Asia’s Cryptocurrency Revolution: Insights from Cointelegraph Magazine

East Asia’s largest crypto conference, Token 2049, attracted a record-breaking 10,000 attendees, 300 speakers, and 5,000 companies in Singapore. The event featured the launch of a $100 million fund by KXVC, a subsidiary of Thailand’s largest bank Kasikornbank, dedicated to Web3, AI, and deep tech firms in Southeast Asia. The fund will focus on investing in various aspects of Web3 and AI, including infrastructures, middlewares, privacy, wallets, and consumerization of NFTs. The fund will be led by Krating Poonpol and Jom Vimolnoht, who have extensive experience in venture capital and startup investments.

In other news, Mantle Network, an Ethereum layer-two scaling solution, launched a $200 million development fund for ecosystem acceleration. The fund will support various projects, including LiquidX, Valent, and Range Protocol, which are exploring different aspects of decentralized finance and asset management on the blockchain. Previously known as BitDAO, Mantle Network has been actively contributing to blockchain communities and previously launched a $500 million blockchain gaming fund.

CoffeeDAO, a new decentralized autonomous organization, is partnering with cafes around the world to unlock their market potential. Customers can receive up to four free coffees at participating cafes by scanning a barcode, which will mint COFFEE tokens on Polygon that can be exchanged for coffee. The loyalty points can also be spent at other cafes, allowing community-based stores to compete with larger chains. The program also includes a referral program that rewards individuals for onboarding cafes to the platform. So far, over 15 cafes have partnered with CoffeeDAO in Singapore and Hong Kong.

Huobi Global, a cryptocurrency exchange, announced a name change to HTX. The new name represents the first letters of Huobi, Justin Sun’s blockchain project Tron, and the exchange’s 10th anniversary. The rebranding aligns with the exchange’s goals for global expansion, ecosystem development, and security and compliance. The name change is also aimed at making it easier for non-Chinese users to pronounce the name. HTX has faced challenges, including staff cuts and insolvency rumors, since being acquired by Justin Sun earlier this year.

The Monetary Authority of Singapore (MAS) has reprimanded Zhu Su and Kyle Davies, co-founders of Three Arrows Capital (3AC), a Singaporean crypto hedge fund, for misconduct. The MAS has barred Zhu and Davies from engaging in enterprise activities in Singapore’s regulated capital markets for nine years. The misconduct includes providing false information to MAS, failing to notify MAS about changes in directorship and shareholdings, and exceeding the allowed assets under management threshold. 3AC’s bankruptcy is still ongoing, and no criminal complaints have been filed against Zhu or Davies at this time.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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