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Klaytn partners with OpenSea to spur growth in Asia

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Asia’s dominant metaverse blockchain ecosystem, Klaytn Foundation, has joined forces with OpenSea, the world’s leading marketplace for NFTs, to invest in the Asian NFT ecosystem.

The partnership, which was announced at NFT.NYC, is the first-of-its-kind dedicated to accelerating the growth and adoption of NFTs in Asia.

NFTs, which are unique (“non-fungible”) digital assets that are individually identifiable and traceable, are the key building blocks of the metaverse in Web3. The technology promises to enable individuals to have true ownership of digital assets, including user-created digital content distributed in the metaverse, or even digital representation of physical assets in the real world. The partnership, which will include conference collaborations, ecosystem grants, and more, will scale-up the NFT ecosystem, strengthen ties, and bring greater visibility to Asian NFT projects worldwide.

“We’re excited to partner with OpenSea on this critical step towards our vision of building a blockchain for metaverse, gamefi and the creator economy,” said David Shin, Head of Global Adoption at Klaytn Foundation. “Through these partnership initiatives, our goal is to draw out innovative use cases and support the growth of the Klaytn ecosystem in Asia.”

So far, Klaytn has forged strong partners in Asia, including Singapore-based Altava Group, Thailand-based East NFT, Japan-based Soramitsu and China-based Blockchain-based Service Network (BSN), just to name a few.

More details on the various initiatives will be released at a later date on Klaytn official channels. Visit https://linktr.ee/klaytnofficial for the latest news from Klaytn.

Projects and developers can also tap on Klaytn Growth Fund (KGF), developers tools and resources, and look forward to an end-to-end metaverse support package that Klaytn is building through onboarding strategic partners to provide infrastructure and other support services.

Blockchain

THXLAB and IZUTSUYA Announce Strategic Partnership

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Blockchain

OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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