Modhaus attracts $8M in advancing blockchain-based K-pop fan engagement

Despite ongoing fluctuations in the cryptocurrency market, analysts suggest that sustained institutional activity is likely to underpin a near-term rebound. As Bitcoin recovered above $90,000 on Dec. 5, market observers began weighing potential risks against growing evidence of corporate and sovereign adoption.Photo by Austin Hervias on UnsplashStructural risks seen as limitedAccording to South Korean news outlet Etoday, Hong Sung-wook, a researcher at NH Investment & Securities, said that the recent slump in both Bitcoin and Strategy stock may weigh on shareholders but does not fundamentally threaten the company’s solvency. He noted that concerns that typically emerge during Bitcoin downturns seldom reflect new underlying risks. Addressing the potential removal of Strategy from the MSCI index, pending review results expected by Jan. 15, Hong indicated that the impact would likely be limited, as the firm has already exhausted its capacity to make additional Bitcoin purchases. However, he cautioned that prolonged share price weakness could force companies to reevaluate digital asset treasury (DAT) models. Such a shift, he warned, could trigger corporate sell-offs that would burden the broader market. Hong also addressed concerns related to stablecoins and future technology. Despite S&P Global Ratings assigning Tether its lowest grade of "weak," Hong observed that the issuer maintains reserves exceeding the USDT in circulation, rendering a mass withdrawal crisis unlikely. Regarding the threat of quantum computing, he argued that the timeline remains uncertain and that the Bitcoin network could mitigate future risks through consensus-driven protocol upgrades. Policy moves may offer market tailwindsLooking ahead, the analyst identified several constructive developments that could bolster the market, including the potential passage of a U.S. crypto market structure bill early next year. He also pointed to the anticipated nomination of Kevin Hassett as Federal Reserve Chair by President Trump. Hassett is expected to favor interest rate cuts, creating a potentially favorable macro environment. Additionally, Vanguard’s decision to permit the trading of select third-party crypto ETFs and mutual funds was cited as significant, given the asset manager’s historically conservative stance on digital assets. While the market has shifted into a broader risk-off mode, institutional demand for Bitcoin has continued to build, including activity that began well before the recent pullback. The Czech central bank recently established a $1 million test portfolio comprising Bitcoin, a USD stablecoin, and a tokenized deposit to research payment futures, though it clarified that it does not currently plan to add digital assets to its international reserves. In the academic sector, a Form 13F filing with the U.S. SEC revealed that Harvard Management Company, which oversees a $56.9 billion endowment, held 6.8 million shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT) as of Sept. 30, a threefold increase from the previous quarter. Furthermore, BlackRock CEO Larry Fink reportedly stated at the New York Times DealBook Summit 2025 that multiple sovereign wealth funds have begun accumulating Bitcoin, according to Forbes. Korean banks advance crypto integrationThis shift toward institutional acceptance is also materializing within South Korea’s traditionally conservative banking sector. The Maeil Business Newspaper reported that Woori Bank recently became the first major South Korean lender to display real-time Bitcoin prices on its trading floor, allowing dealers to track the asset alongside equities and foreign exchange rates. Concurrently, Hana Financial Group announced a partnership with Dunamu, the operator of the Upbit exchange, to develop blockchain-based remittance services, according to The Korea Economic Daily. By leveraging Hana’s global network and Dunamu’s technology, the initiative aims to reduce settlement times and costs for cross-border payments. Hana intends to introduce the technology for transactions between its Korean offices and overseas branches as early as the first quarter of next year, with broader expansion planned as domestic regulations evolve. Hana intends to launch the service at overseas branches as early as the first quarter of next year, with gradual expansion planned as domestic regulations evolve. 

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.

HSBC and Ant Group advance blockchain-based tokenized deposit systemThe Hong Kong and Shanghai Banking Corporation (HSBC), the largest bank in Hong Kong, and Ant Group, China’s leading financial conglomerate, have successfully conducted tests in a sandbox environment facilitated by the Hong Kong Monetary Authority (HKMA) to explore the potential of tokenized deposits.Photo by Robert Bye on UnsplashIssue, transfer and redemption of tokenized depositsAccording to Cointelegraph, the primary objective of this collaborative effort was to assess a system for issuing, transferring and redeeming tokenized deposits. The trial aimed to gauge the capacity of tokenized deposits to provide for greater efficiency, allowing for real-time treasury fund transfers for corporate accounts within the HSBC network to transpire seamlessly at any hour, 24/7.HSBC expressed its excitement regarding the results, stating that it will open avenues for future research on how blockchain technology and tokenization can drive efficiencies and innovations in corporate treasury management.The test harnessed a blockchain platform developed by Ant Group, leveraging the support of Ant Group’s banking partners. These partners played a pivotal role in enhancing the efficiency of treasury fund transfers by reducing turnaround times, increasing cost efficiency and improving overall visibility.Vincent Lau, Global Head of Emerging Payments and Global Payments Solutions at HSBC, emphasized the bank’s keen interest in integrating tokenized deposits and other financial innovations into its future strategy. This approach is designed to streamline and optimize treasury management services for its clients.Crypto and blockchain project involvementHSBC has maintained a proactive stance in exploring the potential of blockchain technology. The bank has participated in numerous initiatives related to central bank digital currencies (CBDCs), notably Project mBridge, a multi-CBDC platform developed by SWIFT. This initiative supports real-time, peer-to-peer, cross-border payments and foreign exchange transactions using CBDCs.It emerged earlier this year that HSBC was collaborating with the HKMA on its e-HKD CBDC pilot program. Part of that project implicated the use of tokenization relative to real world assets (RWAs), an area that the real-time gross settlement platform Ripple was providing expertise on.In June, HSBC took a significant step by launching local cryptocurrency services in Hong Kong, which included support for trading Bitcoin and Ether exchange-traded funds (ETFs) listed on Hong Kong’s stock exchange. The supported products encompass the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures Active ETF.In the same month, the HKMA encouraged HSBC alongside Standard Chartered to provide banking service support to fledgling crypto businesses in Hong Kong, having identified an issue with the extension of banking services to the sector within the Chinese autonomous territory. Meanwhile, Ant Group has been central to the progression of blockchain technology within China.HSBC’s expansion into crypto-related services aligns with the growing interest in digital assets, occurring in the aftermath of the launch of retail crypto trading in Hong Kong on June 1.