Ripple to lead National Bank of Georgia’s CBDC pilot project

TON Foundation $250M Accelerator Fund LaunchThe team behind The Open Network (TON) layer one blockchain has launched a $250 million fund to promote and incentivize development on the network.The Dubai-headquartered TON Foundation, the community managing the TON/Open Network blockchain project, provided details of the program via social media on Monday.Photo by Ibrahim Boran on UnsplashBoosting ecosystem projectsThe $250 million fund is aiming to boost key TON ecosystem projects, with a particular focus on DeFi. The TON Foundation is already canvassing projects to participate and apply for funding.Successful applicants will be offered between $50,000 and $250,000. The scheme goes beyond funding. Projects will also get to avail of mentorship from partners like GotBit, a consulting service targeted at blockchain start-ups. Growth advisory firm Web3Port will also be available to successful candidates in that mentorship role.UAE-based multi-strategy crypto investment firm Cypher Capital will also be at the disposal of the TON-based start-ups, while they will also have the ability to access the Tonstarter launchpad. Additionally, the scheme features participation from East Asia, with South Korea-based Boom Labs, an incubator for Web3 developers, lending its support.Justin Hyun, Head of Incubation and Growth at the TON Foundation, had this to say about the development:“This is the beginning of many different incubators which will be supported in the future. Funding forms part of our local hubs rollout strategy and our ecosystem will work to attract new developers as well as successful repeat founders, based across a variety of key global locations.”$25M funding in first yearFunding will be allocated from the TONcoin.Fund, a $250 million TON syndicate which invests in teams and projects that build on The Open Network. In the first year of the program, $25 million will be allocated.Bill Qian, Chairman of Cypher Capital, said that the program “is unique within the Web3 universe today.” “TON Accelerator Program is taking the well-known incubator principle from the Web2 ecosystem, refining it, and evolving it by incorporating the best practices of Web3 protocols and methodologies,” he added.DoraHacks Hack-a-TONxIn its announcement the TON Foundation outlined its intention to select the first successful projects from those who took part in the DoraHacks Hack-a-TONx. Hack-a-TONx was a two-month-long hackathon, put together by the TON Foundation in coordination with global hackathon organizer and multi-chain Web3 developer community, DoraHacks.Submissions are being accepted by the TON Foundation from projects that have built on TON, who already have a minimum viable product (MVP). Although originally promoted by the makers of the Telegram messaging app, since 2020, TON has harnessed the TON Foundation to develop the project as a community-run and community-led open source initiative.The African nations of Cameroon, the Democratic Republic of the Congo, and the Republic of Congo have all expressed an interest in adopting the TON blockchain. Earlier this month, the TON Foundation entered into a partnership with the Seychelles-based BIT crypto exchange. That collaboration will see BIT accepting TON tokens from its users for the payment of trading fees, with discounts offered to the exchange users who opt to pay using TON.

