Bithumb achieves top score in FIU anti-money laundering compliance evaluation

LINE NEXT Inc, a U.S.-based Web3 subsidiary of messaging app giant Line Corporation, has made a strategic partnership with ReadON, a global Web3 content provider running a “Read to Earn (R2E)” app called “ReadON DAO.” The service helps users develop routine reading habits by providing tokens as rewards. Photo by GuerrillaBuzz on UnsplashThis partnership will enable LINE NEXT to feature various digital products on its “DOSI,” a global digital commerce platform where users can freely create and trade digital items including NFTs.  In cooperation with ReadON in the marketing and business sectors, LINE NEXT plans to offer a number of innovative products to over one million users of ReadOn.  Various digital collaborative merchandise On Feb. 21, the two companies are scheduled to roll out digital collaborative merchandise inspired by “Catto,” the brand character of ReadOn, with a plan to introduce DOSI x ReadON pass tickets that benefit users of both platforms. Limited edition items offering exclusive perks and tokens that can be used on ReadOn will also soon be available for purchase. ReadOn’s previous digital items have proven to be popular: items introduced in January were sold out within just 10 seconds after they were released, with other items also selling out within 30 minutes over four consecutive days. LINE NEXT is committed to collaborating with ReadON to launch more services that can reach a broader audience. Initiative to make Web3 more accessible to the publicIn a related development, LINE NEXT launched the official web and mobile versions of DOSI in January. Under the initiative to make Web3 more accessible to the public, LINE NEXT strives to expand the range of products available on DOSI.                                                                         

About three years ago, in March 2021, the South Korean financial regulators implemented the Specific Financial Transaction Information Act to ensure that local cryptocurrency exchanges provide safe and sound crypto trading services to investors. It was also a move to prevent exchanges and investors from engaging in illicit money laundering practices.  However, the law has come across as a hassle to many crypto exchanges, as they were required to undergo verification processes to prove their reliability and to receive real-name accounts from banks. These accounts enable their users to trade crypto against the Korean won, helping exchanges stand out in the fiercely competitive crypto market amid surging Bitcoin prices. At the moment, only five crypto exchanges in Korea are qualified to provide such services. Bithumb, one of these few qualified fiat-to-crypto exchanges, has renewed its real-name account contract with NH Nonghyup Bank (NH Bank) for six more months, according to local news media Yonhap News Agency. Photo by Robin Jonathan Deutsch on UnsplashVarious factors in play for relatively short renewalCrypto insiders say that extending the contract for only six months appears to be quite a conservative move, as Bithumb has been making a year-long contract with NH Bank every year since 2018. Experts suggest various factors may have influenced Bithumb's decision, including the volatile crypto market, the Virtual Asset User Protection Act becoming effective in July and the exchange's planned initial public offering (IPO).  Some say the relatively short renewal of the contract comes after a flurry of complaints from Bithumb users about the unfavorable user experience, including the cumbersome process they must go through to increase the deposit limit of their real-name accounts linked to Bithumb. This appeared to have prompted Bithumb to feel reluctant about the 6-year-long collaboration and seek a partnership with another bank such as KB Kookmin Bank or the online-only Kakao Bank, according to local media Bizwatch. One bank official said that the relatively short renewal reflects Bithumb and NH Bank's commitment to addressing the inefficiencies of crypto transaction services, as the two companies plan to enhance their investor experience and marketing efforts over the next six months.  Crypto boom drives partnership between exchanges and banks NH Bank appears to be persuading Bithumb to maintain their partnership, one bank official said, because providing real-name accounts to crypto exchanges not only benefits exchanges but also banks. Having young crypto investors – mostly in their 20s to 40s – open real-name accounts at banks is seen as a significant opportunity to expand their customer base. One crypto insider said the ability to issue real-name accounts usually puts banks in a superior position when entering a partnership with crypto exchanges, but that doesn't seem to be the case in times like this when the crypto market is bullish more than ever.  

Planetarium Labs’ blockchain MMORPG Nine Chronicles M launches worldwideWeb3 gaming company Planetarium Labs has officially released its mobile game Nine Chronicles M worldwide, which is now available for download on Google Play and the App Store.Photo by Jonas Leupe on UnsplashRedefining the MMORPG genreNine Chronicles M is the mobile version of the popular Nine Chronicles, a fully on-chain open-source massively multiplayer online role-playing game (MMORPG) — the first of its kind in the world — set against the backdrop of Norse mythology. The PC version of the game has consistently topped the ranks of dApp store DappRadar’s blockchain game listings with more than 200,000 users worldwide. Building on this experience, Planetarium Labs stated that the mobile version would provide an even more immersive game experience surpassing that of the original version.“With Nine Chronicles M, we aim to create an experience where the community not only enjoys the game but actually owns it,” said Kim Jae-seok, CEO of Planetarium Labs, referring to the game’s fully decentralized format and interactive open-source protocol. “From various events to creative and enhanced gameplay and the largest reward pool known in PvP battlegrounds, we promise to deliver an exciting and thrilling gaming experience.”Successful pre-registration turnoutThis latest release comes after the global pre-registration event that recently ended on Wednesday (UTC), which attracted some 200,000 gamers. Various rewards will be distributed to participants through a gacha game dubbed “Dvergr’s Gacha Workshop”. Such rewards include rare character costumes and allotted amounts of the in-game currency Nine Chronicles Gold (NCG), which can be used to purchase in-game items or staked to earn additional rewards. They can be claimed by downloading and logging into the game, Planetarium Labs explained.