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Myanmar Government in Exile Backs Crypto Bank LaunchMyanmar is on the cusp of a financial revolution as the National Unity Government (NUG), the country’s exiled shadow government, introduces the Spring Development Bank (SDB), a crypto-based financial institution.With a mission to bestow long-awaited financial freedom and digitized sophistication upon the nation’s citizens, the SDB aspires to reshape Myanmar’s financial landscape.Built on PolygonThe bank derives its name from the Spring Revolution, an opposition movement that bravely challenges the ruling military junta. The goal of the SDB is to bring “freedom and democracy to the 55 million citizens of Myanmar,” a lofty ambition that reflects the NUG’s determination to empower its people through innovative means.Constructed on the Polygon Network, the SDB aims to revolutionize domestic and international payments, making them faster and more efficient. But the bank’s vision extends beyond just payments. Following a recent press conference, bank officials revealed plans to offer a diverse range of financial products, including fixed deposits, currency exchange services, cross-country remittances, and even digital gold savings options.Reaching the Burmese diasporaNotably, the SDB’s reach extends beyond Myanmar’s borders to the two-million-strong Burmese diaspora residing abroad. This diaspora frequently sends money back to their homeland, but the current remittance fees can soar as high as 30%. The bank intends to alleviate this burden, reducing the costs associated with sending money back to Myanmar.The Spring Development Bank operates under the licensing and regulation of the Interim Central Bank of Myanmar, which is under the control of the NUG. U Calvin, the bank’s CEO, emphasized that this launch marks the initial step towards restoring financial independence to Myanmar.The bank’s emergence comes amid Myanmar’s complex relationship with cryptocurrencies. While there is no specific legislation addressing cryptocurrencies, the Central Bank of Myanmar issued a ban on them in 2020, and the military junta later proposed a cybersecurity law that criminalized their usage in January 2022.Photo by Dan Gold on UnsplashJuly soft launchA soft launch of the SDB is scheduled for July 22, with 1,000 private beta users and 100 relationship managers. The bank expects to achieve a full launch in late August, with the goal of attracting 100,000 active users within the first six months of operation.Despite these regulatory challenges, Myanmar’s people have turned to cryptocurrencies as an escape from their dire financial situation. Since the February 2021 coup, the country’s economy has suffered significantly, with the World Bank estimating an alarming 18% annual contraction. Fading trust in the traditional banking system, controlled by the military, has further crippled the financial market.The Myanmar kyat (MMK) plummeted to an all-time low of 2,200 against the US dollar (USD) in September 2021, down from 1,330 in February 2020 (currently 1 USD = 2,100 MMK).The SDB’s arrival signals a glimmer of hope amidst these trying times, offering a beacon of financial opportunity for the citizens of Myanmar. With the support of the NUG, the bank is looking to take an innovative approach to better serve Burmese citizens, both at home and abroad.

Com2uS Platform, a subsidiary of South Korean game publisher Com2uS Holdings, yesterday revealed its plan for a non-fungible token (NFT) airdrop. This event is part of a celebration marking the one-year anniversary of its rebranded NFT marketplace, known as X-PLANET.Popular intellectual propertiesThe NFT marketplace underwent a rebranding in March of last year, aiming to improve its integration with Com2uS' XPLA blockchain mainnet. Named X-PLANET, the platform is envisioned as a new planet where users can "explore" and "play." By November 2023, it had become the top revenue-generating local NFT marketplace, thanks in part to popular intellectual properties like the B.O.P Universe and Choushinsei Flashman. The B.O.P Universe draws inspiration from Bung O Pang Tycoon, a mobile game centered around baking pastries, while Choushinsei Flashman is a 1980s Japanese TV series known for its live-action superheroes.NFT airdrop eventTo mark the first anniversary of its rebranding, X-PLANET is hosting an NFT airdrop event on its official website. The event kicked off on March 21 and will have another round on April 4, at 6 p.m. KST, when 365 "Lucky Star" NFTs will be made available on a first-come, first-served basis. Owners of NFTs bearing lucky numbers will have the chance to earn double points during a B.O.P Universe event, which continues until April 14.  Additional benefits are in store for those purchasing NFTs for the first time and those visiting X-PLANET’s Discord channel. Moreover, participants who spread the word about the anniversary event and the B.O.P Universe contest on social media will be entered into a draw for a chance to win a coffee coupon.Photo by Andrey Metelev on UnsplashNFT marketplace and blockchain ecosystemLee Luda, the Head of the Web3 Platform Business Division at Com2uS Platform, highlighted that the recent event was designed to show gratitude to X-PLANET users who have shown their support since the platform's rebranding. Lee further stated that as the NFT marketplace representing the XPLA ecosystem, X-PLANET is committed to evolving into a user-friendly platform. Their goal is to create an environment that not only adds value but also provides entertainment, making it a welcoming space where anyone can participate and enjoy. Recognized for its straightforward user interface and efficient trading system, X-PLANET has been introducing a collection of valuable NFT works across various domains, including art, games and K-pop. The NFT marketplace is actively pursuing collaborations with talented artists and prominent organizations to bring meaningful NFT content to its users.

CJ ONE to Sell 3,000 NFTs for New Membership ServiceCJ ONE, a lifestyle membership service operated by digital service company CJ OliveNetworks of South Korean conglomerate CJ Group, announced on Tuesday that it will sell 3,000 digital membership NFTs for its new lifestyle service, PRISM ONE. This comes as part of efforts to enhance brand value and boost customer benefits.Photo by Choong Deng Xiang on Unsplash“The PRISM ONE Membership NFT is an important milestone that reflects changes within CJ ONE. As a lifestyle membership, our brand will strive to provide unique experiences in all aspects of our members’ lives,” said Ha Jae-young, Head of Data Marketing at CJ OliveNetworks.Tier benefitsThe NFTs are categorized into four tiers — Basic, Special, Premium, and Prestige — with higher tiers offering more benefits. Depending on the tier, which will be decided randomly, customers can receive up to 10,000 CJ ONE membership points per month and eight times the number of points that they accumulated the previous month over a period of half a year.CJ ONE points can be used like cash at various CJ Group subsidiaries that offer services in culture, dining, shopping, and entertainment, as well as over 30 brand partners such as cafe Mega MGC Coffee, convenience store CU, and refinery company Hyundai Oilbank.10 customers with the Prestige NFT will also be chosen to receive benefits worth KRW 1 million, including welcome packages from CJ The Market, CJ Group’s online grocery shopping mall, and accommodation vouchers to use at Starville, a luxury “glamping” — a portmanteau of “glam” and “camping” — site.Limited sales and resell opportunitiesMinted with a new brand identity design, the NFTs will be sold for KRW 45,000 each on the NFT trading platform Pala starting from 7 PM (Korea Standard Time) on September 13. Customers who participate in an event until September 3 can win a chance to purchase them at a discounted price of KRW 42,000 prior to the public sale. Payments can be made with Polygon tokens (MATIC) or Korean won, and digital wallets Klip and MetaMask are also supported, the company said. In particular, the NFTs can be resold on trading platforms like Pala.