Former SoftBank Executive Launches Stablecoin in Abu Dhabi

On March 7, Nissan Motor Co. introduced an innovative metaverse experience titled the "Heritage Cars & Safe Drive Studio," blending elements of automotive history with interactive safety education.Photo by Matthijs Waanders on UnsplashMarking 90 years in businessThe studio, launched to commemorate Nissan's 90th anniversary, features three iconic models from the company's past, recreated in virtual environments to reflect their respective eras. Among the showcased vehicles is the Silvia Q’s S13, renowned globally for its role in drifting culture. Users can explore this historic car from the 1980s while learning about the influence of pedestrian clothing colors on driver visibility. In another exhibit, users engage in a mini-game designed to educate on driver field-of-view and the impact of multitasking on safety. Alongside, the Skyline 2000GTX-E, famous for its presence in popular media like the Gran Turismo video game series and Fast and Furious movies, adds a touch of nostalgia and excitement, transporting users to the 1970s era. In a 1950s and 60s American diner and drive-in theater setting, the final exhibit offers a hands-on steering wheel spin exercise. These experiences aim to merge Nissan's heritage with vital safety knowledge, such as understanding the significance of pedestrian attire and the dangers of distracted driving. Developed in collaboration with Japanese university researchers, these immersive experiences are accessible through Meta Quest headsets, marking Nissan's continued exploration of virtual and augmented reality for customer engagement and education. Previous forays into the metaverseThis initiative aligns with Nissan's ongoing efforts to enhance its presence in the metaverse. It’s not the carmaker's first rodeo where the metaverse is concerned. It introduced its first virtual test drive and a virtual unveiling of its Sakura model in 2022. That same year, the company suggested it was interested in providing more in the way of virtual events, even going as far as to suggest the development of virtual customer support offices for clients. It followed that up in December 2023 with a revamp of four existing metaverse worlds, a project that also formed part of its 90th-anniversary celebrations. Nissan's latest foray into the metaverse coincides with advancements in augmented reality (AR) and virtual reality (VR) hardware. The recent launch of Apple's inaugural mixed-reality headset in February 2024 signals intensified competition among tech giants like Meta and Microsoft, who have been gradually expanding into consumer and enterprise AR/VR markets over the past decade. Broader auto industry interestNissan isn’t alone in the auto industry in taking initial steps into the metaverse. Rival Toyota has taken a different approach, pursuing an interest in creating remote workspaces for staff so that meetings can be held in the metaverse. Hyundai experimented with entering the metaverse as early as 2021. Through a partnership with Naver Z, the company offered virtual test drives of its Sonata model. Meanwhile Renault Korea has tipped its toes in the metaverse by offering consumers the ability to custom-build virtual cars on a metaverse platform. Through these metaverse updates, Nissan aims to stay at the forefront of automotive innovation, utilizing immersive experiences to engage customers and promote safety awareness in an increasingly digital world. 

Switzerland and Singapore-based crypto bank Sygnum has successfully closed a funding round, securing over $40 million in capital, with plans to expand its service offering in Asia. On the brink of unicorn statusThe funding round was achieved based upon a post-money valuation of $900 million, with Sygnum edging closer to unicorn status. Led by global asset management group Azimut Holdings, the funding surpassed the initial target of $35 million, reinforcing Sygnum's position in the rapidly evolving digital assets space. In a press release, Mathias Imbach, Sygnum's co-founder and CEO, expressed excitement about the successful funding round, highlighting the company's commitment to building trust through regulation and good governance. Imbach stated:”Our core thesis has always been that Future has Heritage, and our strategy to build trust via regulation and good governance has guided us throughout all market cycles. ” Gerald Goh, Sygnum's co-founder and CEO of its Singapore operations, emphasized the importance of staying ahead as clients' needs and activities grow more sophisticated. The fresh funds will enable Sygnum to continuously upgrade and enhance its product and service offerings in response to evolving market demands.Photo by Towfiqu barbhuiya on UnsplashAsian focusThe funds raised in this round will be instrumental in expanding Sygnum's geographical reach into new markets in 2024, within the Asia-Pacific (APAC) region as well as within the European Union. Sygnum has already made in-roads in Asia. Having started out in Switzerland, in 2019 the company set up a base in Singapore, establishing Sygnum Singapore and obtained a capital markets license from the Monetary Authority of Singapore (MAS). Last June, the firm achieved in-principle approval for a Major Payment Institution (MPI) license from MAS. It fulfilled the regulator’s requirements to bring about full approval in October. Goh told Bloomberg that the company envisages achieving growth in Asia and Europe through acquisition.  Developing fully regulated productsThis latest capital injection has also been earmarked to accelerate the development of fully regulated products, including the bank-to-bank platform that currently powers crypto offerings for more than 15 banks and financial institutions worldwide. Sygnum's assets under management have surged to $4 billion, with a client base exceeding 1,700 from over 60 countries. At the end of 2023, the firm reported an annualized revenue run rate (ARRR) exceeding $100 million, marking a significant milestone for the company's financial health and positive cash flow. Sygnum's expansion efforts include collaborations with key players in the industry. In November, the bank furthered its partnership with the Singapore arm of 174-year-old private bank Bordier & Cie, strengthening their initial collaboration that started in Geneva in 2021. Giorgio Medda, CEO of Azimut Holding, highlighted the strategic partnership between Azimut and Sygnum since 2021, emphasizing their joint development of the first tokenization of a private credit portfolio in Europe. Despite the recent challenges in the crypto industry, Sygnum remains optimistic about the future. The broader industry is witnessing a resurgence, with investors and market participants seeking partnerships with trusted and well-managed financial institutions. This sentiment aligns with Sygnum's vision to provide fully regulated solutions and support investors as they increase exposure to the asset class. 

