enhancing the value of its exchange token. Market participants will undoubtedly monitor the implications of this burn and how it may influence OKB’s future performance in the evolving cryptocurrency landscape.Exchanges like OKX are likely to carefully manage the supply levels of exchange tokens, given market perceptions in relation to the extent of the utility of such tokens, the scrutiny of regulators, and the problems caused in over-extending supply in the case of other exchanges in the past.