Know more about the latest cryptocurrency and NFT news in Singapore for the entire month of November 2022 only here at SGBusinessTalk.
Temasek Prepares to Write Off Up to $300M Invested in FTX: Bloomberg
According to a recent report from Bloomberg, Temasek, the Singaporean state-owned investment company, is planning to write off as much as $300 million invested in FTX, a cryptocurrency exchange platform. Temasek’s decision is said to be driven by FTX’s recent regulatory issues and increased scrutiny from regulators. The investment firm is reportedly considering taking a significant hit on its investment in FTX due to the unpredictable nature of the cryptocurrency market. Temasek’s move highlights the risks and challenges associated with investing in cryptocurrencies and the importance of regulatory compliance for businesses operating in this space.
Singapore police warn investors against FTX phishing scams: Report
Singapore Police have warned investors about phishing scams related to the FTX cryptocurrency exchange. According to reports, scammers have used fake FTX websites to lure victims into revealing their personal information and credentials. The police advised the public to be cautious and to only access the official FTX website for transactions. This warning comes amidst the growing popularity of cryptocurrency trading in Singapore and the increasing frequency of such scams in the industry.
Nike Launches .Swoosh Web3 Platform, With Polygon NFTs Due in 2023
Sportswear giant Nike has reportedly filed a trademark application with the US Patent and Trademark Office (USPTO) for the word “Cryptokicks,” suggesting that the company may be exploring the world of non-fungible tokens (NFTs) and blockchain technology. The move comes as Nike recently announced its partnership with Polygon, a Layer 2 scaling solution for Ethereum, to create a new Web3 platform. This collaboration aims to bring greater transparency and efficiency to the supply chain of Nike’s products and may also pave the way for Nike to issue NFTs on the Polygon blockchain. While Nike has not yet confirmed its plans for Cryptokicks, the move suggests the company wants to expand its presence in the digital asset space.
Web3 allows companies to look more like economies, like mini-nations
In an interview with Rest of World, Yat Siu, the CEO of Animoca Brands, a Hong Kong-based gaming company, discusses the potential for blockchain and NFTs to revolutionize the gaming industry. Siu notes that blockchain technology enables players to own their in-game assets, which can be traded and sold on a decentralized marketplace. This creates new revenue streams for players and game developers alike. Siu also discusses the potential for blockchain to address issues around privacy and security in gaming, as well as the challenges that come with creating user-friendly blockchain experiences.
What the crypto crash means for fashion’s Web3 projects
The recent cryptocurrency market crash has raised questions about future Web3 projects in the fashion industry. Many fashion companies have been exploring the potential of Web3 technology, such as non-fungible tokens (NFTs) and blockchain, to create new revenue streams and engage with customers in innovative ways. However, the crash has highlighted the volatility of cryptocurrency and the risks associated with relying too heavily on digital assets. Industry experts suggest that the crash is positive for the fashion industry, as it could lead to a more sustainable and responsible approach to Web3 projects. This could involve more collaboration and standardization across the industry and a greater emphasis on real-world value and utility for consumers.
Digital Entertainment Asset (DEA) signs MOU with Rakuten Group for Collaborative Web3 Partnership
Digital Entertainment Asset (DEA), a blockchain-based gaming platform, has signed a Memorandum of Understanding (MOU) with Min, a leading game developer in South Korea, to explore collaborations in developing and distributing blockchain-based games. The partnership aims to leverage DEA’s expertise in blockchain technology and Min’s experience in game development to create new gaming experiences for players. The MOU also outlines plans for joint marketing and promotion efforts to expand the reach of the games. DEA has been making strides in the gaming industry, recently launching its DEAPcoin on Binance, one of the world’s largest cryptocurrency exchanges.
Crypto Financial Services Firm Eqonex Files for Voluntary Debt Restructuring in Singapore
Crypto financial services firm EQONEX has filed for voluntary debt restructuring in Singapore. The company, which operates an exchange and offers other crypto-related services, cited a challenging regulatory environment as one of the reasons for the filing. EQONEX said it would continue to operate as usual during the restructuring process and that clients’ funds would remain safe and secure. The company also stated that it would work closely with its creditors to develop a plan to repay its debts. The move comes amid increased regulatory scrutiny of the cryptocurrency industry in many parts of the world.
Singapore’s attempt to separate blockchain usage and crypto will not work: Vitalik Buterin
Vitalik Buterin, the co-founder of Ethereum, has criticized Singapore’s approach to separating blockchain usage and cryptocurrency. In a recent interview, Buterin said that attempts to restrict cryptocurrency use could limit the potential of blockchain technology. He argued that cryptocurrency and blockchain are inherently linked and that separating the two is not practical. Buterin also expressed concern that regulations designed to limit cryptocurrency use could harm Singapore’s reputation as a hub for innovation. Singapore has been exploring ways to encourage the use of blockchain technology while limiting the risks associated with cryptocurrency. However, Buterin’s comments suggest that this approach may need to be revised in practice.
Crypto Exchange Zipmex Asks for Creditor Protection Extension With Takeover Talks ‘Ongoing’
Zipmex, a cryptocurrency exchange based in Singapore, has requested an extension of its creditor protection period. The exchange, currently in talks with potential buyers, cited the ongoing negotiations as the reason for the extension request. The request comes after Zipmex was granted creditor protection in October following a legal dispute with a former investor. The extension, if granted, would give the exchange more time to complete the takeover talks and devise a plan to repay its debts. Zipmex has assured its users that their funds are safe and that the exchange will continue to operate as usual during this period.
Hong Kong needs engineering talent to reclaim its role as a digital asset hub
According to industry experts, Hong Kong needs to attract more engineering talent to regain its status as a digital asset hub. The city has traditionally been a significant player in the global financial industry but has yet to catch up with other regions in the digital asset sector. Experts say that Hong Kong needs to focus on developing its engineering talent pool to catch up. This will require investment in education and training programs and efforts to attract top talent from around the world. The government has already taken steps to support the digital asset industry, including launching a regulatory sandbox for fintech firms. However, experts say that more needs to be done to ensure that Hong Kong remains competitive in this rapidly evolving sector.