Blockchain Press Releases
Tiger Research Releases Special Report on the Korean Web3 Market in Partnership with Korea Blockchain Week
Real-world asset (RWA) tokenization and entertainment to be the leading contributor to Web3 expansion in Korea
Conglomerates such as SK, LG, and Lotte are enhancing the credibility of Web3 technology, leading to overall market growth
SEOUL, South Korea, Sept. 2, 2024 /PRNewswire/ — Tiger Research today released its special research report on Korea’s Web3 landscape, titled “Korea Web3 Market Guide.” Authored in collaboration with the founder of the Korea Blockchain Week (KBW), FACTBLOCK, Web3 ecosystem builder, and the co-host, Hashed, Asia’s leading Web3 VC Fund, the report aims to offer a primer for international investors and businesses ahead of KBW, which will be held from September 1-7, 2024.
The report explores key drivers positioning South Korea as a pivotal force in global Web3 evolution. It covers the market’s regulatory, socio-economic, and cultural context, along with 18 Web3 ecosystem components contributing to its vibrant progress.
Key factors driving South Korea’s growth in the Web3 market include:
- Substantial Trading Volume: Approximately one in ten Koreans (6.45 million users, or 12.5% of the total population) are registered with domestic exchanges This high engagement highlights the country’s strong interest in crypto. Earlier this year, daily crypto trading volume surpassed that of the KOSPI (Korea Composite Stock Price Index), underscoring the strong enthusiasm for crypto.
- Expansion of Korean IP through RWA: Amid domestic regulatory uncertainty, Korean RWA market participants are increasingly expanding globally. This shift provides international investors access to Korea’s rich intellectual property and high-quality assets. As regulations evolve, the Korean RWA market presents promising long-term investment opportunities.
- Entertainment and Gaming: Web3 offers new business models for Korean entertainment and gaming companies. Modhaus, a leading example in Web3 popularization, is gaining attention due to growing global interest in K-pop. Likewise, as the fourth-largest gaming market globally, Korea’s gaming ecosystem is at the forefront of Web3 gaming innovation, surpassing international competitors.
- Large Enterprises Accelerating Investment and Growth: The Web3 market in Korea is distinguished by the active involvement of conglomerates, with over half of the 82 registered ‘large enterprises’ pursuing Web3 initiatives. These investments are significantly accelerating the industry’s growth and maturation.
- Robust IT infrastructure and skilled workforce: Korea’s advanced technological capabilities and highly skilled talent pool provide a solid foundation for Web3 innovation. The market boasts a high developer-to-population ratio (4%), surpassing Japan (2.63%) and China (0.66%).
Tiger Research stated, “South Korea’s position in the Web3 industry is highly significant. The country ranks among the top globally in terms of cryptocurrency trading volume, with the Korean won rivaling the US dollar in trading volume. While many projects are actively seeking to enter the Korean market, the prevailing perception of Web3 as an industry that requires regulation and oversight has somewhat slowed its growth.”
“This report provides a comprehensive analysis of the current Korean Web3 and blockchain market and its future potential,” said Seonik Jeon, CEO of FACTBLOCK. “Since the inception of the Korean Blockchain Week in 2018, FACTBLOCK has dedicated itself to highlighting the importance of the Korean market and fostering global blockchain collaboration. We hope this report will serve as a catalyst for advancing the development of a unified Web3 ecosystem alongside KBW.”
“The report highlights the increasing adoption of Web3 technologies across various sectors in South Korea, including finance, gaming, infrastructure, solutions and entertainment. “The Web3 industry has moved beyond its initial infrastructure phase and is now being creatively applied across various sectors,” said Simon Kim, CEO of Hashed. “Korea Blockchain Week 2024, set against this backdrop of transformation, will provide a crucial overview of the latest trends and innovations in the global Web3 ecosystem.”
For market entry, the report notes that while South Korea has shifted from an outright crypto ban to a focus on investor protection, it maintains stringent standards compared to its global peers. With Web3 promotion being a prominent topic in the political sphere, the report concluded that closely monitoring the regulatory developments and approaching the market from a long-term perspective will be important.
