The East Asian cryptocurrency industry witnessed a significant event, Token 2049. This crypto conference, held in Singapore, successfully attracted an impressive number of participants, including 10,000 attendees, 300 speakers, and 5,000 companies. The two-day event took place at the grand Marina Bay Sands Convention Expo and Center and featured booths showcasing the latest blockchain innovations. Additionally, more than 400 side events were organized during this year’s conference.
Among the notable announcements made during Token 2049, KXVC, a subsidiary of Thailand’s largest bank, Kasikornbank, revealed the establishment of a $100 million fund dedicated to supporting Web3, AI, and deep tech companies based in Southeast Asia. The fund will prioritize investments in various areas, such as Web3 infrastructures, AI cybersecurity, and problem-specific AI startups. Krating Poonpol, the chairman of Kasikorn Business Technology Group, and Jom Vimolnoht, the managing director of KXVC, will lead the fund. Poonpol, a renowned venture capitalist, brings extensive experience with over 100 investments, four unicorns, and 10 exits across five funds. Vimolnoht, on the other hand, has managed $400 million in startup investments and supported 35 startups in the region.
Mantle Network, a layer-two scaling solution for Ethereum, also made headlines at Token 2049 with the launch of a $200 million development fund. The fund aims to accelerate the ecosystem’s growth and support innovative projects. LiquidX, Valent, and Range Protocol were among the first recipients of funding from Mantle Network. LiquidX focuses on building Web3 companies at the application layer, Valent explores liquid staking derivatives finance, and Range Protocol offers an all-in-one on-chain asset management platform and ecosystem. This initiative follows Mantle Network’s earlier success with the establishment of a $500 million blockchain gaming fund in November 2021.
The Emergence of CoffeeDAO
One of the most intriguing announcements at Token 2049 was the partnership between a new decentralized autonomous organization, CoffeeDAO, and cafes worldwide. CoffeeDAO aims to unlock the market potential of local cafes by offering customers the opportunity to receive free coffee in exchange for tokens. Customers can earn tokens by scanning a bar code at participating cafes, which can then be exchanged for coffee or used as loyalty points at other cafes. This community-based initiative seeks to empower small businesses and enable them to compete against larger corporate chains.
In a significant move, cryptocurrency exchange Huobi Global announced its rebranding and name change. The exchange will now be known by a name derived from the combination of “Huobi,” representing its original name, “T” symbolizing Tron, Justin Sun’s blockchain project, and “X,” signifying the exchange’s 10th anniversary. Notably, the new name bears a striking resemblance to the now defunct crypto exchange FTX. The rebranding aligns with Huobi Global’s goals of global expansion, ecosystem development, and enhanced security and compliance. Justin Sun, the de facto owner of HTX, explained that the name change aimed to cater to non-Chinese users and simplify pronunciation.
Zhu Su and Kyle Davies, co-founders of Singaporean crypto hedge fund Three Arrows Capital (3AC), faced consequences for their misconduct. The Monetary Authority of Singapore (MAS) reprimanded both individuals, essentially banning them from engaging in enterprise activities in the city-state’s regulated capital markets for nine years. This reprimand was issued in response to their provision of false information to MAS, failure to report changes in directorship and shareholdings, and exceeding the allowed assets under management threshold for a registered fund management company. Despite 3AC’s bankruptcy and ongoing legal battles, criminal complaints against Zhu and Davies have yet to be filed in any jurisdiction.
Token 2049 showcased the vibrant developments in East Asia’s cryptocurrency industry. From the launch of substantial investment funds to the emergence of innovative decentralized initiatives, the region continues to drive blockchain technology forward. However, the reprimand of co-founders from a reputable crypto hedge fund serves as a reminder that misconduct and unethical practices can still plague the industry. As the crypto landscape evolves, regulatory bodies must ensure the implementation of stringent measures to maintain the integrity and trust in this transformative sector.
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