Zodia Custody to Commence Yield Offering on Stablecoins

p0x Labs Secures $25M Funding to Propel Manta Network Into Asiap0x Labs, the development team behind Manta Network, has successfully raised $25 million in a Series A funding round that will see the project expand into the Asian market.Photo by Towfiqu barbhuiya on Unsplash$500 million valuationThe funding round, led by Polychain Capital and Shanghai-headquartered Qiming Venture Partners, has resulted in a valuation of $500 million for p0x Labs, according to a blog post published by the project on Wednesday. This equity-based investment demonstrates a growing interest in not only the project’s token but also the team behind it.Manta Network aims to leverage zero-knowledge (ZK) technology to address the scalability challenges and privacy concerns prevalent on the Ethereum network. By harnessing zero-knowledge proofs, Manta enables users to verify the authenticity of information without disclosing the underlying data.This approach provides individuals with complete control over their identities while mitigating the risks of surveillance. Consequently, Manta Network is seeking to attract users who have reservations about utilizing DeFi protocols due to the transparent nature of transactions on public blockchain networks.At the recent EthCC event held in Paris, the project unveiled the testnet for its Layer 2 network, known as Manta Pacific. This testnet operates in an environment with low gas fees, fostering cost-effective transactions for users. Manta Pacific is designed to complement the existing Layer 1 solution, Manta Atlantic, which focuses on achieving compliant on-chain privacy.VC supportLuke Pearson, an investor at Polychain Capital, expressed his enthusiasm for Manta Network’s expansion within the Ethereum ecosystem and confirmed Polychain’s continued support through this Series A funding round. Meanwhile, Yi Tang, Principal at Qiming Venture Partners, believes that their contribution will not only help Manta Network penetrate the Asian market but also attract the attention of Web2 brands.With the additional funding, p0x Labs aims to establish a global presence for Manta Network. Kenny Li, a core contributor at Manta Network, emphasized the significance of partnering with one of China’s largest investors to gain a stronger foothold in Asia, particularly China. The team is enthusiastic about the opportunities this collaboration will bring.Industry partnershipsManta Network has already witnessed substantial demand for its offerings, with partnerships with projects such as Arbitrum and Linea resulting in the creation of over 300,000 zero-knowledge soulbound tokens. These tokens enable the verification of on-chain identities without compromising data confidentiality. Additionally, the native Manta Wallet has garnered more than 200,000 installations, and innovative features like email-based notifications have contributed to a collective user base exceeding 1.5 million users.Looking ahead, the newly launched testnet with its plug-and-play functionality is expected to streamline the development process for Manta Network’s ecosystem. Developers will be able to allocate their time and resources more efficiently toward building their core products, driving innovation within the zero-knowledge space.The successful funding round and the launch of the Layer 2 testnet mark significant milestones for Manta Network and p0x Labs. With continued support from prominent investors, Manta Network appears to be setting itself up to unlock the true potential of zero-knowledge technology and drive adoption across various industries.

Com2uS’ partnership with Thailand’s SHIN-A to boost Web3 gaming presence in Southeast AsiaCom2uS Holdings, a South Korean game developer, announced on Thursday that its subsidiary, Com2uS Platform, has forged a reselling partnership with SHIN-A, a Bangkok-based marketing and game service firm. This collaboration aims to bolster the expansion of Com2uS Platform’s all-in-one gaming platform, Hive, marking a significant step in its global outreach and growth strategy.Photo by Lisheng Chang on UnsplashBlockchain-powered, all-in-one platformHive offers a comprehensive suite of services, including authentication, payments, promotions, customer support, analytics, and Web3 integrations, all integrated within a single software development kit (SDK). Since opening its services to external game companies in 2021, the blockchain-powered platform has secured contracts with 51 games from 39 different publishing clients, demonstrating its growing influence and utility in the gaming industry.Against this backdrop, the newly established partnership between Com2uS Platform and SHIN-A paves the way for cooperative marketing and sales efforts aimed at promoting the Hive platform to a broader range of global gaming companies. To facilitate this goal, SHIN-A is planning to establish a dedicated support team in Thailand, which will focus on the resale of Hive products.SHIN-A, a key player in game publishing and global marketing, covers a wide range of business areas, including Web2 and Web3, across mobile, desktop and console platforms. The company has forged game publishing contracts with global giants like HoYoverse and Tencent, and has successfully conducted local marketing for Com2uS’ game, Birdie Crush: Fantasy Golf. Additionally, SHIN-A collaborates with major Thai firms like mobile phone network AIS and is involved in entertainment ventures, including organizing large-scale K-pop concerts.Thailand’s growing gaming marketWith almost 40% of its 70 million population engaging in games, Thailand presents a significant market opportunity. This is further underscored by the fact that the country boasts the highest average in-app purchase spending per person in Southeast Asia. It is also witnessing rapid growth in the gaming sector as the second-largest gaming market in Southeast Asia, trailing only behind Indonesia.In this vibrant market, Com2us’ action RPG, Summoners War: Chronicles, has achieved notable success, becoming one of the top-grossing games on the Steam platform in Thailand. This success signals a promising landscape for the introduction of Com2uS Platform’s Hive, which is likely to further enhance customer engagement and expand the company’s footprint in the region’s booming gaming market.Com2uS Platform’s Business Director, Kim Jong-moon, stated that the reselling partnership with SHIN-A is poised to significantly enhance Hive projects in the Southeast Asian market, a region known for its dynamic gaming and blockchain sectors. Kim highlighted the company’s plans to earmark the upcoming year as a pivotal period for Hive, marking the beginning of its global strategy implementation.