About Korea Blockchain Week
Founded by FACTBLOCK and co-hosted by Hashed, Korea Blockchain Week (KBW) is an annual global blockchain and web3 festival held in Seoul, South Korea, since 2018. It has been a gathering ground for the top global blockchain and web3 leaders and unifying diverse communities.
KBW curates multiple prestigious main events, including the flagship conference ‘IMPACT.’ This provides participants and attendees exclusive opportunities to exchange industry insights and indulge in an immersive blend of music, art, and culture, making KBW a unique and enriching experience for all involved. https://koreablockchainweek.com/
About Tiger Research
Tiger Research is a research and GTM (Go-To-Market) advisory firm centered on the Asian Web3 market. With a mission to empower everyone in a borderless digital economy, Tiger Research delivers world-class research and business advisory services to world’s most respected businesses and institutions. https://www.tiger-research.com/
View original content:https://www.prnewswire.co.uk/news-releases/tiger-research-releases-special-report-on-the-korean-web3-market-in-partnership-with-korea-blockchain-week-302236060.html
Blockchain Press Releases
Markets Show Resilience Ahead of End-of-Year Options Expirations: Bybit x Block Scholes Crypto Derivatives Report
DUBAI, UAE, Dec. 26, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, released the latest Crypto Derivatives Analytics Report in collaboration with Block Scholes, highlighting the muted market volatility despite major options expirations on Friday. BTC and ETH’s realized volatility has increased, but short-term options haven’t adjusted to this change. This indicates that while spot prices are fluctuating, the options market is not fully reacting to these shifts, although BTC and ETH volumes have displayed slightly different patterns.
With more than $525 million in BTC and ETH options contracts expiring on Dec 27, 2024’s end-of-year options expiration looks set to be one of the biggest yet, yet expectations for volatility have remained subdued. The report highlights an unusual inversion in ETH’s volatility structure, but BTC has not mirrored the reaction. Additionally, a change in funding rates—sometimes turning negative as spot prices drop—signals a new market phase. Notably, BTC’s volatility structure has been less responsive to changes in spot prices, whereas ETH’s short-term options are exhibiting more noticeable fluctuations.
Key Findings:
BTC Options Expirations:
In the past month, BTC’s realized volatility has been higher than implied volatility on three occasions, each time reaching a relatively calm equilibrium. Open interest in BTC options remains high, contributing to potential increased volatility as we near the end of the year. Around $360 million worth of BTC options (both puts and calls) are set to expire soon, which can affect price movement.
ETH Options: Calls Dominate
Despite a mid-week inversion, ETH’s volatility term structure has flattened, maintaining levels similar to those seen over the past month. In the final week of 2024, calls overwhelmed puts in open interest in ETH options, although market movements and trading activities are more on the put side.
Access the Full Report:
Gain deeper insights and explore the potential impacts on your crypto trading strategies by downloading the full report here: Bybit X Block Scholes Crypto Derivatives Analytics Report (Dec 24, 2024)
#Bybit / #BybitResearch
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
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View original content:https://www.prnewswire.co.uk/news-releases/markets-show-resilience-ahead-of-end-of-year-options-expirations-bybit-x-block-scholes-crypto-derivatives-report-302339299.html
NICOSIA, Cyprus, Dec. 26, 2024 /PRNewswire/ — BC.GAME has launched its latest slot game, Wukong, inspired by the highly acclaimed Black Myth: Wukong, a groundbreaking AAA game that has captivated players worldwide. Officially released on December 24, this 6-reel, 5-row slot game allows players to experience the essence of Wukong’s legendary journey while aiming for rewards of up to 10,000 times their bet.
The game incorporates iconic symbols and elements from Black Myth: Wukong, such as the Ruyi staff, gourd bottles, and treasure pearls, designed to recreate the mythical atmosphere of the original story. The addition of the Sticky Symbols feature enhances gameplay by keeping special symbols locked in place during free spins, significantly increasing the chances of winning and unlocking larger rewards.
