Blockchain-powered donation platform collaborates with NPO Yana to hold charitable bazaar

With Kazakhstan having recently indicated that it would create a national crypto reserve, the administrators of Kazakhstan’s existing sovereign fund now want to invest in crypto assets as well. According to a report published by Kursiv, a business media outlet covering Central Asia, the Kazakhstani authorities are planning to invest a portion of the country’s existing gold and foreign exchange reserves in crypto assets. The publication outlined that this was conveyed by Timur Suleimenov, governor of the National Bank of Kazakhstan, in a recent press conference. Photo by ANSAR ARCHITECTS on UnsplashFollowing an international investment trendHe stated that the country has a portfolio of alternative investments, which includes gold and foreign exchange reserves. Within that particular portfolio, more aggressive investment strategies are pursued in an effort to generate higher investment returns. He added: “We looked at the experience of the Norwegian fund, the American experience, and the experience of Middle East funds. They have certain investments in either crypto assets directly, or in ETFs and shares of companies that are closely related to crypto assets. They are very small.” In 2024, it emerged that Norway’s sovereign wealth fund had indirect exposure to 2,446 Bitcoin. By January of this year, the sovereign fund had increased its indirect exposure further through an investment in pioneering American Bitcoin treasury firm Strategy (formerly MicroStrategy). In the Middle East, the Abu Dhabi Investment Authority (ADIA), which manages the Abu Dhabi sovereign wealth fund, has been exposing the fund to Bitcoin indirectly through investments in BlackRock’s spot Bitcoin exchange-traded fund (ETF), IBIT. Considering asset volatilityWhile moving towards a crypto investment within the alternative investments portfolio, Suleimenov struck a cautious note, stating: “This is not an easy question, so there is no need to rush here. Yes, such assets can bring high returns, but at the same time they are characterized by high volatility.” This latest development in Kazakhstan coincides with the release of a report by German multinational investment bank, Deutsche Bank. The research report has found that Bitcoin has reached a new all-time-high unit price amid a dramatic drop in the volatility of the leading digital asset when compared with times past.  The bank explained that this was a sign of a maturing market, while suggesting that Bitcoin’s volatility is likely to decline further as adoption grows. Reduced volatility is making crypto assets like Bitcoin more appealing to long-term capital allocators like sovereign wealth funds and pension funds. In an interview with Bloomberg back in May, Mike Novogratz, founder and CEO of American digital assets firm Galaxy Digital, said that he has had conversations with heads of large sovereign wealth funds that have said “if America is buying Bitcoin, we’re buying Bitcoin.”In March, U.S. President Donald Trump issued an executive order setting out the establishment of a strategic Bitcoin reserve in the United States. In moving to establish a crypto reserve in Kazakhstan recently, Suleimenov suggested that international practice demonstrates that such a reserve may include confiscated crypto-assets, with Kazakhstan planning to proceed with the formation of the reserve on that basis.

Seychelles-headquartered global crypto exchange OKX outlined on Nov. 18 that it will offer instant, zero-fee Singaporean dollar (SGD) deposits and withdrawals into and out of the exchange platform for customers resident in Singapore.Photo by Peter Nguyen on UnsplashDBS partnershipIn a press release published by GlobeNewswire on behalf of OKX, the company outlined that it has been in a position to enable this feature for its Singapore-based customers due to a collaboration with Singapore’s largest bank, DBS Bank. OKX Singapore CEO Gracie Lin said that “working with DBS to provide payment rail infrastructure in Singapore provides customers with secure and seamless access to digital assets.” As DBS is one of 27 banks that participate in PayNow, a real-time payment system that falls under the Fast and Secure Transfers (FAST) service in Singapore, OKX customers who are also customers of a bank that participates in the PayNow scheme, can effect those SGD deposits and withdrawals in real time. Lin added that OKX is working towards the addition of more features in an effort to further enhance the customer experience. The new offering takes OKX a step further towards integrating with the local traditional finance system (TradFi).  Singpass integrationAdditionally, the exchange has also integrated Singpass verification. Singpass is a digital identity system that enables Singaporean residents to access private sector and government services online. Back in March, the company acquired in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) in respect of a Major Payments Institution (MPI) license. Continuing that shift towards regulatory compliance, it followed up with the acquisition of a full MPI license from MAS in September. The company is now one of 29 crypto sector firms to have been licensed by MAS in Singapore. While a particular effort has been made in Singapore, OKX has been making similar in-roads elsewhere. Last month, it launched its service in the United Arab Emirates (UAE), having received full licensing from Dubai’s Virtual Assets Regulatory Authority (VARA). Making further progress in October, OKX partnered with UK-headquartered multinational bank Standard Chartered for institutional crypto custody. Both Singapore and the UAE are seen by the company to be strategic crypto hubs. However, its efforts in expanding its offering globally has also taken it into other markets. In February OKX launched OKX TR, a specialized crypto exchange platform catering to the specific needs of the Turkish market. In an emailed response to Reuters, DBS Bank’s Head of Digital Assets, Evy Theunis, commented on its partnership with OKX:”DBS has been actively fostering a responsible and innovative digital asset ecosystem in Singapore for several years now. Working with OKX deepens the bank's wide-ranging involvement in this space." DBS has been following its own path as a pioneering TradFi entity getting further involved in cryptocurrency, blockchain and tokenization. Last month it launched DBS Token Services for institutions, integrating tokenization and smart contracting capabilities within its existing conventional services. 

