Crypto Oasis Founder Thinks UAE Set Up For Crypto Success

Wemade Unveils Blockchain-Powered Platform for Various CommunitiesSouth Korean gaming company Wemade today unveiled their latest creation, Wepublic, a blockchain-powered platform for various communities. The objective of Wepublic is to establish a transparent and trustworthy digital society on the WEMIX3.0 Mainnet.Photo by Pixabay on PexelsFrom political parties to NGOsInitially built as a fundraising platform, Wepublic caters to entities of any scale or domain, be it political parties, religious groups, or non-profit organizations. Wepublic is committed to transforming itself into a platform for everyone.By leveraging blockchain, Wepublic ensures that all information and records stored on the platform are transparent, making them immune to counterfeiting and diversion. Furthermore, Wepublic is dedicated to fostering inclusivity and democratic decision-making. Every member within a group on Wepublic has the ability to engage in organizational activities and contribute to fair decision-making processes.Four proof protocolsIn the near future, Wepublic will introduce the “Wepublic Wallet,” enabling users to create or participate in decentralized autonomous organizations (DAOs). To ensure transparency and reliability of DAO operations, Wepublic relies on four proof protocols. These protocols serve to verify user identities, credentials, account balances, and the outcomes of governance processes.The first protocol utilizes decentralized identifiers (DIDs) to safeguard personal information, prioritizing user privacy and security. The second protocol employs soulbound tokens (SBTs) to effectively manage groups within the platform. The third protocol provides visibility into account balances and transaction records, adding an additional layer of transparency. Lastly, the fourth protocol ensures the transparent recording of all governance processes on the blockchain, promoting accountability and trust.

Bullish Emerges as a Bidder for Bankrupt FTX ExchangeBullish, a Gibraltar-based crypto exchange with strong ties to Asia, has emerged as a prominent bidder for the bankrupt trading platform FTX, which filed for bankruptcy protection in November last year.Photo by Kelly Sikkema on UnsplashValuable customer baseUp until that point, FTX was a thriving player in the cryptocurrency market. However, it is now in the process of seeking new ownership or financial restructuring to resurrect its operations. In a report published on Tuesday, The Block outlined that according to sources familiar with the situation, Bullish is eager to acquire FTX primarily for its valuable customer base.The news follows the filing of a stakeholder brief to the bankruptcy court in Delaware in the United States by the FTX Debtor on Monday. The brief outlined that the Debtor, led by new CEO John Ray, has reached out to more than 75 bidders to evaluate the potential relaunch of the FTX exchange business.Bullish aims to leverage FTX’s existing user network, intending to convert as many of them as possible into Bullish customers. However, it’s worth noting that this complex negotiation process may face challenges and uncertainties along the way.Asian connectionsAlthough it’s incorporated and registered in Gibraltar, only 4% of the company’s staff are Gibraltar-based. Meanwhile, the firm has offices in Singapore and Hong Kong with those locations accounting for 49% of the company’s overall workforce, according to LinkedIn data. Back in November the firm confirmed that it wasn’t one of the many crypto businesses with exposure to the FTX collapse.Bullish was founded by Brendan Blumer, with Bloomer currently acting as the exchange’s Chairman. Blumer previously founded Block.one, the developer behind the EOS blockchain. He also successfully founded and later exited Okay.com, Hong Kong’s largest digital property agency.Other Asia-centric players in the crypto sector had expressed interest in buying the FTX business (or parts of the business) earlier in the year. These included Singapore’s BSQ Capital and Gamepay, India’s CoinDCX, Japan’s 5G networks developer Docomo and e-commerce giant Rakuten, and Hong Kong’s OKC Holdings.Tribe Capital interestThe Block article also outlines that US-based Tribe Capital is another significant bidder in the running. Tribe Capital had FTX within its venture portfolio prior to the exchange’s downfall and subsequent bankruptcy at the close of the previous year. It had also appeared on the list of 363 sales parties back in June, and prior to that still, it had expressed its interest in buying the business.To establish a clear timeline for its business restructuring efforts, the estate has set a deadline for new bids, which falls on September 24. The FTX estate is still at an early stage in trying to resuscitate the business. Even if it’s successful in that endeavor, it’s not expected that a new business will emerge until Q2 2024 at the earliest.Separately, a criminal prosecution against FTX Founder Sam Bankman-Fried is progressing with a trial scheduled to take place in New York in October. Presently Bankman-Fried is incarcerated in a New York City jail while he awaits trial, having been found to have breached his bail conditions on the grounds of witness tampering.

Sejong Telecom and Hyosung TNS to Collaborate on Real Estate Security TokensSejong Telecom said Tuesday that it has signed a business deal with Hyosung TNS, the infrastructure and finance arm of South Korean conglomerate Hyosung Group, to boost the profitability of its real estate investment service BBRIC and collaborate in security token offering (STO) services.Photo by Tierra Mallorca on UnsplashIntegrated servicesUnder the deal, Sejong Telecom will integrate the BBRIC platform into NFTtown — Hyosung TNS’ portal service dedicated to providing information, news, and educational content on non-fungible tokens (NFTs). BBRIC aims to expand its user base and modes of marketing by promoting its investment products, events, and services within NFTtown’s fractional real estate investment channel.Furthermore, users can conduct their transactions in a secure and convenient manner through BBRIC without paying intermediary fees. This promotion strategy is expected to ultimately increase profitability, BBRIC said.“Through this deal, we will create an ecosystem where anyone can readily find and compare information on fractional investments and invest accordingly,” said Park Hyo-jin, Head of Sejong Telecom’s blockchain division. “BBRIC will diversify its promotional and sales channels to create real estate financial investment products that are not only stable and reliable but also accessible to a wide range of customers.”Hyosung TNS’ venturesHyosung TNS is a leading player in the automated teller machine (ATM) market both in Korea and overseas. It operates in 46 countries, supplying a variety of financial automation solutions. NFTtown is part of the company’s blockchain endeavors, through which it plans to provide information about various security tokens, including real estate.