SK Telecom and Polygon Labs Team Up for Web3 Ecosystem Development

CoinDCX Expands Okto Wallet’s Global Reach with Transak IntegrationIndian cryptocurrency exchange CoinDCX has moved to broaden the accessibility of its self-custody wallet, Okto. The exchange recently announced the addition of Transak, a major on-ramp platform that enables a fiat-to-crypto payment gateway integration, to enhance the wallet’s global capabilities.Photo by Kanchanara on UnsplashBuilding on OktoThat’s according to a report published by Cointelegraph on Thursday. Okto was introduced by CoinDCX in August 2022, and the firm swiftly moved to expand its services. The integration with Transak represents a pivotal step in this direction.This strategic integration immediately expands the reach of the Okto wallet from supporting 60 countries to an impressive 155 jurisdictions. Neeraj Khandelwal, Co-Founder of both CoinDCX and Okto, emphasized the significance of this move, stating that it allows users in numerous countries to engage with cryptocurrencies directly through Okto.While Transak supports approximately 160 tokens, Okto goes above and beyond by allowing users to store more than 1,000 tokens across multiple blockchain networks, including Polygon, Fantom, Avalanche, and others. According to an Okto spokesperson, the wallet can accommodate up to 3,000 tokens, providing ample flexibility for cryptocurrency enthusiasts.Seamless fiat-to-crypto conversionKhandelwal also spoke to the value add that a more seamless asset conversion process will bring. He stated:“The integration of Transak now allows users to seamlessly convert fiat to crypto right within the app. Prior to this integration, users had to transfer funds from another decentralized wallet, such as MetaMask.”Transak’s integration brings a key feature to Okto — the ability for users to purchase cryptocurrencies like Bitcoin (BTC) directly within the wallet. Notably, this functionality accepts a wide range of fiat currencies, including the US dollar, euro, Hong Kong dollar, and others. Prior to the Transak integration, users were required to transfer digital assets from external wallets like MetaMask. With this development, Okto streamlines the process, enabling users to seamlessly convert fiat into crypto within the app itself.Months-long integration processIt’s worth noting that although the announcement of Transak’s support on Okto was made on Thursday, the integration process began several months earlier. As early as August, some Indian users reported encountering Transak while Okto was in the testing phase. The integration process itself commenced in April, with the official roll-out to all customers occurring in mid-September.Transak, a global Web3 payment and onboarding infrastructure provider, plays a crucial role in bridging the gap between traditional finance and the digital asset ecosystem. It is a well-established on-ramp solution in the cryptocurrency industry, with platforms like MetaMask, Coinbase, and PancakeSwap among its clientele.In recent days, Okto has also announced a partnership with ReHold, a multi-chain protocol which has been developed to enable users to maximize their crypto earnings. In the coming weeks, Okto and ReHold will work towards integrating Okto’s wallet with ReHold.The Okto-Transak integration is in line with Transak’s mission to facilitate crypto adoption by providing easy access to digital assets. Earlier this week, Transak also announced its integration with The Open Network’s (TON) wallet, known as Tonkeeper. This collaboration opens up Toncoin (TON) purchases directly with fiat currencies to users in more than 150 countries, marking a significant milestone in expanding the TON ecosystem.

