Streami Appoints New CEO, Boosting Hopes for Regulatory Crypto Approval in Korea

Wemade Introduces New DeFi Services on WEMIX3.0 MainnetKorean blockchain game maker Wemade announced today that it will deploy decentralized finance (DeFi) services Kurrency and Konverter on the WEMIX3.0 Mainnet.Photo by Shubham Dhage on UnsplashTwo DeFi servicesKurrency utilizes a collateralized debt position (CDP) model, providing users with the capability to lock up a certain amount of virtual assets in order to mint, deposit, and swap the WEMIX Crypto Dollar (WCD). WCD, a cryptocurrency designed to minimize price fluctuations, complements the WEMIX Dollar, which is fully backed by the stablecoin USDC.Konverter is a new decentralized exchange (DEX) that combines the strengths of established DEXs. On June 9, Konverter will demonstrate functions that contribute to the efficiency of Kurrency. These functions involve seamless swaps between WCD and a variety of stablecoins. The full-fledged version of Konverter, set to launch in the second half of this year, will offer a broader array of swap services along with a “governance function” that doesn’t require forced lock-ups.Mainnet firstThe initial launch of Kurrency and Konverter will take place on the WEMIX3.0 Mainnet. Their goal is to magnify the ecosystem’s scope by boosting the utility of assets within the network and harnessing the synergies derived from decentralized apps (dApps).Multichain expansionLater, the two services on the WEMIX3.0 Mainnet will become more refined and reliable, paving the way for a multichain expansion. A successful implementation will improve interconnectivity between various blockchains, ultimately bolstering the value of the WEMIX ecosystem.Engaging usersStarting today, Kurrency is initiating various quests to encourage user participation. Users gaining experience from these quests will become eligible to join community events, promoting a more vibrant and engaged user base.

Hong Kong-based digital asset financial services firm HashKey Group has announced its intention to list its platform token, HSK, in Q3 2024. HSK tokenomicsThe company set out details of the HSK listing via a series of posts on the X social media platform. The HSK token is based on the Ethereum ERC-20 token standard. Total token supply will be capped at one billion, 65% of which will be allocated towards ecosystem growth. The team will be incentivized by the allocation of 30% of the supply while 5% will be held back in a reserve fund.  Regarding the token’s burning mechanism, HashKey revealed it retains the discretion to repurchase up to 20% of net profits from specified businesses and subsequently burn the acquired tokens from the total supply.Photo by Zoltan Tasi on UnsplashAirdrop imminentIn a statement shared with The Block, HashKey Group detailed that HSK will be integrated across its various products and applications. The community airdrop, launching in late June, aims to encourage user participation. The company stated:“HSK is scheduled to launch a community airdrop through HashKey's core businesses in late June, encouraging users to contribute to community building.” The company believes that HSK will incentivize ecosystem contributors when it comes to development of its layer-2 ecosystem chain, the HashKey Chain. That incentive structure, the company maintains, will result in contributors “providing robust support,” while acting as a “driving force for on-chain users and assets.”  Integration with external ecosystemsThe firm outlined that the HSK token is designed to integrate with external crypto ecosystems so as to best facilitate synergy between internal and external collaborations. HashKey Group boasts a comprehensive Web3 ecosystem, inclusive of infrastructure, middleware, AI, DeFi, GameFi and the Metaverse. HashKey Group’s core businesses include HashKey Capital, HashKey Tokenisation and HashKey NFT. It also operates HashKey Exchange, a licensed cryptocurrency exchange in Hong Kong, with the exchange business having reached a $500 million assets-under-management (AUM) milestone earlier this month.  HashKey Cloud, a Web3 infrastructure provider, formed a strategic partnership with the Aptos Foundation last month with a view towards progressing projects relative to decentralized identity (DID) and security token offerings (STOs). HashKey Global, a global exchange launched in April, has risen to ninth spot in terms of overall crypto exchange trading volume. In January, HashKey Group announced that it raised nearly $100 million in its Series A financing round, achieving a pre-money valuation above $1.2 billion. In September, the investment arm of the company, HashKey Capital, launched a $100 million fund focused on altcoins.

DDC Enterprise, a Chinese company headquartered in Hong Kong and listed on the New York Stock Exchange (NYSE), has become the latest corporation to add Bitcoin (BTC) to its balance sheet.Photo by Michael Förtsch on UnsplashInitial 21 BTC purchaseThe plant-based food products company which operates under the “DayDayCook” brand published a press release via Business Wire last Friday announcing its first Bitcoin purchase. It’s likely that there was a symbolic element to the firm’s first Bitcoin purchase, given that it bought 21 BTC while Bitcoin has a supply cap of 21 million BTC. The company completed the transaction via share exchange with an investor group, issuing 254,333 class A ordinary shares while acquiring the 21 BTC at a market price of $2,283,667. DDC outlined that it plans to make two further purchases over the coming days of 79 BTC, at which point the firm’s corporate treasury will hold 100 BTC. Targeting 5,000 BTCThe company has a much more ambitious Bitcoin accumulation plan, however. Over the course of the next three years, it is targeting the establishment of a Bitcoin treasury holding 5,000 BTC. At current market pricing, that would amount to a Bitcoin treasury of around half a billion dollars in value. In the near term, the firm is targeting the acquisition of 500 BTC by the end of this year. DDC Founder and CEO Norma Chu described the development as a “pivotal moment” in the company’s evolution. She said that this plan reflects DDC’s “confidence in Bitcoin as a store of value,” while demonstrating the firm’s interest in pursuing innovation. “We are fully committed to ensuring the success of this strategy, which aligns with our vision to drive long-term value for our shareholders,” she added. Web3 innovationAccording to a DDC website, the company has innovative plans that go beyond just a Bitcoin treasury. It plans to deepen community engagement through the use of NFT loyalty programs and immersive Web3 experiences. It also plans to leverage blockchain transparency in its efforts to build greater community engagement. The website sets out a vision whereby DDC can blend its culinary heritage with next-generation technologies.  The company suggests that real-world asset (RWA) tokenization has the potential to revolutionize consumer engagement, while offering the possibility of enabling fractional ownership of product lines. It has set out a roadmap where it outlines having established a digital platform in 2012, going on to engage in content creation and content commerce over the course of a decade.  The firm carried out an initial public offering (IPO) in 2023 and from 2025 onwards, aside from its Bitcoin treasury strategy, it plans to integrate RWA tokenization and Web3 technology into its business, while also adopting AI technologies to enhance supply chain efficiency. DDC is one of a growing list of corporations to adopt Bitcoin as a strategic asset over the course of the past 18 months. Earlier this month, another Chinese company, Nasdaq-listed Jiuzi Holdings, an electric vehicle (EV) retailer, announced that it had adopted a plan to acquire 1,000 BTC. Hong Kong-listed game developer Boyaa Interactive holds 3,350 BTC.