Milk Partners Achieves Integration with OK Cashbag, Elevating Reward Point Utility

The Sandbox Adds Singapore Virtual Neighborhood Lion CityMetaverse platform The Sandbox has announced the launch of Lion City, Singapore’s virtual neighborhood, during its inaugural Singapore Partner Day event.In a blog post published on Tuesday, The Sandbox project team outlined that Lion City is set to debut in September 2023 and will feature 512 plots of virtual land. With over 40 partners and 10+ studios, Lion City aims to showcase global and regional brands, along with established Web3 natives, representing Singapore’s culture in sports, fashion, entertainment, and technology within The Sandbox metaverse.Photo by Kin Pastor on PexelsRegional brand partnershipsThe Sandbox has attracted a range of local partners for Lion City, including MM2 Asia, ONE Championship, Mighty Jaxx Group, Spa Esprit Group, METAVI, Technology Development Centre (TDC) of ITE College Central, UKISS, Bandwagon, Renovi, Affyn, 8sian, The Engineers, Metaskull by Jacky Tsai x Froyo Games, Fabric of Reality, CreativesAtWork, Memotics, FXMedia, Kappou, The Parlour, Manifest, Vaniday, PengWine, LOFI, and Zodium. These partners represent various industries and will contribute to the diverse offerings and experiences within Lion City.Studio partnersMoreover, studio partners catering to the Singapore market will be an integral part of the Lion City experience. These studios include Smobler Studios, CGame Studio, Oceanus Media Global, and iCandy Interactive subsidiaries Lemonsky Studios and Hashcode Studio, New Moon Studios, Pangu by Kenal, and Clevereen. Collaborative ecosystem partners such as OKContract, Pinnacle, DIFY, and Peatix are also contributing to the development of the metaverse.Unlocking Web3 opportunitiesThe Sandbox emphasized the significance of Lion City as a gateway and launchpad for Southeast Asia. With over 400 global brands, including Singapore’s DBS Bank, already on board, Lion City has the potential to unlock new Web3 possibilities in the region. The supportive and collaborative ecosystem in Singapore will provide companies with opportunities to explore digital frontiers and test decentralized technologies.The project also announced the milestone during the Singapore Partner Day event held at the Marina Bay Sands Expo & Convention Centre. The event served as a platform for networking and sharing insights among The Sandbox’s partners.Keynotes were delivered by Sébastien Borget, the Co-Founder and COO of The Sandbox, and George Wong, the project’s Head of Singapore. They discussed the vast opportunities within the metaverse, and panel discussions with ecosystem partners took place, covering topics like intellectual properties (IPs) and the metaverse’s future, as well as the development of the open NFT metaverse.During the event, Borget highlighted Singapore’s regulatory environment, as being conducive to emerging technologies. He also emphasized Singapore’s position as an innovation hub for Web3 advancements.The metaverse faces new challenges in 2023, with the crypto market gravitating towards a more institutional-friendly approach, and questions surrounding its relevance. Recently, Borget had a clash with the SEC in the United States, disagreeing with the regulator’s classification of the project’s native $SAND token as a security.No doubt that experience has helped to underscore his appreciation for Singapore’s regulatory setup. Nevertheless, Wong described 2023 as an important and pivotal year for metaverse growth.

Wemade Partners with Etherscan to Enhance Transparency in WEMIX 3.0 EcosystemWemade, a leading company in the South Korean blockchain gaming industry, announced on Monday a partnership with Etherscan, a renowned block explorer and analytics platform. The objective of this collaboration is to enhance transparency within the WEMIX 3.0 ecosystem.Photo by Shubham Dhage on UnsplashNew block explorerAs part of this partnership, both companies will work together to develop a dedicated block explorer for the WEMIX 3.0 mainnet and Kroma, an Ethereum Layer 2 project developed by Lightscale, a subsidiary of Wemade. The new block explorer will provide advanced functionality, enabling users to access a more transparent transaction history. The explorer is expected to be launched in the first half of this year.InteroperabilityKroma is Lightscale’s Ethereum Layer 2 project whose goal is to establish a layer 2 blockchain based on zero-knowledge rollups. Thanks to Kroma’s interoperability, the WEMIX ecosystem is anticipated to extend beyond the WEMIX blockchain, linking to external blockchains.Etherscan, one of major block explorers for Ethereum, is an established platform offering extensive analytics capabilities. It has previously developed and operated various block explorers, including BscScan for Binance Blockchain, PolygonScan for Polygon Blockchain, and Arbiscan for Arbitrum Blockchain.Through this partnership, Wemade continues its commitment to decentralizing the WEMIX 3.0 mainnet and driving innovative advancements of a transparent mega-ecosystem.

HKMA reflects on retail CBDC pilot phase one completionHong Kong’s Monetary Authority (HKMA), the Chinese territory’s central bank, recently released a report following the completion of phase one of its central bank digital currency (CBDC) pilot, highlighting the potential benefits of a retail CBDC, commonly referred to as e-HKD (digital Hong Kong dollar).Photo by Ruslan Bardash on UnsplashUndecided on full implementationIn a press release published by the HKMA on Monday, the authority clarified that the report underscores that while a retail CBDC could bring value to the payments ecosystem and unlock new economic transaction possibilities, in-depth investigation and evaluation are essential before considering large-scale implementation.At this stage, Hong Kong’s central bank has not committed to introducing an e-HKD, but the report sheds light on the prospects and challenges associated with such a move. The region has been signaling its intent to position itself as a hub for virtual assets, evident in the regulatory framework introduced in June and the granting of licenses to crypto trading platforms in August.Project e-HKD, initiated by the HKMA in 2021, is a significant step toward assessing the feasibility of a digital Hong Kong dollar. The pilot program was launched in November 2022 as part of the HKMA's “Fintech 2025” strategy. However, the HKMA remains cautious, as reflected in the comments of HKMA CEO Eddie Yue earlier this month. Yue told the South China Morning Post that the central bank is still waiting for greater clarity when it comes to the technological, legal and societal aspects of full implementation.Three core attributes identifiedThe report identifies three primary areas where an e-HKD could provide value: programmability, tokenization and atomic settlement. These attributes could lead to faster, more cost-efficient and more inclusive transactions. However, it’s essential to note that the 14 pilot programs conducted with 16 participating firms during phase one were executed on a small scale within a controlled environment.The phase one review highlights that the true potential and prerequisites for implementing an e-HKD on a larger scale depend on market developments and further investigation. It acknowledges that minor issues identified during the pilot phase could become more prominent or even unacceptable in a production environment.Gearing up for phase twoPhase one of the pilot program delved into various aspects, including full-fledged payments, offline payments, tokenized deposits, programmable payments and the settlement of Web3 transactions and tokenized assets. Hong Kong is now gearing up for phase two of the pilot, with plans to explore new use cases for an e-HKD and engage in more focused pilot initiatives. The goal is to understand how the e-HKD can facilitate innovative methods of transacting goods and services while maintaining financial stability.The HKMA’s stance on a retail CBDC places it at the center of a global debate. While the U.S. remains undecided on the issue, with the topic becoming contentious in presidential elections, India has forged ahead with plans for a retail CBDC. Meanwhile, Thailand’s central bank commenced a pilot project for a retail CBDC earlier this year.