BSN Foundation launches in Singapore with five global membersThe BSN Foundation, a Singapore-based organization dedicated to building global blockchain infrastructure, on Thursday officially announced its five founding members from different regions and sectors.Photo by Julien de Salaberry on UnsplashBroad representationThe founding members of the BSN Foundation include Blockdaemon, a leading institutional digital asset wallet provider; Zeeve, a Los Angeles-based blockchain infrastructure automation platform; TOKO, a Hong Kong-headquartered digital asset creation platform; GFT Technologies, a German tech firm specializing in financial services and Red Date Technology, a tech firm behind the BSN Spartan Network located in Hong Kong.Representatives from these entities gathered at the Pan Pacific Singapore on Thursday for a launch event. The BSN Foundation will act as the governing body of the BSN Spartan Network, a public infrastructure network based on open-source virtual data centers. The launch of the foundation marks a major milestone in the BSN’s global expansion and its vision to establish a decentralized public layer of the internet.In discussion with Cointelegraph, Tim Bailey, the Vice President of Global Business at Red Date Technology, stated:“The BSN Foundation launch is a vital step in our global expansion, demonstrating the international recognition and support for the BSN Spartan Network’s concept and goals.” He added:“These organizations bring expertise in areas like blockchain-as-a-service, asset tokenization, financial services, and consulting, highlighting the wide applicability and potential of the BSN Spartan Network.”Bailey emphasized that the BSN Spartan Network is designed to change the application and governance of public chain technology. “By focusing on non-cryptocurrency public chains and a decentralized governance model, we’re not just innovating in technology but also in how global collaborations can shape the future of IT infrastructure,” Bailey stated. BSN’s strategy is focused on creating a “more stable and accessible network” for businesses around the world, distancing itself from the volatility related to traditional cryptocurrencies like Bitcoin.Chinese originsThe BSN Spartan Network, launched in September 2022, features a non-tradable token (NTT) issued on its default chain. Each of the network’s data centers is equipped with a single registered NTT wallet for managing and holding these tokens. NTTs can be acquired using fiat currency, selected stablecoins or through various incentive programs.The BSN Spartan Network, which originated in China as the “Blockchain-based Service Network” in early 2020, was developed with the backing of the Chinese government.“BSN was indeed originally initiated in China. However, the BSN Spartan Network, governed by the Singapore-based BSN Foundation, is distinct from the BSN Networks in mainland China,” Bailey stated. He highlighted that the BSN Spartan Network is constructed following global standards, is entirely open source and maintains independent operations from the BSN Networks present in mainland China.UDPN proof of conceptBSN, driven by Red Date Technology as its lead developer, had outlined plans to develop a universal digital payments network (UDPN) as early as 2021. That project continues to progress. Last month, it emerged that SC Ventures, the Singapore-based fintech investment subsidiary of British banking conglomerate Standard Chartered, had partnered with Deutsche Bank in a first proof of concept (POC) of the UDPN. That POC resulted in real-time transfers and swaps of synthetic USDC and EURS stablecoins between the two banks.