Coinbase Affirms Commitment to India Despite Disabling Sign-Ups

MANTRA, a real-world asset (RWA) tokenization blockchain project headquartered in Hong Kong, has announced that it has been awarded a Virtual Asset Service Provider (VASP) license in the United Arab Emirates (UAE). In a community update published on its website, MANTRA co-founder and CEO John Patrick Mullin outlined that Dubai regulator, the Virtual Assets Regulatory Authority (VARA), had awarded the company the VASP license, meaning that the project is now entitled to act as a virtual asset exchange. Additionally, it is authorized to offer broker-dealer and investment management services. Photo by Aleksandar Pasaric on PexelsMullin claimed that the milestone is huge for both the company and the broader industry. He stated:”It’s a major step in our objective to bring the world’s financial ecosystem onchain by being the preferred ledger of record for real world assets. It’s a validation of our purpose,which is to provide developers and institutions with a purpose-built RWA Layer 1 Blockchain, that’s capable of adhering to real world regulatory requirements.” Scaling operations in the Middle EastThe project sees the license as a key step in broadening MANTRA’s global footprint and scaling its operations within the Middle East. Mullin outlined that both the UAE and broader Middle East & North Africa (MENA) have become “a progressive global hub and thriving ecosystem for Web3 and virtual assets owing to their regulatory initiatives and frameworks.” Mullin added that the license not only strengthens the project’s presence regionally, but it also “positions us internationally to deliver unique DeFi products that bridge the gap between decentralized finance and traditional finance.”  Shorooq Partners, a Dubai-based venture capital firm and investor in the project, commented on the announcement on X. It said that the license would mean that MANTRA would set a new standard for compliant and secure DeFi solutions. It emphasized the importance of regulatory compliance in enabling institutional DeFi adoption on a global scale. The venture capital firm was the lead investor in an $11 million funding round completed by MANTRA in March 2024. At the time, Shane Shin, founding partner at Shorooq, said that he liked MANTRA’s strategic focus on key markets like Hong Kong and Dubai, adding that the investment implicated a future where digital and traditional assets converge seamlessly. The project intends to launch DeFi-based products that have been formulated to meet investors' needs by combining the benefits of DeFi with the structure and security provided by conventional finance. Token's price performanceThe OM token is a utility and governance token within the MANTRA decentralized autonomous organization (DAO). It was the best-performing layer-1 token as of Feb. 17. At the time of writing, it’s trading at $7.59, according to CoinMarketCap data. The project also announced a $1 billion deal with UAE-based DAMAC Group, a property development company, last month.

HTX resumes Bitcoin and Ether services post $30 million hackDigital asset exchange HTX has successfully reinstated deposit and withdrawal services for major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), following a recent security breach that saw the platform drained of $30 million.Photo by Traxer on UnsplashMoving towards normal exchange operationsIn an official announcement published to its website on Sunday, HTX reported the restoration of services for specific virtual assets through the ERC20 blockchain, signaling a positive step toward normalcy. The exchange assured users that additional services would resume shortly.The statement listed more than 60 individual digital assets that have now been restored from the perspective of user withdrawals.Amidst the controversy sparked by the hack, HTX emphasized its commitment to covering all losses from its reserves. The exchange pledged ongoing investigations and the reinforcement of security measures to prevent a recurrence of such events in the future. The announcement stated:“Since its founding, HTX has remained committed to a policy of 100% reserves, ensuring our capacity to meet the withdrawal needs of all users.”Airdrop event plannedThe Seychelles-incorporated exchange also outlined details on an upcoming airdrop designed to incentivize community participation in the aftermath of the significant hack. The airdrop aims at users holding Rockets, with the value set at one USDT, and those possessing leading assets like HT, BTC and ETH will witness multiplied ticket values.The platform experienced a significant security breach alongside a similar incident on the HECO bridge, resulting in total losses exceeding $85 million. Justin Sun, an advisor to the exchange, pledged full compensation for all losses and temporarily suspended deposits and withdrawals until identified risks were addressed.Justin Sun controversySun provided additional insights through a series of posts on the X platform. He confirmed the full functionality of major cryptocurrencies, including BTC, ETH, TRX and USDT, and expressed expectations for the restoration of all others by the upcoming week. Sun wrote:“The majority of the work has been accomplished, and we aim to restore the remaining currencies gradually in the next few days, with all work expected to be completed by next week.”Justin Sun, known for his involvement in platforms that recently faced security breaches, reassured users of the ongoing efforts to enhance safety measures. This incident marked the fourth unfortunate event linked to Justin Sun-related platforms within a short span. HTX, formerly known as Huobi, suffered a $30 million hack, following HECO bridge, Poloniex and a prior HTX security breach.The controversial founder of the TRON blockchain network has come in for criticism of late. Travis Kling, Founder and Chief Investment Officer (CIO) of crypto fund Ikagai Asset Management, was scathing of Sun in comments made on the X platform on Monday. Kling wrote:“[Justin Sun] has been hacked four times in the last two months” . . . “He’s a criminal and terrible for crypto and the sooner we get him out, the better.”Earlier this month, the Poloniex crypto exchange fell victim to a $100 million hack, causing a stir within the wider crypto community. The exchange, like HTX, assured users of full compensation and even initiated a white hat bounty of $10 million for the safe return of assets, having identified the responsible party and indicating the initiation of criminal proceedings.

