Category Archive : Singapore

Binance to Launch Payment and Trading in Dubai

Binance continues the path to its first headquarters in the Middle East with an upcoming launch of payment and trading services in Dubai.

Binance is working with local banks while reciting country managers and compliance officers in Dubai and Bahrain for the launch, according to an «SCMP» report citing Dubai-based regional head of Middle East and North Africa Richard Teng

«Regulators in the Middle East region see that supporting the development of crypto assets is critical in developing the Web 3 ecosystem,» said Teng. «Trading cryptocurrencies is just one of the business areas that we could deploy in the region, and there are many more opportunities besides trading.»

Rebuilding Stage

Binance was first reportedly in talks to establish a Dubai headquarter in December last year before obtaining a virtual asset service provider (VASP) license in March.

Founded by crypto billionaire Changpeng «CZ» Zhao, Binance is seeking to regain regulatory trust after watchdogs from Hong Kong, Singapore, Japan and the U.K. issued multiple warnings over the past few years.

«In some parts of the Middle East, we often communicate with one single regulator which has a consistent framework that straddles banks, asset management, exchanges and broker-dealers,» said Teng. «That cuts out a lot of disagreement from multiple agencies, which may differ in their views about how crypto should be regulated.»

Read more at www.finews.asia

First Global Web3 Eco Innovation Summit Come to Singapore!

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In 2022, new things in the Web3 era, such as Metaverse, NFT, GameFi, DAO, DeFi, etc., are entirely rewriting the traditional business model, reshaping the global digital business landscape a new digital era is coming.

On July 14, 2022, the first Global Web3 Eco-Innovation Summit – Singapore (GWEI – Singapore) will open at the Marina Bay Sands in Singapore.

The Summit focuses on Web3 and is co-hosted by 8BTC’s new brand “DeFiDAONews” and Singapore University of Social Sciences (SUSS), one of the six public universities in Singapore.

The Summit will invite the world’s most influential crypto teams, experts and scholars, academic institutions, investment research institutions, government and enterprise executives, and other Web3 co-builders to gather in Singapore to start a high-density brainstorm.

This will be the first large-scale offline Web3 event in Southeast Asia. Global Web3 practitioners can speak freely, work together and explore new opportunities in the Web3 era.

Fully focus on We3 and seek the opportunities of innovative technologies such as DAO, GameFi, NFT, etc.

In 2022, talents from a large number of Internet giants such as Amazon, Twitter, and Apple will flock to the Web3 world represented by blockchain technology. Some media wrote: “People from Silicon Valley: Escape from Big Company to Embrace Web3”.

In July, all topics of GWEI Singapore will focus on Web3, comprehensively covering Metaverse, NFT, GameFi / X2E, DAO, DeFi, Layer2, public chain, creator economy, and other hot topics.

“In Web3 Entrepreneurship and Investment Age, Looking for the Next 1000x Projects”, “DAO: Exploring a New Paradigm of Future Organizations,” “Web3’s House of Cards: NFT+X2E+Metaverse”, “The Present and Future of Web3 Infrastructure”… …5 major themed forums to…

Read more at cryptoslate.com

Arthur Hayes, the Bitcoin billionaire under U.S. investigation, sentenced  

Bitcoin billionaire Arthur Hayes was sentenced to two years of probation with home detention for six months in a federal courthouse in New York on Friday, according to multiple media outlets.

This was after Hayes, a co-founder and former chief executive of cryptocurrency derivatives exchange BitMEX, pleaded guilty to a breach of the Bank Secrecy Act (BSA), according to the Wall Street Journal (WSJ) and the South Morning China Post (SMCP).

The SMCP reported that this is the first time the U.S. government has invoked criminal provisions of the BSA against a cryptocurrency derivative platform. Hayes and co-founder Ben Delo pleaded guilty in February after they were convicted of “willfully failing to establish, implement and maintain an anti-money-laundering programme at BitMEX.”

