NEOPIN and Finschia Foundation to jointly launch Finschia’s first decentralized exchange

On Thursday, South Korea’s Personal Information Protection Committee (PIPC) launched an investigation into Worldcoin’s personal data collection, processing and potential overseas transfer of sensitive personal data, the PIPC announced today via its official website. This comes after a number of complaints were filed against Worldcoin for its data collection practices.  Sam Altman’s crypto project Worldcoin gathers people’s personal data who signed up to have their irises scanned by “orbs” devices, which are currently installed in about 10 locations in Korea, including Yeouido, Pangyo and Apgujeong. The project started with the aim of distributing universal basic income to people whose jobs will be potentially replaced by artificial general intelligence (AGI) in the future. Photo by Colin Lloyd on UnsplashThe PIPC said the regulators will examine if any local privacy law has been violated by Worldcoin, and take further action in line with the Personal Information Protection Act. Following the launch of the investigation on Feb. 29, Worldcoin has withdrawn six orbs devices in Korea and stopped accepting new members. It has also suspended the distribution of the Worldcoin token (WLD) to members who have already signed up, media outlet Chosun Biz reported.  Free crypto tokens in exchange for personal data For individuals who have their irises scanned, Worldcoin rewards three WLD tokens every two weeks, which are worth approximately $22.5 (KRW 30,000) at the time of writing. The price of WLD has soared by nearly ten-fold from about KRW 1,300 last year to over KRW 13,000 today, according to the data from the local crypto exchange Bithumb. This price surge followed OpenAI’s launch of a text-to-video AI tool, Sora. The current circulating supply of WLD stands at around 100 million tokens. According to Worldcoin’s white paper, the WLD’s total supply cap will remain fixed at 10 billion tokens during the first 15 years following its launch.  The data collected from the eyeball scanning is shared on the Worldcoin blockchain, which is protected by the zero-knowledge proof technology that prevents the data from being tracked or shared with other applications. The personal data remaining in the orbs devices is deleted.  Ongoing overseas investigation on Worldcoin South Korea is not the only country that is examining Worldcoin’s personal data collection practices. The project’s processing of information has raised concerns in other jurisdictions as well, including the U.K., France, Argentina and Kenya. In the U.S., the issuance of WLD tokens has been banned by the country’s authority. 

NS Studio and Factor Labs to Enhance Military Security with Blockchain TechnologyKorean game developer NS Studio announced on Thursday its collaborative research effort with blockchain-based security solutions company Factor Labs to boost the security system of its specialized virtual reality simulator used in military training centers and multinational security firms.Photo by Filip Andrejevic on UnsplashProtecting special combat forcesThe two companies signed a memorandum of understanding (MOU) to develop a blockchain-based security system to be integrated into military training equipment that aims to safeguard the identity and behavioral data of special combat forces. Factor Labs’ security technology and blockchain expertise will be integrated into NS Studio’s military training programs, facilitating safer training sessions.“Given the fact that special combat forces are important assets whose identities are considered national secrets, we want to amp up the security of the simulation programs that keep a record of their identities and behavioral patterns using blockchain technology,” the two companies said in a joint statement.“We have begun developing the necessary technology for this project and are preparing to implement the security program starting in the latter half of this year.”Blockchain’s role in military securityThis collaboration underscores the increasing role of cutting-edge technologies like blockchain in ensuring the security and privacy of sensitive data not just in the financial context but also in military and security contexts. The combined efforts of NS Studio and Factor Labs are poised to contribute to the advancement of secure training simulations for special operations personnel.

Crypto-Friendly Xapo Bank Enters Indian MarketXapo Bank, a cryptocurrency bank based in Gibraltar, has set its sights on India and plans to offer banking and cryptocurrency services in the country.Xapo, which claims to be the first bank in the world to integrate traditional private banking with crypto, issued a press release which was published via Bloomberg on Thursday to announce the development.Photo by Julian Yu on UnsplashMassive market opportunityWith a population of over 1.3 billion, India presents a massive opportunity for Xapo Bank, which is backed by prominent investors like SoftBank, DST Global, and Ribbit Capital. This move comes at a time when India has seen impressive foreign inflows of $15.5 billion in the first quarter of 2023.The CEO of Xapo Bank, Seamus Rocca, suggested that the absence of conventional banking services in certain parts of South Asia has created a void that Xapo Bank aims to fill. By providing innovative financial products and services, the bank hopes to empower individuals and businesses with access to reliable and inclusive banking solutions.Rocca stated that the move “represents an opportunity to provide our hybrid banking and investment solutions to its large underserved populations, bridging an important gap in the region’s financial systems and allowing its savvy savers, investors, and professionals the freedom to explore their financial potential with a single mobile application.”Competitive interest rate offeringOne of the attractive features of Xapo Bank for customers in India is its competitive interest rates on deposits. The bank offers attractive returns, with a yearly interest rate of 4.10% on US dollar deposits and 1.00% on Bitcoin deposits. Notably, the daily interest payments on Bitcoin deposits are distributed in the smallest denomination of the cryptocurrency, a satoshi.Xapo Bank’s expansion into India aligns with the country’s projected economic growth of 6.3%, according to Fitch Ratings. Despite the worldwide economic downturn, India’s GDP demonstrated robust growth of 6.1% in the first quarter, showcasing the country’s resilience.Government policy challengesHowever, Xapo Bank will face challenges as it enters the Indian market. The world’s most populous country has implemented strict measures regarding cryptocurrencies, including a 30% tax on all cryptocurrency income and the elimination of deductibility for losses. Such regulations could potentially impact Xapo Bank’s operations and profitability in India.Authorities like the country’s central bank, the Reserve Bank of India (RBI), have been more inclined to encourage the financial services sector to adopt blockchain technology rather than offer cryptocurrencies directly. Earlier this month, American multinational financial services company JPMorgan Chase partnered with six major Indian banks in a blockchain offering that aims to improve the interbank settlement process.Nevertheless, Xapo Bank remains undeterred, recognizing the immense potential of India’s growing economy and the urgent need for accessible financial services. The bank’s expansion promises to create opportunities for individuals and businesses across the nation, contributing to India’s economic development and financial inclusion.Moreover, Xapo Bank’s entry into India reflects a broader trend of fintech innovation and the convergence of traditional banking and digital currencies. As the world becomes increasingly interconnected, financial institutions like Xapo Bank are reshaping the financial services landscape by offering forward-thinking solutions that bridge gaps, ultimately empowering individuals and fostering economic growth.