Paxos gets green light from Singapore regulator for USD stablecoin

Dunamu’s Luxury Watch Trading Platform Thrives with Blockchain EdgeViver, a luxury watch trading platform and subsidiary of Dunamu, which operates the Upbit cryptocurrency exchange in South Korea, has been experiencing continued success amidst an ever-growing interest in luxury items as real-world assets and lucrative investment drivers.Photo by Christian Wiediger on UnsplashLeveraging blockchain technology and a showroom experienceThis success can be attributed to the platform’s commitment to taking advantage of Dunamu’s cutting-edge blockchain technology and infrastructure, setting it apart from other luxury platforms and boosting competitiveness in the market.Another major factor is the Viver showroom in Gangnam, southern Seoul, which allows visitors to try on and purchase watches, get their own watches polished and checked, and speak with a professional watch curator.Moon Jae-yeon, CEO of Viver, unveiled plans to surpass global competitors like the US’ Watchbox and Europe’s Chrono24 within five years by growing the app into a global vertical commerce platform focused on luxury watches.Rolex’s finest dominate Viver’s diverse collectionIndeed, Viver has become a popular trading hub for timepiece enthusiasts and investors across the country, and the platform recently revealed in a special article for its 100th magazine issue that its best-selling watch is the Rolex Submariner — a globally renown line of high-end divers’ wristwatches.Different models from the Submariner line have taken up the top three ranks of most sold watches. Coming in first is the Submariner Date in Oystersteel, priced at KRW 16.5 million (approximately $12,500) on Viver, which accounted for 16.5% of total sales. Following close in second place with just two fewer watches sold and a 16.2% share of sales is the Submariner in Oystersteel, which is set apart by its lack of a date indicator. Last but not least, the Submariner Date in Oystersteel and yellow gold took up 13.7% of sales.The watch sold the fastest on the platform was the Rolex Datejust 41 in Oystersteel and white gold. Sporting the iconic Jubilee bracelet and fluted bezel, the timepiece took just a minute and 42 seconds from registration to sale.Though Rolex has evidently claimed its superlative title as the platform’s most popular brand, Audemars Piguet secured its own as the most expensive. The priciest timepiece to ever be sold on Viver is the Royal Oak model for KRW 130 million.Exponential growthThe platform also added four new brands in June — Patek Philippe, Omega, Cartier, and Vacheron Constantin. Consequently, total transaction value, product registrations, and product purchases in July increased by 34%, 116%, and 36%, respectively.As a result of these combined efforts, both monthly trade count and transaction volume on Viver have spiked by more than 15 times since its establishment last August, while the number of users has grown by about 10 times over the past year.The number of products directly registered by sellers also increased by about 30 times compared to the first month since the platform’s launch.

DBS Bank, a key player in Singapore's banking sector, has unveiled a substantial reorganization of its operational framework, which includes its digital asset exchange business, DDEx. Global Financial Markets (GFM)Effective March 1 DBS will consolidate its equity capital markets, brokerage arm DBS Vickers and the DBS Digital Exchange (DDEx) into its Treasury Markets division. In doing so, it will form a unified entity known as Global Financial Markets (GFM). This amalgamation underscores DBS's intention to merge conventional financial services with the burgeoning digital assets landscape, contributing towards a new era of financial integration and innovation. DDEx, a members-only exchange facilitating exposure to digital assets for accredited investors, financial institutions and family offices, will now operate under the umbrella of GFM. This strategic integration aims to leverage the synergies between traditional and digital financial spheres, positioning DBS at the forefront of transformative financial solutions.Photo by Meriç Dağlı on UnsplashDDEx founder retiresThe announcement of this restructuring coincides with the retirement of Eng-Kwok Seat Moey, a revered figure within DBS, whose 36-year tenure has left an indelible mark on the bank's trajectory. Eng-Kwok's contributions to DBS's equity capital markets and the development of Singapore's REITs industry are widely recognized, as is her pivotal role in spearheading the DBS Digital Asset Ecosystem (DAE) and the founding of DDEx. Under her stewardship, DBS has consistently ranked atop regional league tables, driving innovation and excellence in Singapore's financial landscape. Eng-Kwok's legacy extends to her instrumental role in establishing the DBS Digital Asset Ecosystem (DAE), a pioneering initiative offering a spectrum of digital asset services, including origination, distribution, custody and trading. Andrew Ng, the current head of Treasury Markets, assumes leadership of the newly formed GFM group. His expertise will be instrumental in navigating the complexities of global finance, blending traditional market mechanisms with the innovative potential of digital assets. Clifford Lee, renowned for his proficiency in fixed income, will expand his purview to encompass investment banking, overseeing both debt and equity capital markets alongside his responsibilities at DBS Vickers. Capitalizing on complementary strengthsThe consolidation of DBS's financial arms not only aims to streamline operations but also seeks to capitalize on the complementary strengths of traditional and digital financial domains. Piyush Gupta, CEO of DBS, expressed confidence in the merger's ability to unlock greater synergies, enabling the bank to deliver a comprehensive suite of financial solutions to its clientele. DDEx has been at the forefront of digital asset trading in Asia, witnessing significant growth in bitcoin and ether transactions in recent years. Notably, DDEx has explored avenues such as security token offerings (STOs) and it has ventured into the metaverse realm with investments in projects like The Sandbox. Additionally, DBS's Chinese subsidiary launched a digital yuan merchant solution, facilitating payments in the new currency for mainland enterprises. As DBS embarks on this latest transformation, the integration of digital assets into its core financial operations underscores its interest in innovation within a rapidly evolving financial landscape.

