Terraform Labs fails to halt class action lawsuit

Japanese auto-parts manufacturer Ikuyo announced last week its board has approved a 300 million yen ($2 million) investment in Galactic Holdings, the parent company of the TruBit cryptocurrency exchange. The investment expands a capital and business alliance first established on June 26.Photo by CHUTTERSNAP on UnsplashStablecoin for B2B cross-border paymentsIn a press release, the Kanagawa-based company stated the funding will be executed through a third-party allotment of new shares. The capital will support Galactic’s stablecoin infrastructure for B2B cross-border payments and help Ikuyo build expertise in digital financial services, diversify its assets, and enhance its long-term corporate value. The initiative arrives as Japan’s auto-parts sector, which counts more than 600,000 workers at roughly 20,000 firms, seeks new efficiencies amid global economic pressures. Autos represented 28.3% of Japan’s exports to the U.S. in 2024, making U.S. trade policy a key influence. This year, the sector navigated a 25% U.S. tariff on automobiles and parts imposed in April, which was then lowered to 15% on July 22 after a deal with the Trump administration. Shifts in the global trade landscape provide an incentive for companies to streamline operational costs. As a proof of concept, Ikuyo plans to pilot stablecoin settlements in transactions between its China-based subsidiary, Kunshan Veritas Automotive Systems, and Veritas in Mexico. Currently, these trades are settled in Mexican pesos and converted to U.S. dollars. The company expects the use of stablecoins to reduce remittance costs and accelerate settlement times.  While the launch timing, performance metrics, and monetization strategy are still being finalized, the pilot’s results will guide future business development. In the long term, Ikuyo aims to become an early adopter of stablecoin settlement in the auto-parts sector, applying the technology to improve efficiency and transparency in international trade, initially between Japan and Latin America and between Japan and Southeast Asia. Japan embraces Web3 in push for growthThis corporate move aligns with a broader trend of growing government support for decentralized technologies in Japan. Speaking at the WebX2025 event on Aug. 25, Prime Minister Shigeru Ishiba announced stronger state support for Web3 initiatives, describing the sector as a driver of innovation that could help Japan tackle demographic decline and foster economic transformation.  He noted that Web3 is already being implemented at the Osaka Expo and highlighted local pilot programs where communities use tokens as governance rewards. Ishiba also stressed that the government’s five-year startup growth plan would be strengthened through investment and regulatory reforms, with Web3 and related digital industries expected to take center stage. On the financial policy front, Finance Minister Katsunobu Kato recently addressed the rapid increase in crypto adoption across Japan. He explained that his role is to balance necessary oversight with providing the industry enough freedom to innovate. While acknowledging that digital assets remain highly volatile, Kato argued that creating a secure trading environment would protect investors while also helping to diversify and enrich their portfolios. Ikuyo’s initiative underscores the private sector’s quickening embrace of crypto. Last month, SBI Group, one of the nation’s largest financial conglomerates, revealed a strategic alliance with the decentralized oracle provider Chainlink. Their collaboration aims to expand the institutional adoption of digital assets and blockchain globally. The partnership will utilize Chainlink’s Proof of Reserve, SmartData, and Cross-Chain Interoperability Protocol (CCIP) to facilitate the tokenization of real-world assets (RWAs) across multiple blockchains.