In the immediate aftermath of the approval of spot bitcoin exchange-traded funds (ETFs) in the United States earlier this week, a Hong Kong legislator has spoken out to encourage a proactive response within the Chinese autonomous territory, while asset managers appear to be responding accordingly.Photo by Simon Zhu on UnsplashCompetitive responseLawmaker Johnny Ng has called on the local government to swiftly embrace the recent ETF approval in the United States. In a post on X, Ng emphasized the need for Hong Kong to proactively lead the way in the cryptocurrency space, fostering innovation to secure a global position amidst intense competition. Ng highlighted the Securities and Futures Commission's (SFC) previous expression of readiness to accept applications for spot bitcoin ETFs. He urged Hong Kong to capitalize on the rapidly evolving virtual asset sector, implementing policies and products that position the city as a global hub for virtual assets. "This presents an opportunity to solidify Hong Kong’s position as a global hub for virtual assets," Ng stated, emphasizing the importance of seizing this moment in the market's development. In December, Hong Kong's regulatory bodies, the SFC and the Hong Kong Monetary Authority (HKMA), reviewed their existing policies, releasing circulars that outlined the requirements for spot crypto ETFs. Fund managers explore ETFsHashKey, a licensed crypto exchange in Hong Kong, confirmed its potential participation in spot crypto ETFs through engaging in crypto transactions associated with ETFs and providing crypto custody services. The company, which obtained a license from the SFC to offer retail crypto trading services in August, positions itself to play a pivotal role in the emerging market. Livio Weng, COO of the Hong Kong-based crypto exchange, revealed that approximately ten fund managers, backed by Chinese capital and others from Asia and Europe, are exploring the launch of spot crypto ETFs in Hong Kong. Weng, in an interview with Chinese financial news media Caixin, disclosed that seven or eight of these fund managers have already been in contact with the SFC, forming teams to design investment products. Highlighting the importance of education in the crypto space, Ng called on the Hong Kong government to prioritize public education. He stressed the need to increase awareness of virtual assets among the public while simultaneously reducing opportunities for illicit activities involving digital assets. Substantial impactIn an interview earlier this week, Yat Siu, the co-founder of Hong Kong-based crypto venture capital and game software firm Animoca Brands, expressed the view that the spot bitcoin ETF approval in the U.S. would have a more substantial impact on the overall development of crypto in Asia. As Hong Kong prepares to pave the way for spot crypto ETFs, the SFC and the HKMA have already reviewed existing policies, outlining the requirements for such investment products. The December circular from the SFC emphasized that transactions involving spot crypto ETFs should occur through licensed crypto platforms or authorized financial institutions, ensuring regulatory compliance in the growing crypto market. 

As part of the celebration of Holi, the Hindu festival of colors, the Indian Railway Catering and Tourism Corporation (IRCTC) is unveiling a series of colorful NFT tickets for the Lucknow to Delhi train service. Governed by the Ministry of Railways, IRCTC is a central public sector enterprise in India. Taking to the X social media platform on March 13, the railway company offered a sneak peek into these NFTs, showcasing sketches of iconic landmarks from both Delhi and Lucknow against vividly shaded backgrounds.Photo by Johannes Plenio on UnsplashLimited-time ticketing offeringCommencing March 20, passengers booking tickets for Tejas trains numbered 82501 and 82502 will have the opportunity to access these exclusive NFTs, with the initiative set to conclude on April 2. In its social media post, the IRCTC outlined the additional perks accompanying these NFT tickets, stating:"These tickets are not merely digital souvenirs. ... They symbolize our dedication to enriching your journey experiences, allowing you to personalize your travel memories with your own photographs and enjoy exclusive offers from handpicked brands." As of now, the IRCTC has not officially confirmed whether these NFT tickets will be complimentary with ticket purchases or if passengers will need to make additional payments to acquire these digital collectibles. Polygon and HyperledgerNFTs, or non-fungible tokens, are digital assets built on blockchain networks. Earlier this year, the IRCTC collaborated with NFTtrace, a service offered by Bangalore-based blockchain development firm ChainCode Consulting, to offer NFT tickets for journeys to the Hindu sacred city of Ayodhya. The tickets were presented as more than mere travel documents but as cherished mementos of divine experiences. The NFTtrace website stated:"More than just a ticket to Ayodhya Dham - a souvenir of the divine Shree Ramotsav. Treasure the pious memories of Lord Shree Rama's arrival forever, with Blockchain NFT.”On that occasion, the NFT certificates were minted on the Polygon blockchain. Indian Railways has been exploring blockchain technology for some time now. Last March, the National Academy of Indian Railways partnered with Polygon to conduct a workshop aimed at raising awareness about the benefits of blockchain in railway industries. Polygon outlined that the integration of blockchain within the Indian railway system was the beginning of a new era that moves the technology towards mass adoption.In this latest instance, the NFTtrace platform is involved once again. However, this time around, the NFTs will be minted on the Hyperledger blockchain. Ava Labs, the developer of the Avalanche layer one blockchain, has expressed its interest in developing ticketing-related blockchain applications in India. Last October the firm highlighted blockchain-based ticketing as one of a number of areas it wanted to concentrate on in an expansion within India. Conventional firms in the travel industry have been experimenting with the technology on an ongoing basis in recent times. In 2023 Japan’s largest airline All Nipon Airways (ANA) launched its own NFT marketplace. Argentinian budget airline Flybondi took the decision to offer NFT-based tickets in 2023 in a partnership with NFT ticketing firm TravelX.