Our weekly roundup of East Asia news features a selection of the most important developments in the industry.
Token 2049 is one of the largest cryptocurrency conferences of the year, attracting a record 10,000 attendees, 300 speakers and 5,000 companies over the two-day event in Singapore.
On September 13 and 14, attendees entered the majestic Marina Bay Sands Convention and Exhibition Center to be greeted by energetic beats from Polyhedra DJs, before entering a hall of booths showcasing the latest innovations in the blockchain industry. In addition to the main show, more than 400 peripheral activities were held this year.
One of the biggest announcements during the event was that KXVC, a subsidiary of Kasikornbank, Thailand’s largest bank with 20 million customers, launched a $100 million fund to invest exclusively in Web3, artificial intelligence in Southeast Asia and deep tech companies. KXVC wrote:
“For Web3, KXVC targets Web3 infrastructure, node validators, RPC providers, middleware, modular technology, privacy, ZKP, wallets, replacement L1/L2, shared securities, LsdFi, and NFT consumerization.”
As for AI, the company said it will prioritize investments in “consumer-focused AI, cybersecurity, AI/ML tools (e.g., deployment platforms, data annotation, model optimization), and problem-specific AI innovations company” .
The fund will be led by Kating Poonpol, chairman of Kasikorn Business Technology Group, and Jom Vimolnoht, managing director of KXVC. According to KXVC, Poonpol has over 100 investments as a venture capitalist across 5 funds, 4 unicorns and 10 exits. Meanwhile, Vimolnoht has managed $400 million in startup investments and has supported 35 startups in the region.
On September 15, Ethereum’s second-layer expansion solution Mantle Network,roll outA $200 million development fund to accelerate the ecosystem. The first batch of winners include LiquidX, an application-layer focused venture studio building Web3 companies; Valent, a decentralized money market exploring Liquidity Collateralized Derivatives Finance (LSDFi); Range Protocol, an all-in-one A specialized on-chain asset management platform and ecosystem.
Mantle Network (formerly known as BitDAO) has been unique in revitalizing the blockchain community, launching a $500 million blockchain gaming fund in November 2021.
In May 2023, BitDAO (BIT) passed a “one brand, one token” unified governance proposal to rename the network Mantle, with 235 million BIT tokens voting in favor and 988 BIT voting against. .
CoffeeDAO marks the marketing potential of coffee shops
A new decentralized autonomous organization called CoffeeDAO is working with cafes around the world to tap their market potential in exchange for free coffee.
In a live demonstration at the Chye Seng Huat Hardware coffee shop in Singapore, CoffeeDAO co-founder Cheney Cheng showed Cointelegraph how to get up to four free cups of coffee in the store by simply scanning a barcode to get 4 COFFEE tokens minted on Polygon , and then you can exchange it directly for coffee. Not only do customers receive airdrop tokens with each visit, but the “loyalty points” can also be spent at other cafes.
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Cheney said the concept is all about community, which will allow neighborhood mom-and-pop shops to compete with the likes of Starbucks and McDonald’s. In addition to customers, there is a referral program where individuals can receive up to 200 COFFEE tokens (for 200 espresso shots) for cafes to join the program. So far, more than 15 cafes in Singapore and Hong Kong have cooperated with CoffeeDAO.
Huobi Global changed its name to…HTX?
The cryptocurrency exchange Huobi Global will change its name, where “H” represents the initials of Huobi, “T” represents Justin Sun’s blockchain project Tron, and “X” represents the 10th anniversary of the exchange’s establishment; this new name is also in line with the current The bankrupt cryptocurrency exchange FTX is eerily similar.
According to reports on September 13announcementThis rebranding coincides with the exchange’s goals of further “global expansion, prosperous ecosystem, wealth effects, and security compliance” in the new era.
Justin Sun, the actual owner of HTX, said at the Token2049 press conference that the new name was also designed for non-Chinese users of the exchange, on the grounds that it is difficult for foreigners to pronounce “Huobi”.
HTX has been in turmoil since the start of the year, shortly after Sun acquired the exchange and reportedly suppressed an employee revolt. Despite claiming excellent revenue and profit figures, Edward Chen, managing director of HTX Ventures, revealed that the exchange has cut its headcount to 900 people from 2,500 at the beginning of the year. Last month, the exchange denied it was close to bankruptcy and Chinese police arrested its top executives.
3AC justice late
It seems that the co-founders of Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC), Zhu Su and Kyle Davis, are finally getting some soft justice after blowing up the $3.5 billion company in 2022 and then starting A game of chase – me and the creditors, if I may.
on September 14 statementThe Monetary Authority of Singapore (MAS) reprimanded Chu and Davis, banning the pair from corporate activities in Singapore’s regulated capital markets for nine years. According to the MAS, misconduct includes:
“(i) provided false information to MAS (on 3AC); (ii) failed to notify the MAS of changes in directorships and shareholdings of Mr Chu and Mr Davis; (iii) exceeded the requirements of a registered fund management company management asset limits.”
More than a year later, 3AC’s bankruptcy case is still ongoing, and no criminal charges have been filed against Davis or Zhu in any jurisdiction. Last month, an embarrassing mistake, assuming Davis was an American rather than a Singaporean citizen, invalidated Davis’ court service in a U.S. bankruptcy court that has cost the court more than $30 million so far. Both Davis and Zhu are currently on trial in a Singapore court.
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