XPLA blockchain now supported by on-chain tokenizer platform Gall3ry

KuCoin resolves lawsuit through settlement and New York market exitKuCoin, one of the largest global cryptocurrency exchanges, has arrived at a comprehensive settlement with the authorities in the state of New York in the United States, agreeing to pay $22 million.Photo by Michael Discenza on UnsplashSubstantial fine and refundsThe settlement not only involves a substantial fine but also includes refunds to New York investors and the cessation of trading activities in the state. This resolution comes amidst an assertive effort by New York authorities to shape and regulate the crypto landscape within the state.According to a statement released by New York Attorney General Letitia James on Tuesday, KuCoin will refund a total of $16.7 million to 177,800 New York investors. In addition to the refunds, KuCoin will pay a $5.3 million fine to the state.The settlement addresses allegations that KuCoin failed to register as a securities and commodities broker-dealer while falsely presenting itself as a cryptocurrency exchange.Taking to social media platform X, James wrote:”My office is making crypto platform @kucoincom pay over $22 million for illegally operating in New York. KuCoin is also banned from doing business in our state. Shady cryptocurrency platforms must play by the same set of rules as everyone else or face the consequences.”At the time of taking action against KuCoin in March, James described the lawsuit as “our eighth action to rein in shadowy cryptocurrency platforms that disregard our laws and put New Yorkers at risk.”Lack of registrationKuCoin, based in the Seychelles, allows investors to trade digital assets through its website and app. However, the state of New York argued that KuCoin could not legitimately claim to be an exchange due to its lack of registration with the U.S. Securities and Exchange Commission (SEC) and the proper designation by the Commodity Futures Trading Commission (CFTC), as mandated by state law.Ranked as the fourth-largest exchange by spot and derivatives trading volume, KuCoin’s KCS token, a profit-sharing token on the platform, has experienced a 39% increase since the start of the week. At the time of writing, it has a unit price of $13.80. This surge is a consequence of the clarity and finality brought about by the settlement, alongside rising expectations for a U.S. exchange-traded fund (ETF) directly investing in Bitcoin, sparking a broader rally in lesser-known cryptocurrencies over the past month.Potential rumorsKuCoin CEO Johnny Lyu took to the X platform on Tuesday to outline details of the settlement. Interestingly, Lyu included this notification:”I also want to give you a heads-up about potential rumors surfacing in the next few weeks. Please stick to the official website of KuCoin for accurate information.”While the settlement may have brought a certain degree of clarity to the KuCoin platform, Lyu’s comment suggests that there may be other issues about to emerge in the short term.The lawsuit against KuCoin is part of a broader regulatory trend in New York, with Attorney General James having previously filed a similar complaint against CoinEx. Additionally, a settlement in January involving crypto companies Nexo Inc. and Nexo Capital Inc. resulted in a financial resolution of up to $24 million for New York and nine other states.

Google Cloud becomes a Volunteer Validator for gaming blockchain XPLAXPLA, a gaming blockchain guided by Korean cultural content company Com2uS Holdings, revealed in a blog post on Tuesday (local time) that Google Cloud has joined as a validator for its blockchain network.Through their collaboration, Google Cloud will take on the role of the first Volunteer Validator for the XPLA blockchain. This partnership enhances the network’s security and governance, as validators are responsible for maintaining the integrity of a blockchain network by validating and relaying transactions.Photo by engin akyurt on UnsplashLayer-1 mainnetXPLA is a layer-1 mainnet that features a diverse group of network participants from the Web3 space. This includes notable enterprises such as Oasys, Animoca Brands, Yield Guild Games (YGG), Blockdaemon, gumi and LayerZero, all contributing to the ecosystem.Commenting on this initiative, Jack Buser, Google Cloud’s director of game industry solutions, said, “We are pleased to take on a role as a Volunteer Validator for the XPLA ecosystem.” According to South Korean news outlet Etoday, Buser expected that the cloud computing services provider’s robust infrastructure will contribute to driving rapid growth and fostering innovation within the realm of Web3 gaming.Better Web3 experiencesPaul Kim, Leader of the XPLA team, echoed similar sentiments as he welcomed Google Cloud’s participation in their project. He mentioned their shared aim to deliver innovative and appealing Web3 experiences to gamers worldwide within a transparent Web3 ecosystem. Kim said, “Through this collaboration, XPLA can secure advanced IT technology and insights into future industries.”

Welcome Savings Bank Implements Blockchain-based Bank ID for Enhanced Customer ConvenienceWelcome Savings Bank, one of the mutual savings banks in South Korea, has announced a significant step towards enhancing identity security and customer convenience with the incorporation of Bank ID, a blockchain-based decentralized identity (DID) solution operated by the Korea Financial Telecommunications and Clearings Institute (KFTC), a payment services institution.Photo by Jonathan Cooper on UnsplashDID technology to prevent identity fraudThe utilization of DID technology marks a notable stride in preventing identity fraud. By storing user data on a secure distributed ledger, the system becomes highly resilient to counterfeiting or forgery attempts, ensuring a safer environment for customers’ personal information.Single sign-on functionalityWith this initiative, Welcome Savings Bank has become the first savings bank in the country to implement Bank ID, a solution predominantly adopted by prime commercial banks. This strategic move bolsters the bank’s digital competitiveness and improves customer convenience. With Bank ID, users can enjoy seamless access to their accounts across 18 Korean financial institutions without the hassle of logging in separately for each one, streamlining their banking experience.Customers of Welcome Savings Bank can utilize the bank’s mobile app to acquire a Bank ID by undergoing a verification process through a one-time password or security card. For existing Bank ID holders, adding Welcome Savings Bank to their list of banks is a straightforward procedure.The decision to embrace this innovative technology highlights the bank’s commitment to meeting the high standards set by prime commercial banks. By aligning with industry trends and bolstering their digital capabilities, savings banks like Welcome and other subprime banks can deliver improved convenience and a seamless banking journey to their valued customers.