Dark Visual Design and Storytelling Behind Wukong
The visual design of Wukong draws from traditional Chinese art styles, blending elements from Journey to the West. The reels are filled with recognizable symbols like the Ruyi staff, gourd bottles, and treasure pearls. These symbols immerse players in the mythical world of the story, faithfully recreating key moments from the novel, such as Sun Wukong’s havoc in Heaven and his encounters with the White Bone Demon.
The game’s background is rooted in Journey to the West, where Sun Wukong embarks on a journey with the monk Tang Seng and his companions to obtain sacred scriptures. Each detail of the game is carefully crafted to bring this legendary tale to life, offering a unique gaming experience and a tribute to Chinese culture and mythology.
Key Features of the Wukong Slot Game:
Free Spins and Bonus Opportunities: Triggering free spins unlocks additional reward mechanisms, increasing the chances of landing big wins.
Sticky Symbols Feature: Special symbols remain in place during free spins, greatly enhancing winning potential.
Up to 10,000x Max Win: The game offers a maximum payout of up to 10,000 times the bet, providing significant winning opportunities.
“Wukong is not just about spinning reels; it’s about experiencing a rich part of Chinese culture. We’ve worked hard to ensure the game is stunning and fun and engaging for players, with layers of features that add excitement. We’re proud to offer a game that blends storytelling with gameplay, and we think players will love the journey through Wukong’s legendary world,” Jack Dorset, CEO of BC.GAME said.
About BC.GAME
BC.GAME is a leading online gaming platform that integrates blockchain technology and cryptocurrency into its casino games, by offering a secure, transparent, and decentralized experience, BC.GAME allows players to enjoy a variety of gaming options, including slots, table games, and live casino offerings. The platform is dedicated to providing players with exciting, fair, and innovative ways to engage with the world of gaming. citing, fair, and innovative ways to engage with the world of gaming.
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Blockchain Press Releases
WSPN Appoints Former EY Global Chief Innovation Officer Jeff Wong as Independent Director
SINGAPORE, Dec. 26, 2024 /PRNewswire/ — Worldwide Stablecoin Payment Network (WSPN), a leading stablecoin infrastructure company, announces the appointment of Jeff Wong as Independent Director. Mr. Wong brings over 25 years of experience in technology innovation and enterprise transformation to WSPN. He most recently served as EY’s Global Chief Innovation Officer from 2015 to 2024, where he spearheaded the firm’s global innovation initiatives and established EY’s advanced technology labs focusing on Artificial Intelligence, Blockchain, Quantum Computing, and Web3.
Prior to EY, Mr. Wong held leadership roles at eBay and JPMorgan Partners. He is a member of the Council on Foreign Relations, the Forbes Technology Council, and the founding Chair of Asia Society’s Technology and Innovation Council, helping drive the innovation and transformation agenda. He was also a member of the World Economic Forum’s Global Future Council on Innovation Ecosystems. He has previously served on the Oxford Foundry Board at Oxford University and the Advisory Board for AI4All. Mr. Wong is a recipient of the Outstanding 50 Asian Americans in Business award and an honoree of the A100 List by Gold House, recognizing individuals with Asian Pacific heritage who have made a significant impact on American culture and society.
“Joining WSPN at this pivotal moment in the stablecoin industry is incredibly exciting,” said Mr. Wong. “I look forward to contributing my experience in emerging technologies and enterprise transformation to help WSPN build the next generation of digital payment infrastructure.”
“Jeff’s appointment represents a significant strategic addition to WSPN,” said Raymond Yuan, Founder and CEO of WSPN. “His deep expertise in innovation management, enterprise transformation, and emerging technologies, combined with his leadership experience at global institutions, will be invaluable as we accelerate our market expansion and global development.”
About WSPN
WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN’s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.
Learn more: www.wspn.io | X | LinkedIn
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View original content:https://www.prnewswire.co.uk/news-releases/wspn-appoints-former-ey-global-chief-innovation-officer-jeff-wong-as-independent-director-302338852.html
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