Find out the latest cryptocurrency, Web3, and NFT news in Singapore for the entire month of April 2023 only here at SGBusinessTalk.
Digital Currency Group-linked crypto firm Luno to exit Singapore, withdraw licence application
Luno, a cryptocurrency trading app backed by Digital Currency Group (DCG), will exit Singapore’s market on June 20th and withdraw its licence application due to a regular evaluation of its global strategy and presence. Luno mentioned that it had helped thousands of Singaporean investors since 2016 and that its decision was not taken lightly. Singapore regulators disapprove of crypto speculation by retail investors, given that prices are highly volatile. However, Luno’s services in other regions will remain unaffected. DCG is the parent company of various crypto-related businesses, including Grayscale Investments, Foundry Digital, and CoinDesk.
Cryptomeria Capital Launches Multifunctional Venue in Singapore
Cryptomeria Capital, a crypto venture capital firm, has announced the launch of a new space within the largest blockchain incubator hub in Singapore. The space will be used to organise industry events, invite projects for scaling up and incubation, and serve as a gateway to Asia for the fund’s portfolio companies. Cryptomeria Capital’s presence in the hub is expected to be a value add to its portfolio companies, serving as an entry point and a bridge to the promising and exciting market of Singapore’s Web3 ecosystem. The hub is home to multiple promising Web3 gaming projects such as Legends Arise and House of Heroes. SkyArk Studios, Singapore’s leading blockchain game studio, is spearheading the initiative.
Singapore and Local Banks Refine Vetting Process for Crypto Clients
Singaporean authorities are collaborating with local banks to establish a standardized set of criteria for vetting digital asset and cryptocurrency clients, including stablecoin and non-fungible token providers. This initiative has been ongoing for six months, with the goal of publishing best practices in the next two months. Banks will have the final say on whether to accept these clients based on their own risk appetites. Despite these guidelines, Singapore’s central bank allows banks to do business with crypto firms without restrictions. This move comes as crypto companies face banking challenges following the collapse of crypto-friendly lenders like Signature Bank, Silvergate Capital, and Silicon Valley Bank. Singapore’s banking sector, including DBS, Standard Chartered Bank, HSBC, and UOB, has taken a positive approach to the industry, with some firms facing challenges due to concerns about potential illicit activities in light of recent crypto scandals.
Fingerlabs completes Series A funding rounds from major blockchain and game companies
Korean company Fingerlabs, a subsidiary of FSN (214270), has attracted additional investments from Singaporean and South Korean firms following its successful Series A round. The investments will help to further develop Fingerlabs’ NFT platform business and expansion plans. The company is currently launching and operating several NFT projects and a new NFT platform, with the aim of expanding its business. The Series A investors are companies with global competitiveness in the blockchain, game, and metaverse fields, and Fingerlabs is expected to create strategic synergy with them. The CEO of Fingerlabs expressed excitement at the new investments and is optimistic about expanding the NFT business into games and metaverses.
How the banking industry is primed to shape the future of crypto in Singapore
Bitcoin was created in response to the 2008 Financial Crisis, which caused a drop in trust in the American banking industry. While countries with unreliable banking systems see the value in Bitcoin, Singapore has high levels of trust in its banks, making it less useful for private money. However, crypto exchanges still rely on banks for conversion between crypto and fiat. Singapore banks have embraced blockchain technology and are exploring use cases through initiatives like Project Guardian. DBS even launched its full-service digital exchange and plans to apply for a crypto license in Hong Kong. If more banks offer crypto services, it could compete with standalone crypto exchanges. Additionally, banks have been exploring the use of blockchain technology for green financing solutions, including Carbon Neutrality Tokens.
Crypto Lender Amber Mulls Potential Sale of Japan Subsidiary
Crypto lender Amber Group is considering selling its Japan unit and applying for a virtual asset trading platform license in Hong Kong. The move comes as the company focuses more on institutional business rather than retail. Amber acquired Japanese crypto exchange DeCurret Inc. in 2022, but other firms such as Coinbase and Kraken have pulled back from Japan due to strict regulations. Amber plans to apply for a license in Hong Kong, which is developing virtual-asset regulations to encourage growth and protect investors. Meanwhile, Singapore has tightened crypto rules for retail investors. Amber is also working on a regulated, open-ended mutual fund that accepts subscriptions in major tokens like Bitcoin and Ether.
