Wemade Expands Web3 Ecosystem Through New Collaborations

Digital asset exchange business Bullish has filed confidentially for an initial public offering (IPO) in the United States. The Financial Times reported on June 11 that the IPO had been filed with the Securities and Exchange Commission (SEC) in recent weeks. Choosing to file the IPO confidentially will have enabled the firm to delay public disclosure, allowing it to progress with its preparation for the IPO and reveal financials closer to the point at which it goes public. Back in February, Bloomberg reported that the company was looking at the possibility of executing an IPO, with investment banking and financial services firm Jefferies understood to have been advising the firm. This latest report confirms that Jefferies will work as the lead underwriter in relation to the IPO deal.Photo by Markus Winkler on PexelsHong Kong tiesBullish is a subsidiary company of Block.one, a blockchain software company founded by Brendan Blumer and Dan Larimer, best known for having established the EOS.IO blockchain network. Both companies have strong ties with Hong Kong.  The Bullish exchange is licensed by the Hong Kong Securities and Futures Commission (SFC). It has also obtained licensing from the Gibraltar Financial Services Commission (GFSC) and the German Federal Financial Supervisory Authority (BaFin).  The exchange business is jointly operated by corporate entities registered in Hong Kong and Gibraltar. The company maintains offices in Hong Kong, Gibraltar, Singapore, New York, London, Frankfurt and the Cayman Islands.  The business is also being backed by Hong Kong billionaire Richard Li and American entrepreneur Peter Thiel, co-founder of PayPal, Palantir Technologies and Founders Fund. Blumer, who is based in Hong Kong, founded Bullish in 2021 and currently serves as Bullish chairman. The company is understood to have in the region of 275 employees with Tom Farley leading it as CEO. Farley previously fulfilled the role of president at Intercontinental Exchange’s NYSE group. Positive climate for crypto IPOsAmid a more positive crypto climate in the United States, crypto-related IPOs appear to be back in favor. Leading stablecoin issuer Circle executed an IPO earlier this month with the offering being 25x oversubscribed. Following the success of the Circle IPO, BitMEX co-founder Arthur Hayes asserted on X that it would lead to a plethora of crypto-related IPOs over the next few years. He likened that anticipated wave of IPOs to the flurry of initial coin offerings (ICOs) that occurred back in 2017. Earlier this month American crypto exchange platform Gemini confidentially filed for an IPO in the U.S. A Bloomberg report published in March suggested that rival exchange business Kraken is planning an IPO for Q1 2026.  There has been some speculation that Ripple, the American technology company that developed and supports XRP and the XRP Ledger (XRPL), may be a prime candidate for an IPO. Taking to the X social media platform, “Pentoshi,” a pseudonymous crypto market analyst with over 860,000 followers on X, said that a Ripple IPO “feels only logical.” The analyst added that if the company executed an IPO, it would likely weigh in at “some insanely stupid valuation.” 

KONKRIT NFT Platform Offers Exclusive Reservation Tickets for Hyundai Card’s Cultural FestivalModern Lion, an NFT marketplace operator in South Korea, recently announced that its NFT trading platform KONKRIT has the exclusive privilege of offering reservation tickets to the upcoming Davinci Motel festival. This cultural event is organized by Hyundai Card, the nation’s renowned credit card company.Distinguished artists and speakersScheduled from September 15 to 17 in Itaewon, Seoul, the Davinci Motel festival will feature performances by distinguished Korean artists. Among them are K-pop singer Lee Hyo-ri, crossover vocal ensemble LA POEM, violinist Park Soe-ye, and pianist Kim Hong-gi.Additionally, attendees will have the chance to engage with NFT artist Tom Sachs as he shares insights pertaining to his artworks. Meanwhile, former LPGA golfer Annika Sorenstam will give tips on hitting the sweet spot and former anchor and current TV personality Jeon Hyun-moo will offer intriguing perspectives on his life’s journey.NFTs as ticketsReservation tickets are available for purchase in the form of NFT on the KONKRIT app. The utilization of blockchain technology within this system serves to address persistent problems associated with concert ticketing, such as ticketing bots, unauthorized resales, and illicit secondary markets.Modern Lion allows customers to use a credit card to buy NFT tickets, reducing purchase barriers and facilitating easier access to the show.Lee Ji-hun, Managing Director at Modern Lion, noted that the company has leveraged blockchain technology to tackle ticketing issues and ensure a seamless experience for customers throughout the entire journey of the event, from ticket purchasing to performance enjoyment. Lee underscored Modern Lion’s dedication to enhancing user satisfaction by integrating Web3 technology into the KONKRIT app.

India Offers Suggestions in the Development of G20 Crypto GuidelinesIndia submitted its Presidency Note on Tuesday, contributing to the global framework for cryptocurrency regulation under the auspices of the G20, a forum comprising the world’s 20 largest economies.The document aligns itself with the guidance provided by prominent entities including the Financial Stability Board (FSB), the Financial Action Task Force (FATF), and the International Monetary Fund (IMF).Photo by Swapnil Deshpandey on UnsplashKey Summit topicMany months in advance of September’s G20 Summit in New Delhi, it was clear that crypto regulation would be a key subject for discussion. The FSB’s guidelines, released in July, offer a comprehensive framework for regulating various crypto assets, particularly stablecoins, based on existing standards and principles. These guidelines encompass crucial aspects such as governance, risk management, disclosure, supervision, and cross-border collaboration.In May, the FSB’s Regional Consultative Group for Asia met in Cebu, in the Philippines. During that meeting, the FSB highlighted the risks implicated by digital assets.Published in June, the FATF guidelines put forth a universally applicable set of rules to combat money laundering and counter the risks of terrorist financing linked to cryptocurrencies. One of the main provisions is the “travel rule,” compelling crypto service providers to share customer information when conducting fund transfers.While the IMF guidelines are expected to be unveiled in August, they will encompass a synthesis paper that offers a comprehensive roadmap for crypto regulation. This roadmap is designed to reflect input from multiple stakeholders and jurisdictions.India’s supplementary additionsAmidst endorsing these global crypto guidelines, India also proposes supplementary additions, particularly highlighting the challenges faced by developing economies in the crypto realm. The document underlines that these nations may grapple with capacity and resource constraints when implementing effective crypto regulation and supervision.Furthermore, they might require more extensive access to reliable data regarding crypto activities and associated risks. Developing economies are also at a heightened risk of falling victim to illicit crypto use, including money laundering, tax evasion, and cyber-crime.In light of these concerns, India advocates for the inclusion of developing economy-specific considerations in the FSB’s guidelines. The country also urges for technical assistance and capacity-building support to be extended to these nations. Additionally, it proposes a global outreach initiative to raise awareness of the risks, commencing with nations experiencing higher levels of crypto adoption.Broadening the scopeAnother noteworthy suggestion from India is an extension of the regulatory approach beyond the G20’s scope, encompassing the broader digital economy. While recognizing that crypto is merely one facet of the sweeping digital transformation reshaping multiple sectors, India’s document underscores the need for enhanced cooperation and coordination among various stakeholders and authorities at both national and international levels.In this vein, India proposes that the G20 contemplate formulating a comprehensive framework for the digital economy. This framework should encompass a wide array of concerns, including data governance, digital taxation, digital identity, digital inclusion, and fostering digital innovation, according to the document.India’s exploration of diverse aspects related to cryptocurrency — ranging from legal status to taxation implications, central bank digital currency (CBDC) potential, and innovation possibilities — further underlines its desire to see greater international cohesion in relation to the regulation of digital assets.