U.S. crypto fund targets Asian investors for new $800M growth equity fundDan Tapiero, the New York-based founder of 1RoundTable Partners and 10T Holdings, is on a mission to raise between $700 million and $800 million for his upcoming fourth fund, with a recent focus on Asian investment interest.A recent report by Deal Street Asia pointed out that Tapiero has turned his attention to the potential of inward Asian investment, not least through his recent one-week business trip to the region in early December.Photo by Towfiqu barbhuiya on UnsplashInvestment vehicles1RoundTable Partners was Tapiero’s original investment vehicle, positioning itself as a growth equity fund building a portfolio focused exclusively on growth-stage blockchain and crypto projects. 10T Holdings was established more recently, targeting mid to late stage digital asset ecosystem (DAE) firms as part of its equity fund. Earlier this year, 10T was reported by Bloomberg to have $1.2 billion under management while seeking another $200 million in new funding.10T Holdings has fully deployed its three previous funds, forming a portfolio of 24 active DAE companies, including Gemini, Animoca Brands, Yuga Labs and Deribit. Tapiero’s cautious approach to valuations has been rewarded. He turned down opportunities in FTX and Celsius Network at their peaks prior to both entities failing spectacularly in 2022.Crypto equity fund resilienceThe crypto industry faced challenges, including the collapse of FTX, leading to tighter regulations and reputational damage. Venture investments in the sector saw a decline, with statistics from Galaxy Digital Holdings indicating that Q3 2023’s venture investments were below $2 billion, the lowest since Q4 2020.Tapiero is undeterred and is actively raising his fourth growth equity fund, focusing on “digital asset ecosystem (DAE) companies.” This fund, managed under 1RoundTable Partners, will primarily invest in mature DAE companies with $40–50 million in annual revenue and a market valuation exceeding $400 million. Tapiero’s strategy of targeting lower-risk, growth-stage opportunities aligns with his hedge fund legacy.Asian investor focusTapiero is actively seeking new investors in Asia for Fund IV, targeting a first close in Q1 2024. His efforts are focused on addressing the lack of growth-stage capital, particularly in Asia, where confidence in digital assets has strengthened due to crypto-friendly regulations.The veteran macro investor, who founded Gold Bullion International in 2009 prior to turning his attention to the digital assets space, sees a window of opportunity in the secondary market. Having already invested about $660 million through 10T Holdings, he notes that investors may have only a “six-month window” to capture discounted opportunities.In an interview with Bloomberg earlier this month, Tapiero outlined his view that Q4, 2023 will be the crypto sector’s “best quarter since the bull market.” He added:“We think that the bear market finished in Q4 2022. We had a sideways move for a while and then in July [2023] things sparked off with Larry Fink’s [BlackRock CEO] comments.”As Tapiero navigates the crypto landscape with a strategic focus on growth and risk management, his approach appeals to traditional investors, including major pension funds. Fund IV represents a step toward contributing to the ongoing evolution of the digital asset ecosystem. It’s on that basis that the investment industry veteran is targeting Asian limited partnerships (LPs).