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Korbit Joins Hands with Shinhan Card and Good Neighbors for NFT CampaignKorean crypto exchange Korbit said Thursday that it is participating in the Cambodia Youth Independent Tuk-tuk Transportation IG Group organized by the Good Neighbors Global Impact Foundation to help create jobs and support economic stability for youths in Kampot, southern Cambodia. To do so, the exchange has launched a campaign with Korean credit card company Shinhan Card and the Good Neighbors Global Impact Foundation to issue environmental, social, and governance (ESG) donation certificates minted as non-fungible tokens (NFTs).Photo by Markus Winkler on UnsplashTuk-tuks, or auto rickshaws, are the main mode of transportation in Cambodia, offering a larger job market for youths who are looking to become financially independent. Yoo Tae-hyun, Head of the Platform Business Group at Shinhan Card, expressed his hopes that the campaign will empower the youths and help them become more independent.Campaign participationShinhan cardholders who wish to participate in the campaign can select “Tuk Tuk Donation Certificate NFT Campaign” found under the Areumin section in Shinhan’s app service Shinhan pLay. They can then make a donation with their card or card points and apply for an NFT. Korbit said that it would airdrop all NFTs to donors at the end of the campaign in December, which can be verified on Korbit’s NFT marketplace and Shinhan pLay app’s MyNFT service. The images minted on the donation NFTs, which depict Cambodian youths on tuk tuks, are a contribution from Park Hye-geun, an artist who has worked on children’s books, educational materials, and more.Notably, during a memorandum of understanding (MOU) signing ceremony last Monday, the three entities opted for an NFT certificate confirming their partnership instead of directly signing a document as a means to further implement NFTs into their collaboration.Boosting ESG efforts“We are pleased to contribute to creating a trend of making donations through NFTs and will continue to uphold our ESG management to have a positive impact on society,” said Oh Se-jin, CEO of Korbit. Meanwhile, Hyun Jin-young, CEO of the Good Neighbors Global Impact Foundation, applauded Korbit’s efforts to promote a culture of donation and address global social issues through the use of NFTs. He also stated that he looks forward to various technological collaborations with Korbit in the future.Korbit has previously worked with Shinhan Card on various cultural and artistic ESG activities, such as hosting an art fair in April in Seoul, where some 200 artists showcased their artworks.

UBS Pioneers Tokenized Money Market Fund on EthereumUnderscoring what is very much an ever-evolving financial sector, large-scale investment manager UBS Asset Management has taken a pioneering step by launching a pilot project for a tokenized money market fund on the Ethereum blockchain.Photo by Bastian Riccardi on UnsplashBlurring the lines of TradFiThe initiative, announced by UBS in Singapore on Monday, promises to streamline the traditionally cumbersome processes of fund subscriptions and redemptions. Additionally it highlights the increasing integration of blockchain technology into traditional finance, effectively blurring the boundaries between the two worlds.The UBS project aligns with Singapore’s Variable Capital Company (VCC) fund structure and falls within the scope of Project Guardian, championed by the Monetary Authority of Singapore (MAS).Structured in this way, UBS believes that the project design lends itself to the ability to bring various forms of real-world assets (RWAs) to the blockchain. Furthermore, it establishes a favorable rapport with regulatory authorities in Singapore, a jurisdiction known for its forward-thinking, crypto-friendly financial regulatory environment.Public blockchain useThis new offering relies upon a smart contract that’s run on the Ethereum public blockchain, encapsulating the money market fund. Through this smart contract use, the subscription and redemption processes can be simplified. That will represent a major change, given that those processes have traditionally been laden with paperwork and delays.In the first iteration, large TradFi firms like UBS considered the use of private blockchains but as Matt Hougan, the CIO of crypto asset manager Bitwise, pointed out, this particular initiative is indicative of a shift towards public blockchains. Hougan stated:“Remember when TradFi projects were built on private blockchains? They are all being built on Ethereum today. Progress.”RWA tokenization potentialThe tokenization of real-world assets has the potential to revolutionize digital asset investments by offering transparency, security, and trust. It not only paves the way for a better understanding of digital assets but also accelerates their adoption. UBS’s pilot project represents another significant move in this direction.With increasing support from regulatory bodies like MAS, the fusion of digital assets with traditional financial structures is likely to witness a myriad of large-scale implementations in the not too distant future.UBS TokenizeUBS harnessed the power of its in-house tokenization service, UBS Tokenize, to seamlessly conduct the controlled pilot of the tokenized money market fund. The initiative falls squarely within the purview of UBS’s global distributed ledger technology strategy, which aims to elevate fund distribution and issuance to greater levels of efficiency by leveraging the capabilities of both private and public blockchains.UBS Tokenize also featured in a separate initiative earlier this year in Hong Kong, facilitating the issuance of digital structured notes on the Ethereum blockchain via the Bank of China Investment (BOCI).The momentum behind the tokenization of real-world assets has been building in recent years, with various protocols focusing on real-world assets consistently outperforming other sub-sectors of decentralized finance.

Korean Cafe Attracts Customers with NFTsA South Korean cafe owner has employed non-fungible tokens (NFTs) as an ingenious marketing strategy to attract customers.©Pexels/Leeloo ThefirstNFT holder benefitsIn an interview with Korean crypto news outlet Digital Asset, Yoo Hyun, the entrepreneurial business owner, explained that he was seeking a strong marketing tool to capture the attention of the NFT market. Yoo was interested in seeing if his cafe could remain profitable while also offering substantial benefits to its customers.Since April 2022, Yoo has released a total of 50 Ethereum-based NFTs related to his cafe, Hide Me, Please (HMP), in two separate batches of 25 each. The first set of NFTs grants holders a free cup of coffee or drink daily for life, while the second set offers an extra drink or dessert with each drink purchased.Increased revenueThis unique NFT initiative has led to increased revenue for the cafe. Kim Dae-sung, the CFO of HMP, explained that the cafe’s monthly revenue increased by 15% compared to the same period last year.HMP is currently selling 500 NFTs as a third set and plans to release more depending on demand. Yoo highlighted the importance of an appealing interior design and tempting desserts, as NFT holders visiting for a free coffee may be enticed to purchase a dessert as well.Regular customersYoo asserts that the food and beverage industry hinges on retaining regular customers and believes NFTs can help achieve that objective. HMP aspires to become a community-based platform, and according to Kim, many digital artists are interested in the space that the cafe provides because it enables them to connect with clients. Collaborations often take place, and while the cafe charges for food and drinks, it does not charge for space rental. This approach fosters a positive impression and contributes to a strong brand image.High-quality cafeAt present, about 5% of HMP’s customers hold NFT memberships. Yoo and Kim plan to increase this number to 10% but no higher, as excessive reliance on NFT members could jeopardize the business. They underlined the significance of remaining a high-quality cafe, staying true to the core foundation of their enterprise. As they anticipate the growth of the Web 3.0 ecosystem, Yoo and Kim believe that with continued efforts, HMP will gain even greater value.