Former Coinbase Japan CEO Joins Fidelity-Backed VCWell-known investment firm Eight Roads Ventures has recruited the former CEO of Coinbase Japan to join them as a partner within the firm.Eight Roads Ventures, a prominent investment firm backed by Fidelity with assets worth over $11 billion, has announced the hiring of Nao Kitazawa as a venture partner. Kitazawa brings a wealth of expertise and experience garnered at Coinbase Japan and elsewhere in the digital assets industry to the firm.In a recent LinkedIn post, Kitazawa expressed his excitement about joining Eight Roads Ventures to pursue his passion for fintech and Web3. He acknowledged the firm’s successful track record of supporting innovative and disruptive companies and considered it an honor to be part of such an organization.Photo by Marten Bjork on UnsplashCoinbase exited JapanKitazawa’s tenure at Coinbase Japan came to an end earlier this year, coinciding with Coinbase’s decision to exit the Japanese market due to prevailing “market conditions.” His appointment at Eight Roads Ventures indicates the increasing interest and involvement of Fidelity, the firm’s backer, in the cryptocurrency space.Fidelity has been making significant strides in the crypto industry. EDX Markets, a crypto exchange backed by Fidelity, recently announced its launch despite regulatory challenges from the United States Securities and Exchange Commission (SEC) and a bearish market environment.TradFi heavyweight in cryptoFidelity is probably the standout heavyweight firm from traditional finance which has stepped foot in the crypto space from early on. It has done so through Fidelity Digital Assets, its crypto arm. The subsidiary company quietly rolled out its trading platform this year, providing millions of users with commission-free trading of bitcoin and ether. Additionally, Fidelity has been expanding its crypto research team, demonstrating its commitment to the industry.Headquartered in Bermuda, Eight Road Ventures positions itself as a global venture capital firm that helps entrepreneurs scale. It backs and partners with game-changing technology and healthcare companies, with a presence in China, Europe, India, and Japan.Eight Roads has also been actively investing in various crypto startups, including Fireblocks and Kaiko. Kitazawa’s appointment is expected to bring significant value to the firm’s portfolio, leveraging his knowledge and insights gained from working in the cryptocurrency sector.Originally known as Fidelity Ventures, Eight Roads Ventures has been involved in investments since 1969, initially operating out of Boston. Recently, it launched a $350 million technology investment fund in China and a $250 million healthcare and life sciences fund in India, demonstrating an interest in pursuing emerging opportunities in Asia.Shifting strategic focus overseasWith the addition of Nao Kitazawa as a venture partner, Eight Roads Ventures reinforces its position as a leading investment firm with a keen interest in the evolving landscape of fintech, Web3, and cryptocurrencies. It’s likely that the firm recognizes what way the regulatory winds are blowing, and with that, it’s bringing on board someone of Kitazawa’s caliber, with expertise outside of the US.Against the backdrop of a currently adverse regulatory environment in the US, earlier this month US VC giant Andreessen Horowitz (a16z) opened its first international office in London, in what many perceived to be a move towards a more regulatory progressive environment relative to the emerging digital assets sector.