Shalini Nagarajan

Samsung Electronics and the Bank of Korea have joined forces to spearhead research and innovation in offline central bank digital currency (CBDC) technology.



The partnership seeks to eliminate internet dependency by ushering in a new era of seamless offline payments. Both entities will conduct joint research aimed at catalyzing the development of a CBDC ecosystem.



The memorandum of understanding was inked on Monday at Samsung’s headquarters south of Seoul, CBDC Insider <a href="https://cbdcinsider.com/2023/05/15/samsung-to-collaborate-with-bank-of-korea-on-cbdc/" target="_blank" rel="noreferrer noopener">reported</a>.



Samsung’s foray into the Bank of Korea’s CBDC project began in a <a href="https://www.koreatimes.co.kr/www/biz/2021/08/367_313360.html?gone" target="_blank" rel="noreferrer noopener">2021 pilot program</a>, co-managed by blockchain platform Ground X.



Since then, the tech giant has reportedly achieved a significant milestone with the successful development of offline CBDC technology; a short-range wireless technology called Near Field Communication (NFC) lets the devices of both sender and receiver talk to each other directly without an internet connection, South Korean tech outlet The Pickool <a href="https://www.pickool.net/samsung-and-bank-of-korea-partner-to-advance-cbdc/" target="_blank" rel="noreferrer noopener">reported</a>.



Samsung’s phones and tablets include an Embedded Secure Element (eSE) chipset, where these CBDC transactions can be kept safe and secure. Blockworks has reached out to Samsung for comment.



In June 2020, the Bank of Korea established a <a href="https://www.koreatimes.co.kr/www/biz/2020/06/367_291217.html" target="_blank" rel="noreferrer noopener">legal advisory panel</a> to examine potential regulatory challenges associated with the issuance of a CBDC.



In light of the growing global interest in CBDCs, the outcome of this collaborative research effort could serve as a virtual compass. The insights gained may shape future initiatives aimed at exploring and establishing cooperative pathways for the development of the global CBDC ecosystem.



Building on the cooperation’s outcomes, Samsung and the Bank of Korea expressed their intent to further explore collaborative opportunities for developing a CBDC ecosystem internationally.



The latest partnership focuses on enhancing security and minimizing threats in offline payments using Samsung Galaxy devices, the Pickool noted. It also aims to guarantee a resilient payment system during situations where network connectivity is compromised.



Choi Won-Joon, executive vice president and head of R&amp;D at Samsung Mobile, <a href="https://cbdcinsider.com/2023/05/15/samsung-to-collaborate-with-bank-of-korea-on-cbdc/" target="_blank" rel="noreferrer noopener">reportedly</a> said the effort will enable Samsung’s “significant contribution to the development of offline CBDC technology in Korea and globally.”



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Samsung and Bank of Korea Strengthen CBDC Partnership

Casey Wagner

Samsung’s former chief strategy officer and electronics president made the switch to crypto, startup Astra Protocol announced this week.&nbsp;



Astra, a decentralized Web3 compliance and KYC firm, brought in <a href="https://www.linkedin.com/in/youngsohn/">Young Sohn</a> as an advisor. No stranger to disruptive technology, Sohn said he is excited to be at the forefront of the next major moves in the space. Compliance, he said, is going to be the key to moving crypto forward.&nbsp;



“What we are currently witnessing is a paradigm shift, where emerging technologies have the impact to transform our everyday lives,” Sohn said in a statement Thursday. “However, market headwinds and rapidly evolving business landscapes are stifling adoption.”



Also making a move from big tech to a startup is <a href="https://en.wikipedia.org/wiki/Trip_Hawkins">Trip Hawkins</a>, a former Apple executive and founder of Electronic Arts, the company behind soccer video game “FIFA.” Hawkins has joined Games for a Living, a Barcelona-based startup, as co-founder and strategy chief.&nbsp;



In 2020, Games for a Living secured a little over $1.2 million in its pre-seed round. 



