Token2049 captivates Singapore, Huobi rebrands on 10th Anniversary: Asia Express

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Our play roundup of quality from East Asia curates the industry’s astir important developments.

Token 2049, 1 of the largest crypto conferences of the year, attracted a grounds 10,000 attendees, 300 speakers and 5,000 companies during the two-day lawsuit successful Singapore.

From Sept. 13–14, attendees entering the majestic Marina Bay Sands Convention Expo and Center were greeted by the energetic beats from the Polyhedra DJ, past to a hallway of booths showcasing the latest innovation successful the blockchain industry. Aside from the main show, implicit 400 broadside events took spot this year.

Among the biggest announcements during the event, KXVC, a subsidiary of Kasikornbank, the largest slope successful Thailand with 20 cardinal customers, launched a $100 cardinal money dedicated to Web3, AI and heavy tech firms based successful Southeast Asia. KXVC wrote:

“For Web3, KXVC targets Web3 infrastructures, nodes validators, RPC providers, middlewares, modularity technologies, privacy, ZKP, wallets, alternate L1/L2s, shared securities, LsdFi and consumerization of NFTs.”

As for AI, the steadfast said it would prioritize investing successful “consumer-focused AI, cybersecurity, AI/ML tools (e.g., deployment platforms, information annotation, exemplary optimization), and problem-specific AI startups.”

The money volition beryllium led by Krating Poonpol radical president of Kasikorn Business Technology Group, and Jom Vimolnoht, managing manager of KXVC. According to KXVC, Poonpol has implicit 100 investments, 4 unicorns, and 10 exits crossed 5 funds arsenic a task capitalist. Meanwhile, Vimolnoht has managed $400 cardinal successful startup investments and has backed 35 startups successful the region.

Token2049 Main Event successful Singapore (Cointelegraph)

On Sept. 15, Ethereum layer-two scaling solution Mantle Network,launcheda $200 cardinal improvement money for ecosystem acceleration. Among the archetypal recipients are LiquidX, an exertion layer-focused task workplace gathering Web3 companies; Valent, a decentralized wealth marketplace exploring liquid staking derivatives concern (LSDFi); and Range Protocol, an all-in-one on-chain plus absorption level and ecosystem.

Previously known arsenic BitDAO, the Mantle Network has been a maverick successful reinvigorating blockchain communities, with the motorboat of a $500 cardinal blockchain gaming money successful November 2021.

In May 2023, BitDAO (BIT) passed a “One brand, One token” unity governance connection rebranding the web to Mantle with 235 cardinal BIT tokens voting yes and 988 BIT voting no.

Token2049’s OKX Main Stage (Cointelegraph)

CoffeeDAO tokenizes selling imaginable of cafes

A caller decentralized autonomous organization, dubbed CoffeeDAO, is partnering with cafes astir the satellite to unravel their marketplace imaginable successful speech for escaped coffee.

In a unrecorded objection astatine Chye Seng Huat Hardware java store successful Singapore, Cheney Cheng, co-founder of CoffeeDAO, showed Cointelegraph however to person up to 4 escaped coffees astatine the store with a elemental scan of a barroom code, yielding 4 COFFEE tokens minted connected Polygon, which could past beryllium straight exchanged for coffee. Not lone bash customers person airdrop tokens per visit, but the “loyalty points” tin past beryllium spent astatine different cafes.

According to Cheney, the conception is each astir the neighborhood, which would let community-based mom-and-pop stores to vie with the likes of Starbucks and McDonald’s. Customers aside, a referral programme exists wherever individuals tin person up to 200 COFFEE tokens (200 cups of espresso) for onboarding cafes to the program. So far, implicit 15 cafes person partnered with CoffeeDAO passim Singapore and Hong Kong.

CoffeeDAO astatine the Chye Seng Huat Hardware java store successful Singapore (Cointelegraph)

Huobi Global changes sanction to… HTX? 

Cryptocurrency speech Huobi Global is changing its sanction to a connection wherever “H” represents the archetypal missive of Huobi, “T” represents Justin Sun’s blockchain task Tron, and “X” represents the exchange’s 10th anniversary; the caller sanction besides happens to beryllium eerily akin to the present bankrupt crypto speech FTX.

According to the Sept. 13announcement, the rebranding coincides with the exchange’s goals successful its caller epoch to further “global expansion, thriving ecosystem, wealthiness effect and information and compliance.”

Justin Sun, de facto proprietor of HTX, said during a Token2049 property league that the caller sanction is besides designed for non-Chinese users of the exchange, citing the trouble of pronouncing “Huobi” for foreigners.

HTX has been successful turmoil since the opening of the year, soon aft Sun acquired the speech and reportedly crushed an employee revolt. Despite touting stellar gross and nett figures, Edward Chen, managing manager of HTX Ventures, revealed that the speech had chopped its unit number down to 900 from 2,500 astatine the opening of the year. Last month, the speech denied it was adjacent to insolvency and that Chinese constabulary had arrested its elder executives. 

Justice’s precocious accomplishment for 3AC

It seems that immoderate mild justness has yet arrived for Zhu Su and Kyle Davies, some co-founders of Singaporean crypto hedge money Three Arrows Capital (3AC), who blew up the $3.5 cardinal steadfast successful 2022 and past embarked connected a crippled of catch-me-if-you-can with creditors.

In a September 14 statement, the Monetary Authority of Singapore (MAS) reprimanded some Zhu and Davies, barring the 2 from endeavor activities successful the city-state’s regulated superior markets for 9 years. As told by the MAS, the misconduct includes:

“(i) Providing mendacious accusation to MAS [on 3AC]; (ii) failing to notify MAS astir changes to Mr Zhu’s and Mr Davies’ directorship and shareholdings; and (iii) exceeding the assets nether absorption threshold allowed for a registered money absorption company.”

More than a twelvemonth later, 3AC’s bankruptcy is still ongoing, and nary transgression complaints person been filed against either Davies oregon Zhu successful immoderate jurisdiction. Last month, an embarrassing mistake that assumed Davies was a U.S. alternatively of a Singaporean national invalidated Davies’ tribunal work successful U.S. bankruptcy courts, which person outgo implicit $30 cardinal to date. Both Davies and Zhu person present been served successful Singaporean courts.

3AC co-founders Kyle Davies (first from left) and Zhu Su (second from left) (Twitter)


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Zhiyuan Sun

Zhiyuan Sun is simply a writer astatine Cointelegraph focusing connected technology-related news. He has respective years of acquisition penning for large fiscal media outlets specified arsenic The Motley Fool, and Seeking Alpha.

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