Saison Capital to accelerate Web3 investments with new token fund
Credit Saison’s venture arm, Saison Capital, has launched a token fund to expand its investments in the Web3 sector, despite the current market downturn. The average first check via the token fund ranges between $200,000 to $500,000 with follow-on support throughout the portfolio company’s journey. Saison Capital aims to continue backing Web3 founders with strong Web2 experience and has done 30 deals in the sector, primarily a combination of equity and tokens. Some of its portfolio firms include Finblox, Krayon, and Avium, and it recently participated in the $5m seed round of Gomu. Saison Capital also provides foreign founders in its portfolio with extra support, dependency passes, and accelerated application processes as a Startup SG Entrepass Partner. The investor aims to provide its portfolio firms with tokenomics advisory and talent acquisition support to accelerate their go-to-market strategies within Southeast Asia and India.
Singaporeans demonstrate high cryptocurrency adoption with over 40 per cent ownership, Big Eyes Coin NFT Collection experiences significant demand
A recent survey by Independent Reserve found that 43% of Singaporeans own some form of digital asset, with diversification being the primary motivation. The survey also revealed that 77% of respondents invest in multiple cryptocurrency assets, indicating a diverse portfolio. While Singapore has implemented stricter measures to regulate the cryptocurrency market, the survey suggests that interest in digital assets is increasing, indicating that the cryptocurrency market in Singapore is becoming more mature. In other news, Big Eyes Coin has released its long-awaited NFT collection, which is available for purchase on Opensea.io. With an impressive $33 million raised to date, investors who acquire the coin have the potential to enjoy a significant upside.
Read more: https://www.aninews.in/news/business/business/singaporeans-demonstrate-high-cryptocurrency-adoption-with-over-40-per-cent-ownership-big-eyes-coin-nft-collection-experiences-significant-demand20230413191941/
Bluzelle Unveils NFT Marketplace for Web3 Games
Bluzelle, a decentralized data network based in Singapore, has launched the Capella NFT marketplace, catering to Web3 blockchain-based games. Capella stands out for its streamlined trading process and easy accessibility to NFTs and gaming collectibles within the Cosmos ecosystem. The launch coincides with the increasing popularity of non-fungible tokens (NFTs) and fungible tokens (SFTs) in Web3 games. Capella solves the problem of inadequate NFT solutions offered by Cosmos for the latest game, GAMMA 4, by granting authentic decentralized storage access and compatibility with other Cosmos chains. Capella addresses the challenge of accommodating SFTs by facilitating the exchange of NFTs and gaming collectibles within the Cosmos ecosystem. Bluzelle’s R2 provides decentralized storage technology to protect game assets on Capella, inspiring a sense of assurance among programmers with respect to the protection of their game data. The expected shift from traditional gaming to blockchain gaming is expected to drive the growth of the blockchain gaming industry, with the Asia-Pacific region expected to witness substantial progress and an increase in market share.
Singapore’s True Global Ventures invests over $24M in French crypto firm Ledger
True Global Ventures (TGV), a Singapore-based technology equity Venture Capital firm, has invested over $24 million in Ledger, a France-based digital asset and Web3 platform. The funding will help Ledger achieve its global ambitions and become a desirable consumer technology brand. The investment, which is part of the Series C extension round, maintains the same valuation of €1.3 billion ($1.41 billion) for Ledger. This funding round is backed by several existing and new investors, including TGV, 10T, and Molten Ventures. TGV believes that Ledger will play a critical role in the future of self-custody and DeFi for retail and enterprise-institutional sides. Meanwhile, Ledger recently launched Ledger Stax, which has already exceeded supply and will be available for pre-order later in Summer 2023. Ledger’s product offerings include crypto wallets and enterprise-grade digital assets security solutions. The company has managed to infiltrate mainstream culture through partnerships with fashion brands and established its role as a leader in Web3 through partnerships with brands such as VeeFriends and Nike’s RTFKT.