China establishes metaverse working group with Chinese tech giants

Alchemy Pay scores second money services license in United StatesAlchemy Pay, the Singaporean crypto-fiat payment services provider, is solidifying its presence in the United States, with the acquisition of a money services license in the state of Iowa.Photo by Austin Goode on UnsplashU.S. licensing driveThis expansion, announced on Thursday, aligns with the company’s strategy to navigate the U.S. regulatory landscape and enhance compliance with local requirements. This recent acquisition follows Alchemy Pay’s earlier achievement of a money transmitter license (MTL) in Arkansas in September. The company has not only completed the application process for MTL licenses in additional U.S. states but also expects responses in the coming months.Under the regulatory framework of Iowa, entities or individuals engaged in currency exchange or money transmission must obtain a money services license. In an interview with Cointelegraph, Alchemy Pay Ecosystem Lead Robert McCracken highlighted the Singaporean company’s commitment to a well-structured regulatory environment. McCraken stated:“We believe that a well-structured regulatory environment is essential for the sustainable growth and development of any industry, and that includes the fiat-crypto payment industry.”Despite the challenges posed by the evolving regulatory landscape in the U.S., McCracken affirmed the company’s dedication to seeking licenses and upholding compliance standards as it expands operations. He described this approach as “more challenging but ultimately correct” for ensuring the long-term success of the crypto payment industry.Global market expansionIn addition to its U.S. endeavors, Alchemy Pay is actively pursuing license applications and market expansion opportunities globally, including in the United Kingdom and Hong Kong. The firm operates in 173 countries already, facilitating transactions through various payment methods, including Visa, Mastercard, regional mobile wallets and domestic transfers.In April, the company secured $10 million in funding from Singaporean venture fund and market maker DWF Labs, with a view towards expanding the business in South Korea. The following month, it enabled a rupee-denominated on-ramp, integrating with India’s UPI real-time payments system. In July, it partnered with well-known payments processor Checkout.com, integrating its Visa and Mastercard channels into its on and off-ramps.ICP collaborationThe collaborations and partnerships keep coming with Alchemy Pay and with that, on Wednesday it announced a strategic partnership with the Internet Computer (ICP) smart contract platform.That collaboration will see the listing of ICP, Internet Computer’s native token, on Alchemy Pay’s fiat on-ramp. This is the latest in a line of collaborations the crypto payments gateway has made with layer one and two blockchain network projects, including Polygon, Avalanche, Algorand and Arbitrum.These latest strategic expansions align with the company’s vision to establish a strong global presence while navigating and contributing to the ongoing evolution of crypto regulatory frameworks. Currently, comprehensive regulations for the entire crypto industry in the U.S. are under consideration by regulators, reflecting the dynamic nature of this rapidly evolving sector.

Animoca Brands Partners With Yuga Labs on ‘Wreck League’ LaunchHong Kong’s Animoca Brands and its San Francisco-based subsidiary nWay, a developer and publisher of multiplayer games, have partnered with Yuga Labs, unveiling their latest creation: “Wreck League.”Photo by Haidan on UnsplashLeveraging Web3Diving into uncharted waters in the realm of esports, this game leverages Web3 technology to empower players with the ability to construct, possess, and engage in battles with their very own distinctive Mech fighters.“Wreck League” challenges the traditional boundaries of gaming by permitting enthusiasts to craft their fighters, engage in fierce competitions, and secure on-chain rewards. Set to debut its maiden season, the game will draw inspiration from the Web3 stalwart, Yuga Labs.The game boasts a dual-pronged design, encompassing both Web2 and Web3 versions. In a savvy maneuver to capture a wide-ranging audience, nWay has devised a marketing strategy that seamlessly integrates effective user acquisition techniques from their previous ventures while circumventing complex blockchain terminology.Clarifying the ingenious concept behind the game, Taehoon Kim, the CEO of nWay, explained: “Wreck League stands as a fusion of Web3 and Web2 concepts. Our mission revolves around unifying communities and players, tapping into the creative wellspring of the Web3 community to consistently elevate the game’s content.”Designed for player retentionWithin the player community, creators, owners, and participants converge to partake in league events. The crux of the game revolves around the assembly of high-performance Mechs, crafted from a collection of 10 distinct Mech Parts NFTs.Player retention is a cornerstone of its design, driven by an engaging trajectory of in-game progression through upgradable mech parts, enhancing gameplay dynamics, and embedding the notion of asset ownership. The more players invest in refining their assets and advancing through levels, the stronger their bond with the game becomes. Active participation in events and tournaments further reinforces player allegiance.Yat Siu, the Co-Founder and Executive Chairman of Animoca Brands, is optimistic regarding the transformative potential of “Wreck League” within the esports sector. Siu envisions the game, where digital asset ownership is the norm, as a harbinger of a monumental shift in competitive gaming dynamics.Expanding market reachFor Yuga’s part, the NFT and metaverse company is using gaming, through this particular partnership, as a mechanism to broaden the reach of its well-established NFT brand. That said, it has also made its own individual efforts in that regard recently. The Web3 studio, best known for having created the Bored Ape Yacht Club (BAYC) NFT collection, has released two games, Dookey Dash and Forge, independently.nWay and Animoca Brands get to benefit from access to Yuga’s well-known NFT collections through the partnership. The companies confirmed that as part of the gaming experience, gamers will be able to collect and take ownership of in-game digital assets in the form of NFTs.Animoca acquired nWay in December 2019 for $7.69 million. The games developer and publisher creates and distributes triple A games on console, PC, and mobile platforms. At the time of the acquisition Animoca Brands outlined that it foresaw nWay innovating in the area of blockchain-based games, with the intention of both companies working together relative to that endeavor.

Mirae Asset Securities, South Korea’s largest asset management firm, has begun suspending trading for bitcoin ETFs, according to industry sources on Friday. This comes after an announcement made by the Financial Services Commission (FSC) stating that brokering spot bitcoin ETFs may be considered a violation of the government’s stance on virtual assets and the Financial Investment Services and Capital Markets Act.Photo by Dmytro Demidko on UnsplashTaking preemptive measuresThe asset manager has blocked new purchases of spot bitcoin ETFs listed in Canada and Germany starting yesterday and is considering suspending trading of bitcoin futures ETFs that have been listed in overseas markets since 2021. This includes the Proshares Bitcoin Strategy ETF, Valkyrie Bitcoin Strategy ETF, Invesco Galaxy Bitcoin Strategy ETF and VanEck Bitcoin Strategy ETF. As Korean financial authorities are putting the brakes on domestic investments in the recently approved spot bitcoin ETF by the U.S. Securities Exchange Commission (SEC), it is believed that Mirae Asset Securities is putting a preemptive halt to trading in other bitcoin ETFs. Spot vs futuresSpot bitcoin ETFs differ from futures ETFs in that they track the price of Bitcoin by actually holding the cryptocurrency, while the latter tracks its price through futures contracts. South Korean securities firms have been brokering futures ETFs listed in overseas market for a while now.