Rotonda Signs Deal with The Sandbox for Blockchain Ecosystem ExpansionRotonda, a subsidiary of Korean crypto exchange Bithumb and the operator of the Web3 digital wallet Burrito Wallet, announced that it has signed a memorandum of understanding (MOU) with metaverse platform The Sandbox to expand its blockchain ecosystem.Photo by Shubham Dhage on UnsplashA space for creativity and monetizationThe Sandbox is a global metaverse platform that allows users to easily create and participate in games, avatars, and items. It also provides free three-dimensional content creation tools called VoxEdit and Game Maker, and users can monetize their content. It has partnered with over 400 major companies, including Netmarble, LINE Studio, Ubisoft, and Zynga, securing some five million subscribers worldwide. “We expect that users will be able to enjoy a new Web3 experience within the metaverse, where they can create their own content,” said Max Minchul Shin, CEO of Burrito Wallet.Elevating the metaverse experienceThrough the new partnership, Burrito Wallet will support wallet integration within The Sandbox’s platform by unifying the on-chain experience across services. Burrito Wallet users will thus have more convenient access to various content within The Sandbox, including LAND — the platform’s virtual real estate space for interacting and showcasing creativity — as well as personalized avatars and assets, and an NFT marketplace. Additionally, the company plans to enhance wallet utility by supporting the multi-chain functionality of SAND, The Sandbox’s utility token.“Our partnership with Burrito Wallet will make it easier and more convenient for users to enjoy The Sandbox,” said Cindy Lee, CEO of The Sandbox Korea.“We will continue to collaborate with companies from various fields to advance the Web3 market and establish ourselves as a distinguished wallet service in the global market,” Shin added.Rotonda’s global initiativesRotonda is actively collaborating with global projects to promote the mass adoption of Web3 and blockchain technology. Last month, it launched the iOS version of Burrito Wallet in a move to expand availability for Web3 users on all operating systems. The company also recently co-hosted Next Block 2023 with its parent company Bithumb to promote business collaboration and build an ecosystem for accelerating Web3 projects.

Beijing Municipal Government Unveils Web3 White PaperIn what is being perceived by many as a significant development, the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, has released a white paper titled “Web3 Innovation and Development.”Photo by zhang kaiyv on PexelsThe “inevitable trend” of Web3This announcement, as reported by local news outlet, The Paper, was made during the Zhongguancun Forum. The Forum is an event focused on technological advancements and innovation. The white paper acknowledges Web3 technology as an “inevitable trend for future Internet industry development.”The objective of the Beijing Municipal Government is to establish the city as a global innovation hub for the digital economy. To support this ambition, the government plans to allocate a minimum of 100 million yuan (approximately $14 million) annually over the next two years.Enhanced policy supportThe white paper points towards Beijing’s intention to enhance policy support and accelerate technological advancements to foster the growth of the Web3 industry. This strategic move aligns with what appears to be China’s evolving stance toward the crypto industry, as the government aims to leverage the potential of emerging technologies.The timing of the white paper release coincides with the upcoming implementation of new digital asset regulations in Hong Kong. At the beginning of next month, the Securities and Futures Commission (SFC) of Hong Kong will introduce new rules for the cryptocurrency sector, permitting retail investors to engage in crypto trading. This stands in stark contrast to the current regulatory environment in the United States, where authorities have been tightening their control over cryptocurrencies.Second guessing China’s approach to cryptoChina had previously banned the use of cryptocurrencies in 2021. Notwithstanding that, the release of the Web3 white paper may suggest a potential shift in the country’s approach. Notably, on May 23, China Central Television, a state-owned media outlet, aired a segment focused on cryptocurrencies, prominently featuring the Bitcoin logo and a Bitcoin ATM in Hong Kong.This coverage holds significance, but the fact that the video was quickly taken down from the broadcaster’s website casts doubt on just how far down the crypto rabbit hole China is willing to go.Changpeng Zhao (CZ), the Founder and CEO of global crypto exchange Binance, tweeted out that the timing of the publication of the paper is apt given other blockchain and crypto-related initiatives taken on by various Chinese entities. A recent study suggested that Hong Kong is emerging as a leading jurisdiction when it comes to its crypto readiness.It remains to be seen how these developments will unfold and whether Beijing’s proactive approach will pave the way for further integration of blockchain technology and cryptocurrencies in China’s digital economy.For the time being, with the release of the white paper, Beijing appears to have taken a significant step forward in shaping its future as a leading player in the global Web3 landscape. However, to what extent Beijing is ‘all in’ on crypto remains imponderable.