According to prosecutors, Hayes “made himself rich by closely studying—then studiously ignoring—U.S. anti-money-laundering laws and regulations meant to stop financial institutions from moving funds for criminals and terrorists,” the Wall Street Journal reported.

The outlet added that the 36-year-old entrepreneur has already paid a $10 million penalty in connection with a settlement with the U.S. Commodity Futures Trading Commission.

The court presided over by U.S. District Judge John Koeltl said that although the offense was very serious, it did not warrant more than one year of imprisonment. The prosecution argued for more than one year sentence.

Hayes co-founded cryptocurrency derivatives exchange BitMEX in 2014. The business headquartered in Seychelles started slow but things changed in late 2015 when it started offering customers five times more than other competitors were offering. By 2017, Hayes and his team had to hire some 30 people to cope with the explosion in trading. They moved into a new office and by 2018, it had become a high-stakes marketplace, moving billions every day.

“We are the biggest trading platform in the…

Read more at face2faceafrica.com

Investing In SPiCE VC Fund I (SPICE) – Everything You Need to Know

Today, digital securities are a well-established asset class that offers an excellent investment opportunity. Unlike regular cryptocurrencies, digital securities are registered with regulatory bodies, and compliant with the SEC.

Only four years ago, digital securities were barely more than a concept. In early 2017, the world was focused on Bitcoin and the subsequent ICO bull run that finally brought digital assets out of the shadows. In April 2017, Blockchain Capital launched the first tokenized VC fund with its BCAP token, it was also the first ever security token that raised $10M USD with each token selling for $1.00. This was the first proof of concept for digital securities.

Shortly after, the SPiCE VC Fund I (SPICE) launched as the 4th security token. Today, we wanted to look into this fund and see what it is that makes it so special.

What Problems Does SPiCE VC Fund I (SPICE) Solve?

SPiCE VC Fund I was a tokenized VC fund that chose to focus on investing in blockchain and tokenization companies who are building the ecosystem of a digital future. This includes investing in the actual digital securities space itself by investing in such companies as the tokenization platform Securitize. Here is how it did it:

Early mover to digital securities

The first thing to note about SPiCE is that it is an extremely early mover in the digital securities sector. In fact, it claims that SPiCE is the 4th security token ever to be launched. It was issued on a globally-compliant digital security issuance platform called Securitize. As such, SPiCE ended up being something of a trend starter.

A legally-compliant token

As registered security, SPiCE is compliant with regulations, only it comes in the new, digital form of digital securities. So, investors who are not afraid of innovation have found it a very refreshing new asset that is perfectly compliant, safe, and approved by financial watchdogs.

Pushing Capital into Digital Assets & Digital Securities

Finally, it is worth noting that…

Read more at www.securities.io

Y Combinator joins $6.2 million seed round for crypto savings app Pebble

Pebble, a crypto app that lets people save, spend and send money, has raised $6.2 million in a seed funding round as it plans to find a product-market fit.

Investors included Y Combinator, Lightshed Ventures, Cadenza Capital, East Ventures, Orange DAO and Global Founders Capital. Angel investors, including Odell Beckham Jr of the National Football League; Matthew Bellamy, lead singer of the Muse band; and Richard Ma, CEO of blockchain audit firm Quantstamp, also joined the round.

There was no lead investor in the round, but Lightshed Ventures was the largest investor, Pebble’s co-founder and CEO Aaron Bai told The Block in an interview. Bai added that this was an equity funding round and brought Pebble’s valuation to $65 million.

How Pebble works

Pebble’s key offering is a savings account that currently provides a 5% interest rate. Users need to deposit fiat (US dollars) in its app. Pebble then converts those US dollars into USDC stablecoins. It then lends those USDC coins to its lending partners. In the process, it receives a commission from lending partners.

“Our lending partners give us 8% to 9% depending upon the market demand for USDC,” Sahil Phadnis, co-founder and CTO of Pebble, said in the interview. Pebble’s current lending partners are Vauld and Wyre, Phadnis added.

As for Pebble’s exchange and custody partners, they are Prime Trust and Piermont Bank, respectively, said Phadnis.

