One of the largest crypto conferences in East Asia, Token 2049, was held in Singapore and gathered a remarkable number of industry professionals. With 10,000 attendees, 300 speakers, and 5,000 companies, the event hosted a wide range of discussions and showcased the latest innovations in the blockchain industry. Notably, Kasikornbank’s subsidiary, KXVC, made a significant announcement during the conference. KXVC launched a $100 million fund specifically dedicated to supporting Web3, AI, and deep tech firms in Southeast Asia. The fund will be led by industry veterans Krating Poonpol and Jom Vimolnoht, who bring extensive experience and knowledge to the table. This initiative is expected to contribute to the growth and development of the crypto industry in the region.
In addition to KXVC’s announcement, another major development during Token 2049 was the launch of a $200 million development fund by Ethereum layer-two scaling solution, Mantle Network. The fund aims to accelerate the ecosystem’s growth and support innovative projects. Among the first recipients of the fund are LiquidX, Valent, and Range Protocol, which are actively exploring various aspects of blockchain technology. Mantle Network has shown a commitment to the industry by reinvigorating blockchain communities through previous initiatives. This new fund is expected to enable further advancements and breakthroughs in the blockchain ecosystem.
CoffeeDAO, a decentralized autonomous organization, presented an innovative partnership model with cafes at Token 2049. The organization is working with cafes around the world to unlock their market potential in exchange for free coffee. Using blockchain technology, customers can receive airdrop tokens per visit, which can then be exchanged for coffee. The program also includes a referral system, allowing individuals to earn additional tokens by onboarding cafes to the platform. CoffeeDAO aims to empower community-based establishments and create a unique offering comparable to larger chains. So far, over 15 cafes in Singapore and Hong Kong have joined the CoffeeDAO network.
Huobi Global, a leading cryptocurrency exchange, recently announced a rebranding and name change. The exchange will adopt a new name that represents its goals and objectives for the future. The rebranding coincides with Huobi Global’s intentions to expand globally, develop a thriving ecosystem, prioritize security and compliance, and create a wealth effect for its users. Justin Sun, the de facto owner of Huobi Global, highlighted that the new name is also designed to cater to non-Chinese users, addressing the pronunciation challenges associated with the original name. Despite undergoing significant changes, the exchange aims to maintain its position as a prominent player in the crypto industry.
Singaporean crypto hedge fund Three Arrows Capital (3AC) faced severe consequences after its co-founders, Zhu Su and Kyle Davies, engaged in misconduct that violated the country’s regulations. The Monetary Authority of Singapore (MAS) reprimanded both Zhu and Davies and banned them from participating in enterprise activities in the city-state’s regulated capital markets for nine years. The misconduct included providing false information to MAS, failing to report changes in directorship and shareholdings, and surpassing the allowed assets under management threshold. 3AC’s bankruptcy proceedings are still ongoing, and no criminal charges have been filed against the co-founders yet. The reprimand from MAS serves as a reminder of the importance of compliance and transparency in the crypto industry.
East Asia’s crypto industry continues to witness significant developments and announcements. Token 2049 served as a platform for industry players to come together, share knowledge, and introduce innovative ideas. The launch of funds by KXVC and Mantle Network demonstrates a commitment to supporting the growth of the blockchain ecosystem in the region. Furthermore, CoffeeDAO’s partnership model with cafes aims to empower local businesses and create a more competitive market. Huobi Global’s rebranding reflects its ambitions for global expansion and enhanced user experience. However, the reprimand of co-founders from Three Arrows Capital reminds everyone of the importance of adhering to regulations and maintaining integrity in the industry. With these developments, East Asia’s crypto industry remains vibrant and poised for further advancements.