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WEMIX In Talks With Binance To Secure Community Assets

South Korean game giant Wemade announced that it would cooperate with Binance Custody, a custody service of Binance, to complete the custody of its chain game platform token WEMIX this week.

The Wemix Foundation is working on storing all Foundation-owned WEMIX into escrow wallets, thereby promoting an asset management system centered on increased security and absolute transparency.

Citing on-chain data, Wemade stated that the total supply of the token (excluding the amount burned) is 1,037,346,971, about 76.4% of which are currently uncirculated.

The total amount of WEMIX hosted through Binance Custody is 728,421,488.45, which is about 70% of the total supply and 92% of the non-circulating supply.

Of the uncirculated token supply, some are bound by on-chain smart contracts, and some non-tradable tokens are owned by external entities based on lock-ups and agreements with the Foundation, these will not be included in the total escrow.

Earlier, after controversy over legal issues, Wemade asked the court to cancel the decision to delist WEMIX from the 5 largest cryptocurrency trading platforms in Korea.

Seoul court on Friday began reviewing a preliminary order requested by game publisher Wemade to withdraw decisions from South Korea’s top five cryptocurrency exchanges to delist the token.

WEMIX is Blockchain Gaming Platform developed by Wemade Tree Pte. Ltd, providing services including Cryptocurrency Wallet, Token Exchange, Game Item Trade and Game Gateway. Wemade Tree Pte. Ltd is subsidiary of Wemade, the Developer and Owner of “The Legend of Mir” IP, highly successful game with over 500 Million users.

The NFT market for the platform games will be launched in the first half of 2021. CrypTornado for Wemix is slated to be the first game that allows NFTs to be used and traded among users. Various ways to maximize NFTs’ technical characteristics and advantages will be experimented with. AquaTornado for WEMIX and a coming fishing game will share fish NFTs. Players can catch fish, then send it to AquaTornado for WEMIX to breed and enjoy.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.