Binance and Gulf Energy launch digital asset exchange in Thailand

Laser Digital, the crypto arm of Nomura, Japan’s largest investment bank and brokerage group, in collaboration with WebN Group, has unveiled Libre, an institutional Web3 protocol powered by Polygon technology. WebN Group is an incubation hub for fintech and Web3 innovators. It’s backed by Laser Digital and Alan Howard, the co-founder of alternative investment management platform, Brevan Howard.Photo by Shubham's Web3 on UnsplashFocusing on asset tokenizationLibre leverages asset tokenization and smart contracts, aiming for regulatory-compliant issuance and management of alternative investments. According to a statement, the protocol is built using the Polygon Chain Development Kit (CDK), facilitating the development of purpose-built, zero knowledge-powered Layer 2 blockchains on Ethereum. Dr. Avtar Sehra, the founder of Libre, has been actively involved in real-world asset (RWA) tokenization since 2014. His previous experience includes founding the UK FCA-licensed tokenization platform Nivaura. The protocol's applications extend beyond primary issuance services, with additional use cases such as collateralized lending and automated rebalancing of private investment portfolios. In a press release which was published on Wednesday, Sehra commented on the project:”While our MVP objective is to increase AUM by launching the primary issuance service and driving distributor integrations, we are also working closely with our partners and clients on our 2024 product roadmap, which includes collateralized lending and automated portfolio rebalancing — building the future of wealth APIs.” Libre's anticipated launch is in Q1 2024, with investment management firms Brevan Howard and Hamilton Lane poised to become the first issuers on the platform. The industry has shown growing interest in leveraging blockchain technology to revolutionize the distribution and accessibility of alternative asset funds. Making blockchains ‘mainstay financial rails’Polygon’s Indian co-founder Sandeep Nailwal outlined on a social media post on Wednesday the relevance of a dedicated network relative to real-world assets. He wrote:”RWAs have the potential to make blockchains mainstay financial rails at a global scale. I have always believed that RWAs would need their own regulated, compliant environment. Public shared chains like Ethereum mainnet, or L2 mainnets are intrinsically permissionless and not the perfect for many types of RWAs.” With that outlook in mind, Nailwal believes that Libre showcases the potential of blockchain technology to unlock new opportunities for investors globally. Natalie Smith, Head of Strategy at Brevan Howard, said, “the tokenization of funds allows us to offer investors a new way to access our strategies, providing them with optionality, and further develops our platform to serve client needs.” Competing projectsLibre is not the sole project exploring the tokenization of funds. In November, JPMorgan's Onyx collaborated with asset and wealth managers WisdomTree and Apollo, along with various blockchain technology providers, on a blockchain interoperability proof-of-concept for investment portfolio management. SC Ventures, the Singapore-based investment and innovation arm of Standard Chartered, also entered the tokenization space by launching Libeara, its tokenization platform. The SGD Delta Fund, a tokenized Singapore-dollar government bond fund, recently received an AA rating from Moody's after becoming the first fund to use Libeara. The first tokenization platforms have tended to be run on private blockchains. It will be interesting to watch the development of Libre as it’s the first time a financial institution-focused layer 2 network is being built, with final settlement on the Ethereum blockchain. 

LINE NEXT, the U.S.-based Web3 subsidiary of LY Corporation, has launched its global stablecoin wallet, Unifi. The service is now publicly available through the LINE messaging app.Photo by Shubham Dhage on UnsplashThe platform consolidates core stablecoin operations—including deposits, storage, payments, and transfers—into a single interface. Users can onboard using existing social logins from LINE, Google, Naver, or Apple. At launch, Unifi only supports USDT, with plans to integrate additional stablecoins in the future. The service currently offers an annual percentage yield of 4% to 5% on deposited assets.  Non-custodial wallet integrates stablecoins into LINEDesigned as a non-custodial wallet, Unifi enables users to retain control over their private keys and manage their own assets. The platform also supports direct fiat conversions. Through a partnership with fintech firm SentBe, Unifi utilizes an off-ramp solution from Triple-A, a Singapore-licensed Digital Payment Token provider, enabling users to convert and withdraw stablecoins directly to personal bank accounts. To expand the wallet's utility, LINE NEXT has integrated its existing Dapp Portal and Mini Dapps into the Unifi ecosystem. This allows users to spend stablecoins across various gaming, social, and content applications, as well as earn rewards through in-app activities. The rollout follows a January memorandum of understanding (MOU) between LINE NEXT and JPYC Inc., the issuer of the yen-pegged stablecoin JPYC, to explore broader stablecoin integration and regional use cases. PayPay seeks U.S. IPO after Binance betLY Corporation is expanding its presence in financial services through another subsidiary, PayPay, which has been moving into the crypto sector. According to a report cited by CoinDesk, PayPay is preparing for a listing on the Nasdaq and is seeking a valuation of more than $10 billion. The company plans to price its shares between $17 and $20 and issue 55 million shares, potentially raising up to $1.1 billion. The proposed ticker symbol is PAYP. In October last year, PayPay acquired a 40% stake in Binance Japan, expanding its presence in the digital asset market. The initial public offering had been scheduled for March 9 but was postponed amid market volatility linked to developments in Iran. Separately, Japanese-listed firm Metaplanet, which has been accumulating Bitcoin, has not purchased additional BTC for eight weeks, according to an X post by SoSoValue. According to its fiscal 2025 earnings report, the Japanese company posted a net loss of 95 billion yen ($605 million) for the year, while generating revenue of 8.9 billion yen ($58 million). The firm currently holds 35,102 BTC at an average purchase price of $107,716 per coin. With Bitcoin trading slightly below $70,000, the holdings imply an unrealized loss of about $1.32 billion, or roughly 35% below the average acquisition cost. 

South Korean Banks Adopt Blockchain for Streamlined Civil Servant LoansSouth Korea’s state-run financial organizations and banks are embracing blockchain technology to streamline the loan process for government employees and enhance loan management for banks.Photo by Shubham Dhage on UnsplashBlockchain-aided loan servicesIn a collaboration announced today at the Korea Federation of Banks (KFB) in Seoul, the Korea Financial Telecommunications and Clearings Institute (KFTC), the Government Employees Pension Service (GEPS), and four local banks are coming together to introduce blockchain technology in providing loan services specifically tailored for civil servants. The four participating banks are NongHyup Bank, Hana Bank, DGB Daegu Bank, and Gwangju Bank.Easier applicationAt present, civil servants are required to acquire a physical loan recommendation letter from the GEPS in order to apply for a bank loan. However, with the implementation of the new loan system, the GEPS will have the capability to issue blockchain-based letters, which can be obtained by civil servants either in-person or remotely at banks. This innovative approach will significantly simplify the verification process for these letters.Easier managementFurthermore, the manual exchange of loan-related information, such as repayment history and retirement details, between banks and the GEPS will be replaced by a more efficient system. The KFTC will take on the role of mediator, ensuring that any changes to this information are immediately reflected in real time. This streamlined approach will significantly enhance loan management for lenders.The launch of this service is scheduled for November this year, bringing about improved accessibility to loans for government employees. As the project progresses, other financial institutions are expected to join in, further enhancing the convenience of public servants. Additionally, these collaborating organizations will explore joint services aimed at providing the necessary support to stabilize the livelihoods of civil servants.