SBI and Chiliz join forces in fan token offering in Japan

The Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) in the Philippines has launched an initiative to educate the Southeast Asian country’s young people in relation to blockchain technology and non-fungible tokens (NFTs). The DOST published a blog article on its website on September 23 titled “Opening opportunities for the youth: DOST-ASTI highlights blockchain applications across various sectors.” It highlighted that technologies such as blockchain are “key forces reshaping how public and private institutions operate.” It’s on that basis that the government agency believes that there is a need to familiarize the country’s youth with blockchain technology, digital assets and NFTs. Photo by Choong Deng Xiang on UnsplashTech forum With that objective in mind, DOST-ASTI held a tech forum titled  “ASTIg Tech Talks Season 2: Blockchain for Young Innovators” on September 20 in Pasay City to fulfill that objective of aiding Filipino youngsters in becoming better acquainted with blockchain technology. The event formed part of the second National Youth Science, Technology and Innovation Festival (NYSTIF). In that effort, the agency is placing a focus on the real-world applications associated with blockchain technology, and with that, an emphasis on the fostering of this innovation going forward. DOST-ASTI placed blockchain in the same category as other emerging innovations such as the Internet of Things (IoT) and artificial intelligence (AI), pointing out that these are tangible innovations rather than hyped buzzwords. Job opportunities DOST-ASTI Senior Science Research Specialist Roxanne Aviñante spoke at the event, introducing the concept of blockchain to those participating students in attendance. Aviñante outlined that the emerging technology is building momentum and with that, increasingly there are job opportunities opening up within the sector. While acknowledging that blockchain’s first application was cryptocurrency, Aviñante pointed out that other use cases are being found. With that, she referred to “Self-Sovereign Identity Empowerment: Reinventing Rights and Attributes” (SIERRA), a blockchain-based system for managing intellectual property that is being developed by DOST-ASTI. Marc Jerome Tulali, a science research specialist at DOST, discussed the use of blockchain in voting systems and how it addresses deficiencies in traditional voting systems. Tulali claimed that blockchain can enhance traceability and transparency, as it provides a clear flow and record of product movement. Additionally, its characteristics make it ideal in addressing fraud and counterfeiting risks. Tulali recommended participating students to enroll in online educational courses in order to learn more about the field. He also provided details of four sample careers in blockchain, including blockchain developer, blockchain architect, NFT artist and blockchain researcher, as potential job opportunities for the students in the future. The Philippines has featured consistently within the top twenty of nations on Chainalysis’ Global Crypto Adoption Index in recent years. It has long been considered an ideal market for furthering crypto-based payments, given the large Filipino diaspora sending millions of dollars back home from overseas each year. With that remittance market in mind, Australian startup Stables Money recently partnered with Philippines-based digital assets platform Coins.ph to use a Philippine peso-based stablecoin for remittances.

Shinhan Card’s Membership NFTs Offer Discounts at Emart24 Convenience StoresShinhan Card, a major South Korean credit card company, announced on October 10 (local time) that it is launching membership non-fungible tokens (NFTs) in collaboration with convenience store chain Emart24 and Kakao’s blockchain subsidiary Ground X.Photo by Andrey Metelev on UnsplashNFT and loyalty pointsOwners of the membership NFTs can make purchases of KRW 5,000 ($3.71) or more at Emart24’s brick-and-mortar stores using the Shinhan Card mobile app, known as Shinhan pLay, to earn KRW 1,000 worth of My Shinhan Points. This benefit can be claimed up to three times a month.Moreover, upon purchasing the NFT, buyers will be gifted a KRW 2,000 off Emart24 coupon. Every month, they’ll be treated to a KRW 1,000 off coupon, a 10% off coupon on alcoholic beverages (with savings of up to KRW 3,000), and another 10% off coupon (with savings of up to KRW 1,500).NFT holders also get a KRW 2,000 discount coupon for the card company’s shopping platform, Allthat. Furthermore, every month, when they spend over KRW 10,000 in the food and nutrition category, they can use a 20% discount coupon, saving up to KRW 10,000 on their purchase.Valid for three monthsThese benefits will remain valid for three months starting from the date of issuance of the NFT. A total of 1,000 membership NFTs will be offered for sale at KRW 9,900 each on the Allthat platform until October 16.Purchased NFTs can be received via Ground X’s Klip Wallet, which is accessible through the Emart24 app and the Shinhan pLay app.This initiative stems from an NFT alliance established in July of last year, comprising Shinhan Card, Emart24, and Ground X. The alliance, known as GRID, has set its sights on promoting the widespread adoption of NFTs across diverse sectors, including finance, commerce, and entertainment. Commencing with this effort, Shinhan will engage in collaborative efforts with fellow GRID members to explore additional avenues for expanding its services through its pLay app.

A recent survey by Turkish crypto exchange Paribu reveals that 99% of Turkish investors are now familiar with digital assets, a significant rise from just 16% in 2020. Digital assets have emerged as the third most popular investment choice in Turkey, overtaking traditional options like real estate. Investors are now nearly twice as likely to consider digital assets over stocks or mutual funds, a trend seen across other Asian nations, where younger investors are favoring crypto over more conventional investments. In Indonesia, for example, digital asset investors reached 20 million this year, far surpassing the 12 million who trade on the country’s stock exchange. In the U.S., a recent Bank of America survey reported a similar trend, with younger investors increasingly gravitating toward digital assets.Photo by Burak Karaduman on PexelsHigh returns and future potential drive interest in digital assetsThe survey shows that Turkish investors are primarily attracted to digital assets for their high return potential, while some view them as the future of finance. Other motivations include fast transaction capabilities, as well as benefits like censorship resistance. According to Paribu’s spokesperson, Nergis Nurcan Karababa, crypto assets may experience higher adoption rates than traditional financial products, as more individuals anticipate mainstream usage of digital assets in the near future. Security a top priority for Turkish investorsSecurity remains a paramount concern for Turkish investors, particularly given the history of hacks and fraud targeting local exchanges. Paribu’s survey, which polled over 2,000 residents and 541 active traders, found that most Turkish investors demand a strong security system from their trading platforms. In recent years, Turkish exchanges have been targeted by hackers, with high-profile breaches impacting investor confidence. In June, an attack on BtcTurk, the country’s largest exchange, reportedly led to a $55 million loss from multiple hot wallets. An earlier collapse of the Thodex exchange in 2021 saw the disappearance of investor funds valued by Chainalysis at $2.6 billion, although local prosecutors cited a lower figure. Thodex’s founder was sentenced to over 11,000 years in prison, underscoring the severity of crypto-related financial crimes in Turkey. Rise in preference for local exchangesDespite security incidents, Turkish investors increasingly favor local exchanges, with 78% indicating a preference for Turkey-based platforms in 2024, up from 63% last year. This trend aligns with a global shift towards domestic exchanges as investors seek platforms regulated by local authorities, providing easier avenues for legal recourse. The collapse of international platforms like FTX has accelerated this trend, and countries such as Nigeria, India and Indonesia have issued new licenses exclusively for local exchanges, restricting foreign entities from operating within their borders. Turkey’s leading position in the MENA crypto marketTurkey ranks as the largest digital asset market in the Middle East and North Africa (MENA) region and is 11th globally in terms of adoption, according to Chainalysis. Between June 2023 and June 2024, Turkey received $137 billion in digital assets, placing it seventh worldwide for total transaction volume. This growing market highlights Turkey’s role as a key player in the global crypto landscape, as well as the increasing integration of digital assets into mainstream financial activities among Turkish investors.