MegaLabs, H Lab Sign Strategic Pact on Web3 Infrastructure, Blockchain Expansion

Blockchain technology company MegaLabs said May 8 that it signed a strategic memorandum of understanding with H Lab, the crypto unit of Neowiz Holdings, to jointly develop Web3 infrastructure and expand the blockchain ecosystem.

The agreement was signed at the Mega Arcade Seoul event in Seoul on May 7. The companies plan to cooperate on DeFi-based artificial intelligence products, real-world assets, security token offerings and global ecosystem expansion.

They will also jointly develop MegaSwarm, a next-generation AI finance product. MegaLabs plans to combine its transaction-processing technology with H Lab's real-world asset business capabilities to expand related business opportunities.

H Lab will also participate in the MegaETH network's rotational sequencer program. The companies said the move will improve transaction-processing efficiency and strengthen decentralized security on the network.

The two sides also plan to jointly introduce the MegaETH network stablecoin USDm and work together on global marketing. Their strategy is to connect MegaLabs' network in Western markets with H Lab's network across Asia, the Middle East and Africa to expand the global ecosystem.

Shuyao Kong, MegaLabs co-founder and chief business officer, called the partnership an important milestone in expanding the global Web3 market. He added that the companies would deliver new outcomes through MegaSwarm and the expansion of the USDm ecosystem.

Lee Ji-won, chief business officer at H Lab, said the companies' technical collaboration could lead to a new form of AI DeFi service.