China Sees Further Metaverse Development Through Nanjing City InitiativeNanjing City’s Jiangning district recently unveiled its ambitious plans for metaverse development as competition in China’s metaverse sector intensifies.Photo by 李 亨 on PexelsThree-year planThe district aims to lay the groundwork for blockchain-based applications by attracting 200 metaverse companies and generating an industry with an annual revenue of 20 billion yuan ($2.80 billion) by the end of 2025. That’s according to a three-year plan to accelerate metaverse development published by Jiangning district’s management committee on Saturday.To support this vision, Jiangning plans to foster collaboration between local enterprises and academic institutions, with the goal of training 10,000 metaverse professionals over the next three years.Metaverse roadmapThe district’s comprehensive roadmap includes the identification of key metaverse technologies, such as blockchain, artificial intelligence (AI), and virtual reality. Additionally, the plan outlines the establishment of 50 research centers and laboratories dedicated to these areas of expertise.These initiatives were unveiled during a joint summit on metaverse and artificial intelligence-generated content (AIGC) held at the Jiangning High-tech Development Zone, a specialized industrial park known for its focus on life sciences, software development, and equipment manufacturing.At the summit, 16 metaverse-related projects were introduced, representing a total investment of 8.1 billion yuan ($1.13 billion). These projects encompass diverse fields, including A.I., cloud computing, big data, and healthcare. Jiangning’s commitment to the metaverse extends beyond the recently announced plan, as the district has been offering financial incentives to metaverse companies since May 2022.Moreover, an investment of 800 million yuan ($112 million) has been allocated to construct a dedicated “metaverse industrial building” that will provide office spaces for metaverse enterprises.Jiangning’s efforts contribute to Nanjing City’s broader aspiration of becoming a prominent metaverse hub in China. In February of this year, Nanjing unveiled its metaverse strategy and set the ambitious target of establishing an industry generating over 135 billion yuan ($19.13 billion) in annual revenues by the end of 2025. Additionally, Nanjing launched “the Blockchain Technology and Application Innovation Platform of China” in May, aimed at promoting and advancing metaverse research nationwide.Broader Chinese metaverse strategyWhile Nanjing is moving towards metaverse development, other Chinese metropolises, including Beijing, Shanghai, and Hangzhou, are also vying for dominance. Cities such as Zhengzhou and Suzhou are also endeavoring to participate in the trending technology.Last month, Zhengzhou announced a set of policy proposals aimed at supporting metaverse-centric enterprises locally. Earlier in May, the administrative body that governs Henan Province established a 150 million yuan ($21.7 million) private equity investment fund relative to the financing of metaverse-themed projects.As cities and regions in China compete to seize the opportunities presented by the metaverse, the country is witnessing significant investments and initiatives to establish a strong foothold in this transformative technology. Nanjing’s Jiangning district’s comprehensive plan and strategic partnerships signify the region’s dedication to becoming a flourishing metaverse ecosystem, while executing on a mandate from the central government to further develop metaverse technologies within China.