Title: Weekly Roundup: East Asia’s Crypto Developments
– Token 2049, a major crypto conference, attracted a record-breaking number of attendees and featured significant announcements, including the launch of a $100 million fund by KXVC, a subsidiary of Thailand’s largest bank.
– Ethereum layer-two scaling solution Mantle Network launched a $200 million development fund to accelerate ecosystem growth, with LiquidX, Valent, and Range Protocol among the first recipients.
– CoffeeDAO, a decentralized autonomous organization, partnered with cafes to unlock their market potential in exchange for free coffee, utilizing blockchain technology to reward customers with COFFEE tokens.
– Huobi Global, a cryptocurrency exchange, changed its name to HTX as part of its global expansion plans, coinciding with its 10th anniversary.
– The Monetary Authority of Singapore reprimanded the co-founders of Three Arrows Capital for misconduct, barring them from enterprise activities in regulated capital markets for nine years.
In East Asia’s crypto industry, significant developments took place this week. Here are the key highlights:
1. Token 2049 Conference:
– The Token 2049 conference in Singapore attracted a record-breaking number of attendees, with 10,000 participants, 300 speakers, and 5,000 companies present.
– KXVC, a subsidiary of Thailand’s largest bank, Kasikornbank, announced the launch of a $100 million fund dedicated to Web3, AI, and deep tech firms in Southeast Asia.
2. Mantle Network’s Development Fund:
– Mantle Network, an Ethereum layer-two scaling solution, introduced a $200 million development fund to accelerate ecosystem growth.
– LiquidX, Valent, and Range Protocol were among the first recipients of funding from the development fund.
3. CoffeeDAO’s Partnership with Cafes:
– CoffeeDAO, a decentralized autonomous organization, partnered with cafes worldwide to unlock their market potential.
– Customers can receive free coffee by scanning a barcode, which generates COFFEE tokens on the Polygon blockchain. These tokens can be exchanged for coffee or used as loyalty points at other participating cafes.
4. Huobi Global’s Rebranding:
– Cryptocurrency exchange Huobi Global changed its name to HTX, representing Huobi, Tron, and its 10th anniversary.
– The rebranding aims to support the exchange’s global expansion, ecosystem growth, wealth effect, and security and compliance efforts.
5. Three Arrows Capital Co-founders Reprimanded:
– The Monetary Authority of Singapore reprimanded the co-founders of Three Arrows Capital, Zhu Su and Kyle Davies, for misconduct.
– They have been barred from enterprise activities in Singapore’s regulated capital markets for nine years due to providing false information to the authority and exceeding the allowed assets under management threshold.
These developments highlight the growing influence of East Asia in the crypto industry and the continuous innovation taking place in the region.