India’s HPCL Embraces Blockchain Tech to Streamline Purchase OrdersHindustan Petroleum Corporation Limited (HPCL) has forged a partnership with Zupple Labs, an Indian Web3 startup, to upgrade its purchase order processes through blockchain.Photo by Zbynek Burival on UnsplashTamper-proof documentationAccording to local media publication Business Today, the collaboration leverages blockchain technology to issue tamper-proof digital purchase orders via LegitDoc, ensuring instant verification on the NEAR blockchain. The move is a significant step toward enhancing transparency and efficiency in the purchase order system, addressing long-standing challenges in the industry.Notably, HPCL has awarded purchase orders worth $52 billion in the past five years, making these orders economically significant. Until now, automating purchase order verification for third-party requests outside of HPCL proved to be particularly challenging, resulting in substantial manual labor to process external verification requests.With the implementation of LegitDoc, historically fraud-prone purchase orders can be seamlessly issued to the relevant stakeholders. This breakthrough empowers participants to verify the authenticity of these orders with a simple click, reducing the risk of forgery and expediting the verification process.HPCL’s use of blockchain technology in partnership with Zupple Labs serves multiple purposes. It aims to combat purchase order forgery, simplify vendor access to trade finance through collateralization, and provide evidence of turnover, ultimately facilitating participation in public procurement processes. The facility will soon be accessible to both the public and vendors, with the launch set for October.Neil Martis, the founder of LegitDoc, expressed his enthusiasm about HPCL’s adoption of their technology. He noted:“It’s exciting to see an oil conglomerate such as HPCL use our technology LegitDoc, to secure billions of dollars’ worth of purchase orders. This serves as a testament to the confidence that businesses and governments have placed in our blockchain platform over the years in protecting important documents.”Utilizing two blockchainsThe approach taken in this instance relies on the use of two parallel blockchains which act as settlement layers: the NEAR public blockchain and permissioned private blockchain Hyperledger Fabric. As of mid-October, 3,000 purchase orders had been issued using blockchain.HPCL’s move to digitize and secure its purchase order system not only benefits the corporation but also has industry-wide implications. By promoting digital automation and trust, it sets a precedent for transparency and efficiency in the oil and gas sector. This adoption of blockchain technology aligns with a global trend of enhancing digital trust and streamlining operations across various sectors.Further application of blockchain techIt’s worth noting that this isn’t the first instance of Zupple Labs’ blockchain technology-based solutions being employed by the government in India. LegitDoc has previously been adopted by the administration of Gadchiroli, Maharashtra, for issuing tribal caste certificates in 2022, in that instance by way of the Polygon blockchain.Moreover, the technology played a pivotal role in issuing COVID-19 vaccine certificates in Maharashtra in 2021, while over 100,000 degree certificates were issued in 2022. These instances underscore the versatility and growing acceptance of blockchain technology in modern governance and business processes.

South Korean gaming publisher Wemade attended this year’s Taipei Game Show – the largest gaming exhibition in Taiwan – from Thursday to Sunday, where it showcased its upcoming games Night Crows and Fantastic 4 Baseball, according to news site Bridge News.Photo by Mateo on UnsplashUnveiling upcoming blockbustersAt the event, Wemade operated an exclusive booth with game demos and promotional videos. There was also a cosplay of characters from the Night Crows game and a special performance by the TSG Hawks' cheerleading team, the Wing Stars. The TSG Hawks is a professional baseball team that joined the Chinese Professional Baseball League (CPBL) last year. The Wing Stars are led by the famous Korean cheerleader Ahn Ji-hyun. In addition, Lee Jung-wook and Lee Kun-hee, the CEOs of Night Crows developer Madngine, and Fantastic 4 Baseball developer Round One Studio, took to the stage to interact directly with gamers. "Night Crows is the first MMORPG developed with Unreal Engine 5, and you can enjoy top-notch visuals with Mad Engine's unique know-how," said Lee Jung-wook. "We promise to provide new fun and stable services to our global users." "While developing Fantastic 4 Baseball, we put a lot of thought into capturing the essence of baseball and making the players' faces and batting forms look realistic," Lee Kun-hee added. "We plan to bring the game to the global market when the Taiwanese baseball league begins." Market-dominating releasesNight Crows has been popular among gamers in South Korea, where it launched in April last year, topping the popularity and revenue rankings on major app markets. The global version of the game utilizes blockchain technology to implement an advanced tokenomics ecosystem. Global pre-registration will open on Jan. 11. On the other hand, Round 1 Studio’s Fantastic 4 Baseball is a realistic baseball game where players can create their own team with famous players from various leagues, including the CPBL. The demo version includes single-player and home run derbies. Both games are slated for global release in March.