Customer acquisition plans

When asked how Pebble plans to acquire customers in the current bearish market scenario and especially after Terra’s crisis, Phadnis said inflation is rising and people are looking for alternative investment options, so customer acquisition “will not be extremely difficult.”

Bai said Pebble’s business model is market agnostic, meaning the bear market conditions shouldn’t impact its business. According to Bai, borrowers, i.e., large institutional clients, need USDC not just for buying crypto but also for shorting, longing, and various other trading…

Read more at www.theblockcrypto.com

DOTA 2 the International Tournament 2022 To Be Held in Singapore This October — Here’s What You Need To Know

Valve has recently released when and where the next DOTA 2 The International (TI11) tournament will take place.

The video game developer, publisher, and digital distribution company named Singapore as the host of this year’s DOTA 2 The International Tournament, which will be held in October, per its announcement on the official DOTA 2 Twitter page.

(Photo : STR/AFP via Getty Images)
A screen shows a live image of the Dota 2 eSports Best of 5 final match between team OG and team Liquid during the International Dota 2 Championships in Shanghai on August 25, 2019.

This is the first time the event will be held in Southeast Asia according to a recent report from The Verge.

DOTA 2 The International 2022 Tournament Details

Not much is known about TI11’s particulars and logistics, aside from the tournament’s venue being in Singapore’s Indoor Stadium and Suntec Arena.

Valve previously teased the event’s venue in the days leading to its reveal in several tweets featuring various Singaporean landmarks on DOTA 2’s official Twitter page.

It would also follow the conclusion of the 2022 DOTA Pro Circuit, which will enter its third set of regional league competitions for the Summer Tour in Arlington, Texas, from August 4 to 14.

Professional DotA 2 teams such as PSG.LGD, TSM, Gaimin Gladiators, OG, and Thunder Awaken are almost certain to directly qualify for the event through its DPC points, per datDota developer and analyst Ben “Noxville” Steenhuisen.

Although the tournament’s grand prize is still unknown, it is expected to be bigger than last year’s tournament, based on the tournament’s grand prize trend.

Read More: Asia’s Broadband’s Upcoming Payment Gateway to make Crypto Payments Simple and Instant

DOTA 2 The International (TI) is known for its hefty and generous rewards, the same could happen for this year’s tournament too, and…

Read more at www.itechpost.com

Providing cryptocurrency as a payment option for digital goods

Irene Skrynova, Chief Customer Officer at Unlimint, explains why providing cryptocurrency as a payment option for digital goods is key in the current ecommerce ecosystem.

What are the growth drivers for the digital goods ecommerce market, and what are some of the trends to watch further when it comes to consumers’ payment preferences? 

The pandemic isolation scenario has reinforced a major trend: the dematerialisation of reality starting from goods and services to the commerce experience in general. Advanced technologies like AI, IoT, VR, and AR are already integrated into many devices and will continue pushing out physical goods, forcing ecommerce to become predominantly a ‘digital goods world’. We can already see the impact of virtual spaces that mix real and AR elements on the art arena and expect those integrations into retail and product sectors further on. 

However, as of now, one of the most profitable categories of the metaverse is gaming, which is already bigger than television or cinema in the entertainment sector. Its growth contributes to the development of the virtual items ecosystem, and traders can now buy and sell collectibles in addition to cryptocurrencies that are also stored on a blockchain without disclosing their credentials. We can already see the elements of a metaverse in games like Fortnite. 

In turn, the shopping experience will require more instant and seamless payment options as it moves from digital-centric to digital-only and it is implemented into daily activities, shaping the reality of ‘everywhere commerce’. This has led to growing demand, and thus, to increased sales of virtual items, such as games, subscriptions, digital readings, and so on, allowing the digital goods economy to reach a whopping USD 950 billion value.

What makes cryptocurrencies an attractive and disruptive payment method? 