“Regardless of the recent birthing pains, blockchain as a technology holds a lot of potential, enabling enhanced experiences, verifiable proof of ownership and asset trading, as well as creating new opportunities for social interaction and innovative business models,&#8221; Hawkins said in a press release.&nbsp;



Traditional firms are also looking to tap into crypto talent, with two major names adding digital asset skills to their list of requirements on dozens of job postings. BNY Mellon and JPMorgan both have their eye on those with crypto experience.&nbsp;



In one new <a href="https://bnymellon.eightfold.ai/careers/search?query=dlt&amp;pid=14943313&amp;domain=bnymellon.com&amp;sort_by=relevance&amp;triggerGoButton=false">job posting</a>, BNY Mellon says it needs a product specialist who can round out its digital asset offerings. The bank is also hiring a “digital cash product architect.”&nbsp;



JPMorgan has more than a dozen openings on its Onyx blockchain team. Onyx, launched in 2020, specializes in wholesale payment transactions.



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Crypto Hiring Roundup: Tech Execs Switch to Web3

Sebastian Sinclair

<div id="highlights-block_626c48768db09" class="highlights">
 <ul>
 <li>The investment arm of Samsung wants to list a blockchain ETF that closely resembles Amplify&#8217;s BLOK ETF</li>
 <li>The fund is expected to track a basket of major crypto and blockchain tech companies including Coinbase and Galaxy Digital</li>
 </ul>
 
</div>



Samsung Group&#8217;s investment arm is reportedly pursuing Asia&#8217;s first blockchain ETF in a bid to capitalize on growing demand.



South Korea&#8217;s Samsung Asset Management will attempt to launch the fund sometime within the first half of 2022 on the Hong Kong Stock Exchange, <a href="https://www.kedglobal.com/cryptocurrencies/newsView/ked202204280019">The Korea Economic Daily</a> reported Thursday.



It&#8217;s the first time an Asia-based ETF of its kind – that includes crypto – will be listed in the region. The vehicle is expected to track a basket of major blockchain tech companies.



The move follows the asset manager’s&nbsp;acquisition of <a href="https://www.ft.com/content/8b244962-6702-4eb6-9382-720b41f58201" target="_blank" rel="noreferrer noopener">US ETF provider Amplify Holding Company</a>&nbsp;in late March, in which it took a 20% stake via a special purpose vehicle. The investment arm is Amplify’s exclusive ETF partner in Asia, according to a <a href="https://www.globenewswire.com/news-release/2022/03/31/2414457/0/en/Amplify-ETFs-Announces-Strategic-Partnership-with-Samsung-Asset-Management.html" target="_blank" rel="noreferrer noopener">press release</a>.



Samsung&#8217;s ETF is expected to closely resemble Amplify&#8217;s BLOK ETF – albeit under its own brand – which invests 80% of its net assets into equity securities of blockchain-based companies. The BLOK ETF&#8217;s top holdings include Coinbase, Microstrategy, Nvidia, SBI Holdings and Galaxy Digital.



Blockchain-based ETFs continue to <a href="https://cms.blockworks.co/macro-funds-aim-to-add-exposures-to-bitcoin-futures-crypto-etfs/" target="_blank" rel="noreferrer noopener">gather pace</a> following regulatory <a href="https://cms.blockworks.co/sec-approves-bitcoin-futures-etf-filed-under-the-33-act/" target="_blank" rel="noreferrer noopener">approval</a> of several funds from major asset managers in recent months, hoping to capture the upside of crypto&#8217;s speculative fervor. 



In addition to tracking crypto firms, BLOK also covers crypto-based ETFs, including Purpose Investments&#8217; bitcoin ETF and 3IQ Coinshares bitcoin ETF.



Canada-based Purpose Investments&#8217; ETF launched the world&#8217;s first bitcoin ETF backed by physically settled bitcoin in February 2021.



The move sparked a renewal of ETF applications across the world, including the US, which has yet to approve its first spot bitcoin fund, as a result of the SEC&#8217;s wary stance.



Samsung Asset Management is a wholly-owned subsidiary under the umbrella of the Samsung Group. 



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