Treehouse expands NFT data offering through Origins acquisition

KICA partners with PiLab and CODE for Web3 authentication servicesThe Korea Information Certificate Authority (KICA) has signed a memorandum of understanding (MOU) with two new business partners — dApp provider PiLab and CODE, a Travel Rule solutions provider and joint venture co-founded by Korean cryptocurrency exchanges Bithumb, Coinone and Korbit — according to local news outlet Kyunghyang Games. The three companies’ CEOs attended the signing ceremony and vowed to establish a credible authentication system to contribute to a healthy Web3 environment.Photo by GuerrillaBuzz on UnsplashEstablishing secure and compliant solutionsThrough this collaboration, the companies plan to leverage their respective capabilities to develop and distribute Web3 authentication services that comply with virtual asset service providers’ (VASPs) Know Your Customer (KYC) verification procedures as well as international standards such as the crypto Travel Rule. “We aim to create a secure and efficient environment for both providers and users of various Web3 services in line with global regulatory trends,” explained Park Do-hyun, CEO of PiLab.Setting new standardsKim Sang-jun, CEO of the KICA, anticipates that the KICA’s expertise and capabilities in identity verification and security authentication in Web2 would help the collaboration become a new benchmark in the Web3 authentication industry. “Eventually, we will expand our services to include SoulBound tokens (SBTs), enhancing identity verification, license certification and attribute certification, solidifying our position as a leading company in the Web3 industry,” he said.Furthermore, CODE CEO Lee Sung-mi emphasized the importance of complying with international standards like the crypto Travel Rule for a healthy Web3 service environment. She also pledged to ensure that CODE would use its capabilities to establish a solid connection between VASPs and the Web3 service market.This collaboration represents a strategic move towards shaping the future landscape of Web3 authentication and security services, combining the strengths of these companies to meet the evolving needs of the industry.

Newly Published CoinGecko Index Tracks Alleged Crypto SecuritiesKuala Lumpur-based crypto data aggregator CoinGecko has unveiled a ground-breaking index spotlighting prominent cryptocurrency tokens that the US Securities and Exchange Commission (SEC) has earmarked as potential securities.Through its “Top Alleged Securities Coins by Market Cap” page, the Malaysian aggregator categorizes a spectrum of cryptocurrency assets based on their market capitalization. At the forefront of this classification stands BNB, the native token of the Binance exchange and the BNB blockchain. It is closely followed by other prominent names such as Cardano, Solana, and Tron.Photo by Shubham Dhage on Unsplash$90 billion in valueThe alleged securities amount to a whopping $90 billion in value according to their combined market capitalization right now. Putting this in context, the overall market capitalization of the entire crypto market currently stands at $1.2 trillion, of which Bitcoin accounts for over half a trillion dollars. This estimation paints a vivid picture of the immense scale of the cryptocurrency market and the potential reverberations of regulatory interventions.CoinGecko’s index came to fruition in the first week of August, meticulously pooling the tokens that the SEC has previously classified as securities during legal proceedings. The decision to consolidate these tokens into a single index underscores the increasingly intricate interplay between the cryptocurrency market and regulatory frameworks.Lack of clarityWhen project teams and other market participants have asked for explicit clarity, SEC Chair Gary Gensler has frustratingly indicated that people need to make a simple determination based on the Howey Test — a historic securities case that has been used in the US to determine what constitutes a security. The case dates back to 1946, long before the onset of digitization let alone digital currencies.Another issue is that the SEC is simply expressing an opinion based on its interpretation of existing securities law and securities case law. Without legislation in the US, clarity can only be provided in the courts. This is a flawed approach, as market participants have to wait for actions taken by the SEC against crypto entities to be adjudicated in the US courts in order to get a better understanding of the legal standing of these assets.This comprehensive analysis provided by CoinGecko’s new index presents invaluable insights into the dynamic terrain of cryptocurrency regulation. It underscores the intricate dynamics between the digital currency market and the regulatory bodies that seek to govern it.Taking the regulation of derivatives as a case in point, their emergence led to a very messy process of arriving at regulatory clarity. The very same thing is playing out with digital assets. While it is imperfect, there is no doubt that clarity will eventually be reached.In the meantime, as the US fumbles where digital assets are concerned, regional authorities in East Asia and the Middle East are capitalizing on US regulatory shortcomings, implying that we will likely see further growth in crypto and Web3 in these locations until the US recovers.

NEOPIN wallet users gain access to Pala’s NFT marketplaceNEOPIN, a centralized decentralized finance (CeDeFi) platform, has entered into a strategic partnership with South Korean NFT marketplace Pala. This collaboration aims to connect the NEOPIN wallet to Pala’s NFT trading platform, thereby facilitating a more interconnected blockchain ecosystem on a global scale.Photo by Pete Linforth on PixabayNEOPIN wallet integrated into PalaThis partnership paves the way for enhanced user experience, as NEOPIN wallet holders will have the added convenience of trading non-fungible tokens (NFTs) directly on Pala using the virtual assets in their NEOPIN wallets. Furthermore, these wallets will also serve as a repository for purchased NFTs.Additionally, Pala stands to benefit from access to NEOPIN’s international users who have gone through the Know Your Customer (KYC) and anti-money laundering (AML) checks, broadening its market reach.Growing network connectionsNEOPIN is set to aid Pala in establishing connections with NEOPIN’s network of NFT partners. Conversely, Pala will assist NEOPIN with introductions to Pala’s blockchain partners. This collaborative approach leverages their respective strengths, setting the stage for a synergistic relationship.Additionally, the collaboration will involve concerted efforts from both parties to enhance their services and broaden their customer reach. Part of this initiative includes aiding Web2 companies and projects in their Web3 endeavors, as well as rolling out products that are underpinned by real-world assets (RWAs) or offer practical real-life benefits.NEOPIN CEO Kim Yong-ki expressed enthusiasm about the partnership, noting that it is poised to be mutually advantageous, particularly since trust and convenience are core values shared by both companies. Kim further emphasized their commitment to achieving success on an international level, not only through service cooperation but also by utilizing their respective ecosystems.Jason Pyo, CEO of Pala, echoed a similar sentiment, stating that the partnership is set to propel service enhancement, foster the growth of blockchain businesses and contribute to the expansion of the Web3 ecosystem.It’s noteworthy that Pala is a joint venture established by Snow, the mobile video messaging app subsidiary of internet giant Naver, and artificial intelligence (AI) company Alchera. This joint enterprise has claimed a leading position in the Korean NFT trading arena, having exceeded an accumulated trading volume of KRW 30 billion ($23 million) as of April last year.The Pala platform serves as a one-stop shop for NFT services, including NFT minting, secondary market sales and launchpads. It accommodates a range of blockchains like Klaytn, Ethereum and Polygon.NEOPIN has been expanding its offerings to improve user experience, introducing services beyond its DeFi suite. This includes their NFT wallet capabilities. Following its announcement last year to intensify focus on NFT initiatives, NEOPIN has updated its wallets to support multiple NFT standards, such as KIP-17, ERC-721 and EIP-5192.