The blockchain mainnet led by Com2uS Holdings was renamed from XPLA to CONX as part of a strategic restructuring. The pivot aims to break away from a game-centric ecosystem and build fintech infrastructure that integrates AI-driven content creation and real-world assets. The plan is to expand beyond gaming items and NFT trading to enable a wider range of content providers to participate. Executives say they are reorganizing the business to enhance scalability and cross-industry use cases, including programmable finance.
Market reaction has been tepid, reflecting a history of challenging performances. Com2uS previously entered the blockchain space in 2022 with C2X on the Terra network, which collapsed after the Terra-Luna depegging. It later migrated the mainnet to Cosmos-based XPLA to normalize operations, but regulatory constraints on Play-to-Earn and a broader market downturn contributed to a roughly 90% drop from peak token value. The rebranding has not reversed these trends, with the Singapore subsidiary posting losses since its 2022 inception; net losses stood at 26.8 billion won in 2022, 5.7 billion won in 2023, 10.0 billion won last year, and 9.0 billion won in the first three quarters of this year.
A key hurdle remains regulatory uncertainty around STO and RWA initiatives. Although amendments to the Capital Markets Act and Electronic Securities Act were approved in the National Assembly, full implementation is not expected until late next year. Industry observers warn that pushing ahead without clear guidelines could invite regulatory risk, including possible reclassification of RWA tokens as securities or dividend-bearing CONX tokens as unregistered securities that could affect exchange listings. The CONX Foundation says it is closely reviewing each country’s laws and intends to respond flexibly, prioritizing the regulatory environment as it pursues RWA and STO projects. Com2uS Holdings continues to own 50.1% of its Singapore subsidiary.
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