Hashgraph ecosystem developer explores use cases in Qatar

Coins.ph partners with Paxos to further PYUSD adoptionCoins.ph, the Philippines’ leading cryptocurrency exchange, has forged a strategic alliance with Paxos Trust Company, a New York-based institution specializing in blockchain, aiming to propel the adoption of PayPal USD (PYUSD) for seamless cross-border remittances.Photo by C Bueza on UnsplashTargeting fourth largest remittance marketThe Southeast Asian firm outlined details of the partnership via a blog post published to its website on Tuesday. The integration of PYUSD into Coins.ph marks a significant milestone, providing Filipinos with a secure and convenient avenue for transferring funds across borders to their loved ones. Wei Zhou, CEO of Coins.ph, emphasized the foresight in prioritizing the growth of USD stablecoins, particularly PYUSD, acknowledging the Philippines as the fourth largest remittance-receiving country globally, with over 40% of these remittances originating from the United States. Zhou stated:“With PayPal behind it and its availability on platforms such as Venmo and Xoom, PYUSD is set to become one of the most widely used stablecoins in the world.”PYUSD is a U.S. dollar stablecoin promoted by American multinational payment system PayPal and issued by Paxos.Nick Robnett, Senior Director of Customer Success at Paxos, echoed Zhou’s sentiment, stating that PYUSD stands as the safest dollar-backed stablecoin accessible to global institutions and consumers. This regulated digital asset enables Coins.ph users to send U.S. dollars swiftly and affordably, challenging conventional remittance networks and providing enhanced access and economic freedom.Asian expansionThis latest collaboration in the Philippines comes hot on the heels of similar in-roads made elsewhere in Southeast Asia. In Singapore, Paxos has partnered with Crypto.com, an entity that is headquartered in the city-state. The local regulator, the Monetary Authority of Singapore (MAS), had outlined a new regulatory framework for stablecoins in August, making conditions right for Paxos to further develop its PYUSD offering from that location.It got a further boost last week when MAS awarded its local subsidiary, Paxos Digital Singapore Pte. Ltd., in-principle approval to trade within Singapore. The relatively new stablecoin has already been listed on international crypto exchanges such as Bitstamp, Coinbase and Kraken.Philippine potentialThe Philippines is shaping up to have a lot of potential for Paxos and its PYUSD stablecoin. The country has been working on the publication of a regulatory framework for crypto. Coins.ph Head of Legal Compliance, Robert De Guzman, stated in April that the Southeast Asian country was shaping a progressive crypto regulatory framework. Earlier this year, Donald Lim, the Founder of the Blockchain Council of the Philippines (BCP), said that the country was poised for crypto adoption.For users keen on employing PYUSD for remittances, the process is streamlined. Senders transmit PYUSD to the designated Coins.ph wallet address of recipients, from where easy conversion to the Philippine peso (PHP) on the app and subsequent cash-out becomes possible. This can be facilitated through InstaPay or PESONet fund transfers to banks and other e-wallets or through various supported over-the-counter remittance centers endorsed by Coins.ph.

