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Major gaming conglomerate Nexon plans to acquire South Korean crypto exchange Bithumb.

South Korean media has reported that Nexon, a multi-billion dollar conglomerate led by CEO Kim Seong-Ju, plans to acquire its largest cryptocurrency exchange Bithumb. Nexon, led by CEO Kim Seoung-Ju, will reportedly work with one of the major shareholders in Bithumb, Vidente, to buy out the exchange and take control of the company. According to […]

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South Korean media has reported that Nexon, a multi-billion dollar conglomerate led by CEO Kim Seong-Ju, plans to acquire its largest cryptocurrency exchange Bithumb. Nexon, led by CEO Kim Seoung-Ju, will reportedly work with one of the major shareholders in Bithumb, Vidente, to buy out the exchange and take control of the company. According to South Korean media, Nexon plans to take a 65% stake in South Korea’s crypto exchange Bithumb.

The sale of the exchange has reportedly been in the works since last year. 

The sale of the exchange has reportedly been in the works since late August 2020, with preliminary bidding held in September. Several financial and strategic investors, including domestic and foreign private equity fund managers, bid for success. Yet, the ongoing police investigation involving Lee Jung Hoon, chairman of the board at Bithumb Korea and Bithumb Holdings, appears to have slowed down the acquisition process. The report further notes that the legal entanglement of the exchange’s current shareholders, who are also being sued for embezzlement by investors, could make it difficult for the exchange to secure the legally required registration as a crypto entity with South Korean authorities.

 

Nexon has previously invested in cryptocurrency firms. 

Nexon’s holding company, NXC, has previously invested in cryptocurrency and fintech, including the well-known exchange Bitstamp. Given Bithumb’s prime position as South Korea’s largest crypto exchange by trading volume, Nexon’s market dominance is expected to benefit if the acquisition is successful. An acquisition and change in management could clear this regulatory obstacle. Young has commented that Nexon’s acquisition would, more generally, “improve the image around the most dominant crypto trading platform in the local market.” 

Source: https://coinnounce.com/nexon-plans-to-acquire-crypto-exchange-bithumb/

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Blockchain Game Alliance Will Host NFT Open Forum to Boost Adoption

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The Blockchain Game Alliance was formed by a group of companies looking to boost the adoption of blockchain technology in the gaming industry, and it is sponsored by companies like Ubisoft, AMD, ARK.io, Maker, and Algorand.

The organization will be running an online open forum discussion on January 15th about the status of the NTF space and its future in 2021.

The gamification of cryptocurrency investment strategies like yield farming represented a step forward for NFT’s, which promise to be a big player in the crypto ecosystem in 2021.

The Blockchain Game Alliance is Discussing the Latest Trends

The alliance believes that NFTs will play an important role in the game industry in the future and has invited 4 experts to talk about it by using a central question: “Which applications will generate interest and bring innovation in 2021?”.

The guest speakers will be Twobadour Paanar, Joël Hubert, Patrick Barile, Patrick Barile, Patrick Barile, and Alex Gausman, all of them with deep knowledge of the blockchain ecosystem.

Those interested in participating in the open forum will b able to do so via the Livestream on Friday 15th at 4 pm CET on the Alliance’s YouTube channel.

Gaming as the Gate to Blockchain’s Mass Adoption

One of the most important requirements for the mass adoption of any new technology is users not realizing they are using it while benefiting from everything it has to offer.

This level of integration and ease of use is what has made technologies like the internet, streaming, telecommunications, and computing such an essential part of daily life.

Videogame trends like the growing F2P business model incentive users to acquire in-game assets such as skins, weapons, loot boxes, characters, etc, by playing the game to earn them or by buying them.

However, these assets are limited to the developer’s ecosystem and can be taken from the player or modified at any time, making them feel more like borrowed assets.

This has made Non-Fungible Tokens (NFTs) one of the most popular applications of blockchain technology in the gaming industry, for games entirely built using blockchain and platforms looking to create gaming ecosystems alike.

NFTs are Becoming More Popular

The use of NFTs brings clear advantages for players not only by providing them with ownership over their assets but by allowing developers to create more complex universes in which games can interact with each other.

Most importantly, this happens without the player having to know what an NFT or blockchain is or is required to jump through hoops.

The reason why the gaming industry has such a potential to drive blockchain and crypto mass adoption over other industries is its sheer size, being bigger than all other entertainment industries combined, and the tech-savvy nature of most of its users.

2020: A Great Year for NFTs and Crypto

2020 will be a year to remember for decades to come as a year full of events that affected people on a global scale.