Unlike traditional payment processes, due to their decentralised and distributed nature, cryptocurrencies allow…

Read more at thepaypers.com

Dubai Grants Ex-Singapore Parliamentarian Calvin Cheng’s Web3 Company a Virtual Asset License

– Ex-Singapore Parliamentarian Calvin Cheng forms the first regulated non-fungible token (NFT) and fan token investment holding company in Dubai.
– The Dubai Virtual Asset Regulatory Authority (VARA) has granted the company a provisional license to operate under full regulatory supervision alongside Binance, FTX, Crypto.com and Bybit.
– The holding company, through its portfolio companies AmberX and Celeb X, will offer exclusive membership access to lifestyle and entertainment lounges, and celebrities, via NFT and fan token system.
– Dubai’s seamless integration of cryptocurrency and virtual assets have become increasingly attractive to investors, specifically due to focus on prudent regulatory guard-rails.

ABU DHABI, UAE, May 23, 2022 – (ACN Newswire) – Singaporean investor and entrepreneur Calvin Cheng has established a non-fungible token (NFT) and fan token investment holding company in Dubai. Cheng, formerly an appointed Member of Parliament in Singapore, will invest in projects to integrate crypto into fashion, media and entertainment via Calvin Cheng Web3 Holdings FZE.

The Dubai Virtual Asset Regulatory Authority (VARA) has granted the company a provisional Virtual Asset License. VARA is the world’s first specialised regulator for virtual assets, such as cryptocurrency. As Dubai moves towards safer economic freedom backed by greater technological innovation and digital transformation, VARA will play a central role in creating new investment opportunities in Dubai’s fast-growing virtual asset industry.

The announcement follows similar preliminary permits that enables readiness to operate under full regulatory supervision, that VARA is granting to world-leading crypto exchanges Binance, FTX, Crypto.com and Bybit among other VASPs in the chain.

Exclusive access and increased engagement

Calvin Cheng Web3 Holdings FZE’s portfolio will include AmberX, an exclusive membership NFT that allows qualifying members access to Amber Lounge: Formula 1’s leading VIP…

Read more at www.benzinga.com

Lessons that Terraform Labs can learn from

Disclaimer: Opinions expressed below belong solely to the author.

When Do Kwon tweeted the now-famous line “I don’t debate the poor”, his pet projects Luna and Terra were doing extremely well.

Image Credit: Reddit

But as they say, the bigger they are, the harder they fall, and the crash of these two tokens was no exception.

A typically brash, proud, and arrogant Do Kwon tweeted a humble apology to his community of LUNATICS, and promised to try and fix what destruction his invention had wrought upon the MetaMask accounts of his supporters.

From the heights of more than US$110 per token, the tokens’ value plummeted to become almost worthless overnight.

The august and glorious no more

Luna and Terra are classified as stablecoins, meaning that their values are pegged to the US dollar.

These coins are supposed to maintain that value, and because they can always be redeemed for something worth at least US$1, stablecoin tokens can (at least theoretically) never go below this peg.

However, the Terra and Luna pair of tokens are special even for stablecoins.

While stablecoins like USDC and USDP are backed by reserves and collateral that can be used to prop up the token if it comes under speculative attack, Luna and Terra are not. Instead, they belong to a special category known as algorithmic stablecoins.

Instead of relying on reserves, these tokens rely on what is effectively a form of arbitrage.

What is Terra (LUNA)? The blockchain that unites two worlds - Bitnovo Blog
Image Credit: Bitnovo Blog

Terra’s protocol fixes the peg of UST to USD through its counterpart token Luna.

When UST is overvalued, Luna holders can burn Luna tokens to create more UST, with the community taking some of the profit. And when UST is undervalued, UST holders will be incentivised to trade in their UST for the dollar value equivalent of Luna tokens. 

Luna tokens by themselves have some utility — they can be staked on the Anchor protocol, providing stakers with income through interest payments, at high interest rates.

In a perfect world, UST would…

Read more at vulcanpost.com

ST HeadSTart: Man v woman at the workplace | I lost money on crypto as a novice – The Straits Times

ST HeadSTart: Man v woman at the workplace | I lost money on crypto as a novice  The Straits Times
Read more at www.straitstimes.com