PayProtocol AG, the issuer of Paycoin, announced plans to terminate its virtual asset custody service for the Paycoin app in South Korea. 

This decision stems from challenges in the domestic regulatory environment, which have prevented PCI’s payment services from resuming since February 2023.

The company has decided not to renew its Virtual Asset Service Provider registration when it expires in April 2025, opting instead to focus on its growing international payment ecosystem.

In July, South Korean authorities considered delaying the 20% crypto gains tax until 2028, following concerns from the local crypto community. The delay was discussed due to fears of market impact and insufficient institutional preparation.

Paycoin’s international ventures

Paycoin has made strides abroad, launching a global app that allows PCI payments at international retailers like Apple, Shake Shack, and Swarovski. 

The company also established a presence in Lithuania and secured VASP status to expand in crypto-friendly jurisdictions.

Paycoin’s decision to discontinue its VASP registration reflects a shift in focus from South Korea to international markets, as ongoing regulatory ambiguity in the country hinders operations. While domestic wallet services will cease, other features such as Wallet Connect and Paycoin Shopping will remain available, according to the Paycoin release.

Withdrawals for PCI and other assets will be supported until April 21, 2025, while new wallet creation and deposits will end on Sept. 27, 2024.

A widely followed trader is leaning bullish on a mid-cap Real World Asset (RWA) token while offering his insight on three other altcoins.

The trader pseudonymously known as Sherpa tells his 223,600 followers on the social media platform X that the native token of the RWA blockchain MANTRA (OM) could go up by around 16% from the current level to hit a new all-time high.

“Still one of the better RWA options out there and has high float/less supply overhang and lots of financial backing behind it.”

OM is trading at $1.22 time of writing.

Next up is Solana (SOL). The pseudonymous analyst says that despite Solana proving to be a “slow mover” over the recent past after being outperformed by competitors such as Sui (SUI), he is still leaning bullish on it.

“I still think SOL is a good bet though.”

Solana is trading at $153 at time of writing.

Next up is the native token of the layer-one blockchain Fantom (FTM). According to Sherpa, Fantom has a bullish market structure and “still looks really good on higher time frames.” The pseudonymous analyst further says that the upcoming rebrand and upgrading of Fantom to Sonic (S) scheduled for November/December this year bolsters his bullish thesis for the altcoin.

“…this goes higher within the next few weeks.”

Next up is the dog-themed memecoin dogwifhat (WIF). Sherpa says that WIF “looks pretty strong overall” and would present a potential long opportunity on pullbacks.

WIF is trading at $2.22 at time of writing.

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Bitget Wallet has officially launched OmniConnect, a groundbreaking software development kit (SDK) designed to enhance the integration of Telegram Mini-Apps with multichain ecosystems. This innovative tool allows developers to connect their applications to over 500 blockchains, including major networks like Solana and EVM-compatible chains, enabling seamless transaction signing and execution across multiple platforms. This launch is poised to transform Telegram, which boasts over a billion users, into a robust gateway for Web3 interactions.

Bitget Wallet Bridges Telegram and Web3

The introduction of OmniConnect represents a significant advancement in the synergy between Web3 and Telegram. Previously, Telegram Mini-Apps were limited to interactions within the TON network, restricting their utility. With OmniConnect, developers can now leverage Bitget Wallet to facilitate transactions across various blockchain networks, thereby broadening the scope of applications available to users. This move aligns with Bitget Wallet’s mission to onboard a billion users from social platforms into the Web3 ecosystem.

Alvin Kan, COO of Bitget Wallet, emphasized the importance of this development: “Previously, Telegram Mini-Apps could only interact with the TON network, making it difficult to engage with other public chains. Bitget Wallet’s OmniConnect aims to bridge this gap.” The integration not only simplifies user interactions but also enhances the overall experience for developers looking to create innovative applications that tap into the growing Web3 landscape.

Bitget Wallet’s Growing Presence and Expansion of Developer Opportunities

Bitget Wallet has already established a strong presence within the Telegram ecosystem by partnering with notable projects such as Tomarket and Catizen. These collaborations have allowed Bitget Wallet to offer unique features like trading bots for Telegram and multi-chain trading capabilities without gas fees on TON DApps. The wallet’s popularity is evident, with nearly 2 million downloads recorded in August 2024 alone, making it one of the most downloaded wallets globally.

As part of its broader strategy, Bitget Wallet aims to empower developers and enhance the Mini-App ecosystem on Telegram. Future initiatives are expected to further deepen this integration, providing additional tools and resources for developers while expanding access for users. With over 30 million global users, Bitget Wallet continues to innovate by offering features like its MPC keyless wallet for secure logins through familiar methods such as email and Google accounts.

Developers interested in utilizing OmniConnect can find detailed instructions and documentation at Bitget’s official developer portal. This resource will guide them through integrating their Mini-Apps with Bitget Wallet, ensuring a smooth transition into the multichain environment.

In addition to OmniConnect, Bitget Wallet is committed to driving mass adoption of Web3 technologies by simplifying access through its all-in-one platform. The wallet integrates various functionalities including trading directly within the app and connecting social features with multi-chain ecosystems. Kan stated, “Our goal is to be the gateway for mass Web3 adoption, making it easy for even non-Web3 users to access DeFi and blockchain games.”

The launch of OmniConnect not only enhances the capabilities of Telegram Mini-Apps but also marks a pivotal moment in bridging traditional social media platforms with decentralized technologies. As more developers leverage this SDK, users can expect a richer array of applications that facilitate easier access to Web3 services.

Conclusion

Bitget Wallet’s OmniConnect SDKis poised to transform the way Telegram users engage with blockchain technology. Bitget Wallet is making great progress towards establishing a welcoming and user-friendly Web3 environment by enabling smooth connection between different chains and boosting developer functionalities. As this ecosystem develops further, it will surely bring in more users with traditional backgrounds into the realm of decentralized finance and more.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.