In Brief:
- Nexus has rebranded its CROSS gaming chain to OneChain and its $CROSS token to $ONE, leaving the network, team and token itself unchanged beneath the new single name.
- The rename comes on the heels of Nexus’s roughly 62.6 billion won — about $40.74 million — acquisition of an 89.03% stake in One Store, the Korean app marketplace that ships on more than 38 million devices.
- One Store joined the network on July 15 as its third validator and is set to become the storefront Nexus intends to grow into a global Web3 game store.
CROSS is now ONE.
Nexus has placed both its gaming chain and native token under the One Store brand it acquired in June, renaming them. The CROSS mainnet is now OneChain, and the $CROSS token is now $ONE. “Today, CROSS becomes ONE,” the project stated. “Same chain, same token, same team — one name.”
Today, CROSS becomes ONE.
Same chain, same token, same team — one name. Everything the CROSS chain carried, ONE now carries forward: the chain that settles it, the token that powers it. And the store already living on 38M+ phones becomes the front door that brings all of them@CROSSView on X ↗
No migration is involved, and no new asset is being created. The chain, its validators and the token supply all carry over untouched. The one thing that shifts is the front door. “The store already living on 38M+ phones becomes the front door that brings all of them,” the project said.
The One Store deal
On June 18, Nexus revealed that its board had signed off on purchasing 20,247,990 One Store shares — an 89.03% stake — for roughly 62.6 billion won, or about $40.74 million. The transaction closed on June 29.
Selling their holdings were SK Square with 45.78%, Naver with 24.06%, Steel Number One with 17.02% and Krafton with 2.17%. SK Square, Naver and Krafton are remaining on board as strategic investors in Nexus.
To finance the acquisition, Nexus is raising around 39.5 billion won via a third-party allotment of 17,171,788 newly issued shares, with SK Square taking 70.5%, Naver 27% and Krafton 2.4%. On top of that, it is issuing about 21.2 billion won in private unsecured convertible bonds carrying 3% interest and maturing June 26, 2031. Combined, the two total roughly 60.7 billion won, close to the purchase price.
What ONE inherits
One Store first launched in 2016, developed by SK Telecom, KT and LG Uplus alongside Naver as a homegrown rival to Google and Apple. In Korea, it runs on more than 38 million devices.
The marketplace was already embedded in the network it may lend its name to. On July 15, One Store signed on as CROSS Protocol's third validator, joining H Lab and CertiK, and it now takes care of block production, transaction validation and network security on CROSS Mainnet 2.0.
CROSS is an EVM-compatible Layer 1 that runs Proof-of-Staked-Authority consensus. It has already delivered Mainnet 2.0 and holds close to 2 million accounts. The ONE branding is in use elsewhere too: since July 9, the chain’s Gametoken DEX has priced and settled every pair in ONEUSD, which it terms the ecosystem dollar.
From app store to game store
Nexus intends to merge its web shop, payments, community, quest, streamer and reward platforms into One Store, transforming the global edition into what it calls the world’s first Web3 game store. On the roadmap are wallets, stablecoin functionality, a DEX, staking and bridging. The company has additionally raised the idea of an “AI-native game platform” capable of analyzing and curating AI-generated games in real time.
At the helm is Henry Chang, Nexus’s founder and CEO, who formerly ran WEMADE and created its Wemix blockchain.
“We will deliver a more enjoyable experience to players and a more powerful solution to game developers,” Chang said. “As we meet the paradigm shift driven by AI and blockchain, we will push forward relentlessly until we achieve our vision of becoming the world’s No. 1 game platform.”