Circle and Grab Partner to Pilot Web3 App IntegrationUSDC stablecoin issuer Circle is embarking on a strategic partnership with Grab, Southeast Asia’s multifaceted super app for transportation, deliveries, and payments relative to Web3.Announced via a press release published to Circle’s website on Thursday, the collaboration marks yet another step forward in realizing the promise of Web3 technology in Singapore.Photo by Jason Miraples on UnsplashCircle’s foray into Web3Circle’s latest offering, a Web3 services platform, is set to be seamlessly integrated into the Grab app. The objective of that integration is to enhance Grab user experiences through blockchain-enabled solutions. In that way, the partnership will broaden the horizons of Grab’s already extensive service portfolio, which includes ride-hailing, food delivery, package delivery, ticket bookings, and insurance. Grab hopes that the move will propel the Singaporean super app further into the world of blockchain technology.Grab Web3 WalletNews that Grab was on the road towards rolling out a Web3-related product offering leaked out last week when Chinese crypto reporter Colin Wu tweeted out details related to a Web3 wallet. This official announcement qualifies those initial reports, as one of the key aspects of this collaboration is the introduction of the ‘Grab Web3 Wallet.’The feature, accessible to Singaporean users, enables the easy setup of a blockchain-enabled wallet. Users will have the opportunity to earn rewards in the form of digital collectibles and utilize non-fungible token (NFT) vouchers, thereby immersing themselves in the dynamic world of digital assets.To kickstart this venture, Circle’s Web3 Services will initially support the SG Pitstop Pack NFT vouchers. These vouchers can be redeemed at popular Singapore-based stores in advance of the upcoming F1 Singapore Grand Prix. Jeremy Allaire, Co-Founder and CEO of Circle, expressed his enthusiasm for the company’s efforts in collaborating with what he termed “global-scale consumer internet brands to bring everyday utility to users.” Allaire maintains that the partnership with Grab aligns perfectly with that mission.While bringing Web3 technology into everyday use in Singapore, the partnership also lends support to the Monetary Authority of Singapore’s (MAS) Project Orchid initiative. This initiative seeks to demonstrate the real-world application of Purpose Bound Money. Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, expressed the company’s enthusiasm for accelerating blockchain-powered innovation alongside Grab while aligning with Singapore’s vision to be a leading global hub for responsible digital asset innovation.Circle has been steadily establishing its presence in Singapore, with notable achievements including acquiring a Major Payment Institution (MPI) license from the MAS in June and opening its official office in May.In February, Circle joined forces with Tribe, the first government-supported blockchain ecosystem builder, to launch a unique training and support program aimed at nurturing and upskilling the region’s Web3 developer talent pool.Founded in 2012 in Malaysia as a ride-hailing app, Grab initially entered the scene as a competitor to Uber in the region. Over the years, it has evolved into a true “super app,” offering a myriad of services, including GrabPay (payment services), package delivery, ticket bookings, and insurance. Its user-friendly interface and comprehensive services have made it the go-to app for more than 25 million users in Southeast Asia every month.