It will also be a year for crypto and blockchain enthusiasts to remember due to the bull run that took place by the end of the year, the Decentralized Finance (DeFi) and NFT boom, and innovation in multiple niches.

In the words of Ilya Abugov, DappRadar’s project manager: “There is more hype around NFTs right now. To some extent, it’s an extension of the DeFi excitement.”

Projects like MEME and Aavegotchi showed the world the potential of NFTs to do more than just work as collectibles by merging them with DeFi yield farming, while markets like Rarible and Opensea attracted thousands of users and investors around the world.

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Source: https://blockonomi.com/blockchain-game-alliance-will-host-nft-open-forum-to-boost-adoption/

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Grayscale dissolves XRP Trust as Ripple continues to face legal troubles.

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Sequel to its removal of XRP from its diversified public crypto fund, Grayscale Investments has announced its XRP Trust’s dissolution. The move is another fallout from the current enforcement action instituted by the U.S. Securities and Exchange Commission (SEC) against the blockchain firm Ripple. According to the official announcement, the move is in line with the current SEC lawsuit against Ripple, which among other things, classifies the fourth-ranked cryptocurrency as a security token.

Grayscale dissolves XRP Trust.

Grayscale announced the decision to dissolve its XRP Trust product in a press release issued on Wednesday, saying, “In response to the SEC’s action, certain significant market participants have announced measures, including the delisting of XRP from major digital asset trading platforms, resulting in the Sponsor’s conclusion that it is likely to be increasingly difficult for U.S. investors, including the Trust, to convert XRP into U.S. dollars, and therefore continue the Trust’s operations.” The firm revealed that it has liquidated the XRP Trust and plans to distribute the XRP Trust product shareholders’ funds as part of the dissolution process.

Ripple continues to face legal trouble. 

As reported earlier, Bakkt, one of the biggest cryptocurrency companies in the United States, will not support the cryptocurrency XRP as part of its further product development, according to the CEO. The US SEC filed the lawsuit against Ripple for allegedly selling unregistered security XRP. Since the lawsuit, XRP has plunged significantly as US-based crypto exchanges, including Coinbase, delisted the cryptocurrency from their platforms. Crypto exchanges with a more international presence have elected to discontinue trading of the token for U.S. customers. Ripple CEO had earlier said that they are planning to fight the lawsuit, and the company is adamant that XRP is, in fact, not security.

Source: https://coinnounce.com/grayscale-dissolves-xrp-trust-as-ripple-continues-to-face-legal-troubles/

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Ledger sets bounty for information on recent Shopify attacks

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The hardware wallet company has offered a Bitcoin bounty to anyone that provides information leading to the arrest of the perpetrators

Ledger announced in a blog post yesterday it would reward 10 bitcoins to anyone that delivers useful information regarding the ongoing data attacks. The current incident involves the e-commerce platform Shopify, which suffered a security breach last year. The breach resulted in a data leak of customers of about 200 of its merchants.

Shopify reported that rogue members of its support team accessed and stole customer transactional records of several companies including Ledger. The wallet maker has admitted that about 20,000 of its users were among those affected by the incident.

We at Ledger have learned very important lessons and will continue to work hard to ensure your trust is well-placed in us. We are humbled. We are becoming stronger and more resilient as a result,” the company wrote.

This disappointing turn of events has rubbed salt in the wound for the firm, with the number of attacks on Ledger customers on the rise since last summer when the first data breach was reported. At the end of last year, reports surfaced that scammers had begun exploiting the data breach at the company.

The wallet maker is now looking to manage the series of attacks and restore its reputation among crypto users. Ledger will award any person that provides information leading to the identification and arrest of the criminals 10 BTC. The Bitcoin bounty roughly translates to about $350,000 as per the current BTC/USD price.

The crypto firm further extended an invitation to other companies to get in on the bounty offer.

Ledger is committing numerous additional resources to identifying and prosecuting those responsible for the attacks on Ledger and Ledger customers including a bounty fund of 10 BTC for information leading to successful arrest and prosecution. We hope other companies will join the bounty program and help make the crypto community a safer place,” the company said in a statement.

In addition to hiring investigators to track the criminals, Ledger will also be adopting a new communication approach to protect its users.

We will implement a messaging model where proactive important security and technical information will be conveyed through Ledger Live. Email and social media will ONLY be used for broadcasting product messages and announcements.”

Source: https://coinjournal.net/news/ledger-sets-bounty-for-information-on-recent-shopify-attacks/

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