Hong Kong Legislator Courting US Crypto Exchange Coinbase

China Unveils Blockchain-Powered Data ExchangeChinese government officials have announced the launch of a data exchange leveraging blockchain technology during the 2023 Hangzhou Summit in China on Wednesday.According to local media reports, the Hangzhou Data Exchange, introduced at the summit held in Hangzhou, aims to facilitate seamless buying and selling of Web3 data across enterprises. The event garnered participation from over 300 companies, including tech giants Alibaba Cloud and Huawei, marking a significant step towards embracing decentralized technology for data management.Photo by Xiaolin Zhang on UnsplashEnabling Web3 data tradingIt’s understood that the Hangzhou Data Exchange has been established with the aspiration of revolutionizing the trading landscape for enterprise information technology data by harnessing the capabilities of distributed ledger technology. Officials emphasize that the platform’s implementation will ensure that transactions conducted through the exchange remain unalterable and traceable.Chen Chun, the Director of the National Laboratory of Blockchain and Data Security, provided insights into the exchange’s advanced features, stating that it integrates research blockchain, privacy computing, and other cutting-edge technologies to establish a secure and confidential environment for sharing and utilizing data across departments and regions.Hangzhou’s digital economy sector has demonstrated significant growth, surpassing 500 billion Chinese yuan (equivalent to $69 billion) in 2022. This accounted for nearly 27% of the city’s total GDP. It suggests that the city is putting a strategic focus on technological development and innovation.Complex blockchain strategyChina’s stance on blockchain technology has been complex. While the Chinese authorities have been rigorous in regulating private blockchain enterprises, they have simultaneously championed government-led blockchain initiatives.President Xi Jinping, during the inauguration of the 2023 Shanghai Cooperation Organization Conference (SCO), highlighted the significance of central bank digital currencies (CBDC) in expanding the use of local currencies for settlements among SCO member countries. In a move to stimulate domestic spending, the Chinese government recently distributed over 100 million yuan worth of digital yuan CBDC to its residents.China’s promotion of its digital yuan has been unrivaled. Over the course of recent months, various initiatives have been launched to further the use of the CBDC. These initiatives have included paying state employees with the currency in Changshu, integration of the currency into the education system in Jiangsu province, and the installation of digital yuan ATMs in Hainan, among many other such projects.Likewise, when it comes to metaverse development, a series of initiatives have been established recently. Henan province established a metaverse fund in May to support metaverse-related projects. In the same month, a National Blockchain Center was established to develop talent within the sector. Around the same time frame, the city of Zhengzhou announced proposals geared towards supporting the growth and development of metaverse companies.The unveiling of the Hangzhou Data Exchange underscores China’s ongoing determination to harness blockchain’s potential, in this case relative to enhancing data trading and management within the Web3 ecosystem.

South Korea’s securities and investment banking house, Shinhan Securities, has maintained the investment rating for Korean game company Wemade as “hold,” according to local financial media outlet Etoday. Shinhan Securities cited uncertainties in the crypto market outlook and the firm’s need to improve business performance as the ground for its latest investment rating. The performance of the firm’s blockchain games is a significant factor in Wemade’s future success as the overall excitement surrounding mobile massively multiplayer online role-playing games (MMORPGs) cools down.  Shinhan Securities’ head analyst Kang Seok-oh wrote in his analysis report that for Q4 2023, the firm recorded an operation loss of approximately $53 million (KRW 70.8 billion) and a consensus deficit close to $39.4 million (KRW 52.6 billion). Sales for the game company declined during the same period because the revenue from license sales, which was included in the Q3 2023 revenue, was not counted in the Q4 2023 figures, according to the report. Photo by Lorenzo Herrera on UnsplashNew games to enter the Chinese market Wemade is set to roll out more new games relative to last year, with plans to enter the Chinese market with “Mir4” and “MirM,” both of which are based on blockchain technology. Its MMORPG “Night Crows,” which ranked 3rd in mobile game sales last year, is also scheduled for a global launch on March 12. “The Legend of Mir”, the firm’s another new game in the pipeline, will be released in the second half of this year.  Kang said the key question is how much influence the crypto market boom will have on the future performance of the firm’s blockchain games. Furthermore, with the firm’s local sales slowing down following the cease of its referral marketing strategy, keeping its existing services profitable would be another important point, he said.  “Although Wemade keeps making its efforts to enter the Chinese market by signing contracts and obtaining the license permit Version Number from the Chinese government, it seems unlikely that Korean games will enjoy the high popularity they once had before China’s ban on Korean culture. Everything would have to turn out in the game company’s favor to improve its business performance,” Kang said. 

Asiastar Entertainment and Codus to Develop Casual P2E Game with NFT RewardsAsiastar Entertainment, a Korean company specializing in animation, food products, and toys, revealed plans last Friday to work with its business partner, software and blockchain development firm Codus, to develop a casual play-to-earn (P2E) game that rewards players with NFTs.Photo by Choong Deng Xiang on UnsplashTokenized in-game assets and coin rewardsSpecifically, multiple in-game characters and backgrounds will be tokenized as NFTs for trading. As players progress through the game, they can also earn rewards in the form of TBC — the official tradeable coin issued by TurboChain Foundation, a subsidiary of Asiastar Entertainment. These rewards can be exchanged for gift vouchers and various merchandise, the company said.The two companies plan to leverage Asiastar Entertainment’s Great Q-Bot animation model — a model originally aimed at providing animated educational content for children — to create the P2E game.Watch-to-earn, short-form videosMeanwhile, TurboChain Foundation is gearing up to launch its Turbo Playhouse platform in the latter half of the year. This watch-to-earn, short-form video platform links offline products and online videos with QR codes to allow users to receive TBCs.Asiastar Entertainment also added that it is currently focusing on expanding its business through blockchain-related ventures by taking advantage of its core competencies in this emerging field.