India tops global crypto adoption despite regulatory hurdles: Chainalysis report

South Korean gaming publisher Wemade’s layer 1 blockchain WEMIX has announced the listing of stWEMIX — the tokenized form of staked WEMIX — on the global cryptocurrency exchange BitMart, according to an official announcement on WEMIX’s Medium page last Saturday. stWEMIX acts as a liquidity token of the native coin WEMIX that allows users to participate in trading, yield farming and borrowing.Photo by Maxim Hopman on UnsplashBitMart’s servicesEstablished in 2018, BitMart offers services like futures contracts and different types of trading, including currency, over-the-counter, decentralized and network-wide trading. The token was listed for trading on the exchange last Friday at 10 a.m. (UTC) and is currently priced at $3.48 as of this writing. Exclusive eventsThe exchange said that it is independently holding several events with the help of the WEMIX Foundation until Jan. 4 to celebrate the listing. This includes rewards in the form of stWEMIX, which will be distributed to new and existing users alike on BitMart who deposit or buy at least 100 USDT of stWEMIX. 50 users who record highest stWEMIX trading volume during the event period and those who participate in stWEMIX Fixed Savings will also receive rewards. BitMart’s Fixed Savings subscription is a system that pays interest on cryptocurrencies that are deposited during a designated period ranging from a week to one month. Users can redeem their funds only after the period is over, and both the principal and interest are paid to their spot wallets without extra fees.

Hong Kong licensing success sees SEBA Bank expand APAC crypto presenceSwitzerland-based SEBA Bank AG has taken a significant step in its global expansion strategy by securing a license from Hong Kong’s Securities and Futures Commission (SFC) to manage traditional securities and digital assets through its subsidiary, SEBA Hong Kong.Photo by Ruslan Bardash on UnsplashFirst move into APAC for crypto businessSEBA Hong Kong published a statement on Wednesday to announce the milestone. It marks the crypto-centric bank’s maiden entry into the Asia-Pacific (APAC) region and expands its footprint across three regulated hubs, including Switzerland and Abu Dhabi.The acquisition of the digital asset license from the SFC provides SEBA Bank with the ability to offer regulated services pertaining to digital assets, encompassing both virtual assets and securities. The move is seen as a reflection of SEBA’s confidence in the long-established capital markets and strong appetite for investment and trading in Hong Kong.SEBA Hong Kong’s CEO, Amy Yu, expressed her enthusiasm, stating:“We are tremendously excited by Hong Kong’s deep-rooted capital markets and appetite for investment and trading; to have secured this license from the SFC provides enormous potential for our business, owing to the well-established and defined regulatory framework that is present here.”Opening up OTC derivatives possibilitiesThe license grants SEBA Bank the authority to engage in a wide range of regulated activities related to traditional securities and digital assets within Hong Kong. This includes dealing with and distributing all types of securities, including virtual asset-related products like over-the-counter (OTC) derivatives.What is likely to give SEBA Bank’s licensed services the upper hand is their accessibility to a diverse clientele, including institutional investors, corporate treasuries, funds, family offices and high-net-worth individuals. The aim is to cater to a broad spectrum of clients seeking exposure to the digital asset landscape, from sophisticated institutional investors to individuals with substantial assets.This milestone comes after SEBA’s previous in-principle approval (AIP) for virtual asset trading services, granted in August. The full approval allows SEBA Bank to significantly broaden its product and service offerings in Hong Kong, contributing to the wider adoption of cryptocurrencies and digital assets in the region.Franz Bergmueller, Chief Executive Officer of SEBA Bank, highlighted the significance of this regulatory achievement, not only for the bank but for Hong Kong’s position as a global financial services hub. He stated:“This regulatory clarity not only benefits our business but also supplements Hong Kong’s status as a global financial services hub. The region’s robust legal system provides a solid foundation to conduct crypto-related services, and we look forward to beginning that from today.”The regulatory breakthrough achieved by SEBA Bank in Hong Kong aligns with the broader trend of evolving and expanding regulations in the digital asset space within the region. Hong Kong has been progressively adapting its regulatory landscape to accommodate the growth of digital assets.SEBA Bank’s move also echoes the welcoming environment for crypto firms in Hong Kong. As Standard Chartered-backed Zodia Custody recently announced plans to launch its services in the city, it underscores Hong Kong’s emergence as a prominent player in the APAC region. SEBA's presence in Hong Kong not only strengthens the region’s stature as a global financial services hub but is also suggestive of its interest in fostering the growth of the digital asset industry within the Chinese autonomous territory.

Wemade Reports Loss of $30.6M Despite All-Time High Quarterly RevenueSouth Korean gaming company and blockchain giant Wemade disclosed its preliminary consolidated financial statements for the second quarter of this year, revealing an all-time high quarterly revenue of 159.3 billion KRW ($121 million). Despite this revenue, the company faced challenges, experiencing an operating loss of 40.3 billion KRW and ultimately recording a net loss of 29.4 billion KRW.Photo by Christian Wiediger on UnsplashNight Crows driving revenue growthThe Q2 revenue, marking a noteworthy year-on-year growth of 46%, can be attributed to the success of Wemade’s latest mobile game, Night Crows, according to local news outlet Newsis. This massively multiplayer online role-playing game (MMORPG) gained substantial traction since its launch in April. Drawing from this success, the game publisher has strategic plans to take Night Crows a step further by developing a blockchain version, with intentions to present it to global gamers within the current year.More games under developmentExpanding beyond Night Crows, Wemade is actively working on the development of other captivating gaming titles. These include Legend of Ymir, a game inspired by Norse mythology, and This Means War, a massively multiplayer online first-person shooting (MMOFPS) game.With a keen focus on blockchain ventures, Wemade is making significant strides in this domain. In May, the company forged a meaningful partnership by signing a memorandum of understanding (MOU) with Hub71, a prominent global tech hub based in the United Arab Emirates (UAE). Hub71 is undertaking initiatives aimed at nurturing Web3 startups and fostering the growth of blockchain technologies. Moreover, Henry Chang, Wemade’s CEO, attended WebX, the annual Japanese Web3 conference held in Tokyo last month, to call for game developers in Japan to participate in the burgeoning blockchain industry.Chang stated that capitalizing on its technological prowess, Wemade is actively identifying various business opportunities amid the rapid expansion of the global blockchain sector. He emphasized that the company is carefully preparing to make a seamless introduction of the blockchain version of Night Crows this year. According to Chang, Wemade is committed to investing in the creation of new games while strengthening the WEMIX ecosystem. A key element of this ecosystem is the WEMIX token, which supports three pivotal services: blockchain gaming platform WEMIX PLAY, DAO-driven NFT platform NILE, and decentralized finance service WEMIX.Fi.