Beosin Report: Crypto Rug Pulls Surpass DeFi Exploits in MayAccording to a recent report by blockchain security firm Beosin, losses from “rug pulls” or “exit scams” in the cryptocurrency space exceeded the amount stolen from decentralized finance (DeFi) projects during the month of May.The report, published on June 1 by Beosin Blockchain Security, revealed that rug pulls and scams resulted in losses of over $45 million across six incidents during the month. Beosin is headquartered in Chengdu, in China’s Sichuan province. The firm uses formal verification methods to secure smart contracts.In general there were 22 security incidents in the digital assets space over the course of the month. That overall figure accounts for losses totaling $20 million, and represents a vast improvement on the previous month.Three of the incidents were accounted for by security issues related to hardware wallets such as the Trezor and imKey wallets. Six were rug pulls/crypto scams, two were crypto crime incidents while another implicated a critical vulnerability relative to zero-knowledge proof technology.Photo by Tara Winstead on PexelsDeFi protocol attacksIn contrast, there were 10 attacks on DeFi protocols, amounting to $19.7 million in stolen funds. This figure represents a significant decrease of nearly 80% compared to April, and the losses from these types of exploits had been declining for two consecutive months, as per Beosin’s findings.The largest rug pull incident in May involved the alleged disappearance of $32 million associated with the crypto project Fintoch on May 24. Meanwhile, the largest attack on a DeFi platform was a $7.5 million breach targeting Jimbos protocol, according to Beosin’s report.Shifting hacker strategyBeosin noted a shift in the targeting strategy of hackers and scammers, who are now increasingly focusing their attacks on ordinary users rather than various project parties. To mitigate risks, the report recommended that crypto users enhance their anti-fraud awareness, conduct thorough due diligence before investing in projects, and learn how to improve the security of their digital assets.The report also issued a warning against using shared or public charging devices for mobile phones. Beosin highlighted the potential risks associated with these devices, as they could be manipulated to inject malicious programs that compromise private keys. This caution aligns with a similar advisory issued by the United States Federal Bureau of Investigation (FBI) in April.The FBI’s Denver office cautioned against using public USB ports, including those found at airports, due to the potential introduction of malware and monitoring software onto devices. Instead, they suggested carrying a personal charger and USB cord for use with electrical outlets.As the cryptocurrency landscape continues to evolve, it is crucial for users to remain vigilant and proactive in safeguarding their investments. With the rise of rug pulls and the ongoing threats in the DeFi space, staying informed, exercising caution, and adopting robust security measures are essential for protecting one’s digital assets in this rapidly changing industry.

LINE NEXT and Sega Join Hands to Develop Web3 Games with NFTsLINE NEXT, the NFT business arm of Tokyo-based messaging app developer Line Corporation, has announced the signing of a memorandum of understanding (MOU) with Japanese game company Sega. This partnership will see LINE NEXT acquiring intellectual property (IP) licenses of Sega’s video game franchises for the purpose of jointly developing Web3 games.Renowned for its iconic Sonic the Hedgehog franchise, Sega boasts studios in Japan and abroad. The Japanese game publisher produces games of various genres on different platforms, including arcade machines, desktop computers, and mobile phones. Sega has gained recognition for creating generational games for international users through innovative ideas and outstanding game development skills.Photo by Shubham’s Web3 on UnsplashWeb3 game popularizationThrough this collaboration, LINE NEXT will introduce Sega-licensed games on its NFT-based gaming platform, GAME DOSI, with the aim of popularizing Web3 games. GAME DOSI will provide functionalities such as NFT creation, easy payment, and marketing. While the specific lineup of games and their details will be revealed at a later date, LINE NEXT CEO Ko Young-su expressed his belief that this MOU with Sega will bring new elements of joy to global gamers, emphasizing that the NFT company is dedicated to delivering readily enjoyable Web3 content not only to Sega fans but to everyone through GAME DOSI.Launched in May, GAME DOSI focuses on user-oriented games with the slogan “Gamer First, Web3 Next.” The platform has recently unveiled several new games, including Sweet Monster Guardians (a village defense game); Vestria the Last Order, also known as V.L.O, (a roguelite role-playing game); and KEROZ (a hack and slash game). Additionally, GAME DOSI is actively involved in Project GD, an initiative aimed at developing a diverse range of games based on its own intellectual properties.LINE NEXT’s NFT endeavorsIn its efforts to attract NFT enthusiasts, LINE NEXT has undertaken various projects. Last month, it introduced DOSI Land, a program that rewards users with the FINSCHIA token (FNSA). FNSA is currently listed on crypto exchanges Bithumb, Bittrex, Huobi, and Gate.io, according to crypto market data website CoinMarketCap.Sega’s blockchain hesitancyMeanwhile, it was reported earlier that Sega has been rethinking its involvement in blockchain gaming. Shuji Utsumi, the Co-Chief Operating Officer of Sega, recently stated in an interview with Bloomberg that the company intends to protect the value of its content by withholding from participating in third-party blockchain gaming projects. Utsumi expressed his belief in the importance of the fun element in games, while he described “play-to-earn” (P2E) blockchain games as “boring.” P2E games refer to those that enable players to earn tokens as rewards for completing specific tasks or winning battles against other players.