Lillius and Crypto.com Team Up for NFT Collaboration and Global Marketing

With Kazakhstan having recently indicated that it would create a national crypto reserve, the administrators of Kazakhstan’s existing sovereign fund now want to invest in crypto assets as well. According to a report published by Kursiv, a business media outlet covering Central Asia, the Kazakhstani authorities are planning to invest a portion of the country’s existing gold and foreign exchange reserves in crypto assets. The publication outlined that this was conveyed by Timur Suleimenov, governor of the National Bank of Kazakhstan, in a recent press conference. Photo by ANSAR ARCHITECTS on UnsplashFollowing an international investment trendHe stated that the country has a portfolio of alternative investments, which includes gold and foreign exchange reserves. Within that particular portfolio, more aggressive investment strategies are pursued in an effort to generate higher investment returns. He added: “We looked at the experience of the Norwegian fund, the American experience, and the experience of Middle East funds. They have certain investments in either crypto assets directly, or in ETFs and shares of companies that are closely related to crypto assets. They are very small.” In 2024, it emerged that Norway’s sovereign wealth fund had indirect exposure to 2,446 Bitcoin. By January of this year, the sovereign fund had increased its indirect exposure further through an investment in pioneering American Bitcoin treasury firm Strategy (formerly MicroStrategy). In the Middle East, the Abu Dhabi Investment Authority (ADIA), which manages the Abu Dhabi sovereign wealth fund, has been exposing the fund to Bitcoin indirectly through investments in BlackRock’s spot Bitcoin exchange-traded fund (ETF), IBIT. Considering asset volatilityWhile moving towards a crypto investment within the alternative investments portfolio, Suleimenov struck a cautious note, stating: “This is not an easy question, so there is no need to rush here. Yes, such assets can bring high returns, but at the same time they are characterized by high volatility.” This latest development in Kazakhstan coincides with the release of a report by German multinational investment bank, Deutsche Bank. The research report has found that Bitcoin has reached a new all-time-high unit price amid a dramatic drop in the volatility of the leading digital asset when compared with times past.  The bank explained that this was a sign of a maturing market, while suggesting that Bitcoin’s volatility is likely to decline further as adoption grows. Reduced volatility is making crypto assets like Bitcoin more appealing to long-term capital allocators like sovereign wealth funds and pension funds. In an interview with Bloomberg back in May, Mike Novogratz, founder and CEO of American digital assets firm Galaxy Digital, said that he has had conversations with heads of large sovereign wealth funds that have said “if America is buying Bitcoin, we’re buying Bitcoin.”In March, U.S. President Donald Trump issued an executive order setting out the establishment of a strategic Bitcoin reserve in the United States. In moving to establish a crypto reserve in Kazakhstan recently, Suleimenov suggested that international practice demonstrates that such a reserve may include confiscated crypto-assets, with Kazakhstan planning to proceed with the formation of the reserve on that basis.

WEMIX Play Completes Successful Migration to the WEMIX3.0 MainnetSouth Korean gaming company Wemade has announced the successful migration of its global blockchain gaming platform, WEMIX Play, to the WEMIX3.0 Mainnet.Photo by Mathew Schwartz on UnsplashImproved interoperabilityThis transition effectively links all games on the WEMIX Play platform to the WEMIX3.0 Mainnet. Additionally, the launch of the Play Proof Protocol (PPP) further strengthens the network’s interoperability.Instant token tradingThe PPP enables users to instantly trade their tokens for those of their preference, eliminating the need for token swaps between disparate networks. This approach simplifies the process with a single signature, providing users with a more convenient experience.Omnichain strategyAs part of its commitment to fostering a united community, Wemade has adopted an omnichain strategy to connect the WEMIX ecosystem with external chains. Looking ahead, WEMIX Play aims to establish connections with various mainnets, expanding its platform and streamlining token exchanges.Wide variety of games and servicesBoasting a user base of nine million, WEMIX Play offers games of various genres, including massively multiplayer online role-playing games (MMORPGs), strategy games, and social network games. The platform also provides a wide range of services such as gaming tokenomics; the financialization of gaming, known as GameFi; non-fungible token (NFT) marketplaces; and community pages.

Cake Group co-founder files application to wind up company in SingaporeChua U-Zyn, the co-founder and Chief Technology Officer of crypto firm Cake Group, has officially applied to the Singapore High Court to initiate the winding-up process for the company.A winding-up notice appeared in Singapore’s The Straits Times on Thursday. U-Zyn is being represented by law firm Rajah & Tann on the matter. The court will now decide whether to grant this application, which was filed on Dec. 1.Photo by Kelvin Zyteng on UnsplashFinancial strugglesCake Group is the parent company of the crypto platform Bake, which made headlines last month for announcing significant staff reductions affecting 30% of its workforce. Bake is an automated market maker (AMM) and decentralized exchange (DEX) that revolves around Binance’s BNB Smart Chain (BSC).In existence for some five years, the platform claims to have over 1 million users worldwide, retaining over $1 billion in customer assets and having achieved reward payouts to date of $411 million.Cake Group’s financial struggles have been evident, with its revenue plummeting by over half to $266 million in 2022, while profits experienced a fivefold decrease to $23.5 million during the same period. The company generates income through transaction fees.A hearing for creditors or opposing parties is scheduled for Dec. 22, providing an opportunity for stakeholders to voice concerns or contest the winding-up process.Internal disputeWhile the specifics behind U-Zyn’s winding-up application remain unclear, the decline in financial performance and the recent layoffs are undoubtedly contributing factors.It’s understood that CEO Julian Hosp learned about the filing on Dec. 6 and has since emphasized that the company is actively working with legal counsel to challenge the application. Hosp will challenge this request in court, asserting that the company’s finances are strong and unrelated to the dispute.Taking to the X social media platform on Thursday, Hosp wrote:”Disappointed to see U-Zyn filing a request on December 1st” . . . “For me, it’s selfish that he’s prioritizing his own interests over those of our customers, employees, and partners, instead of resolving it internally.”Hosp added that U-Zyn’s application is unrelated to the company’s finances and that the firm is financially solvent.Former employees, speaking anonymously to Tech in Asia, expressed surprise at the escalating situation, describing the co-founders as emotionally charged and seemingly unable to safeguard their investment.U-Zyn opposed to layoffsThe court filing under Section 125(1)(i) of the Insolvency, Restructuring and Dissolution Act of 2018 adds an element of uncertainty. Unlike other sections that typically specify reasons for winding up, this particular section allows for liquidation if “the Court is of the opinion that it is just and equitable that the company be wound up.”Hosp clarified that the application is not based on Cake Group’s inability to pay its debts, emphasizing that day-to-day operations continue at full capacity.It’s understood that the ongoing dispute between U-Zyn and Hosp stems from internal disagreements, particularly related to cuts within the company’s engineering division. Chua claimed Hosp excluded him from decisions, especially concerning the recent layoffs.Despite the internal discord, Hosp stressed the company’s commitment to resolving the dispute swiftly and maintaining its operational capabilities. Undeterred by his fellow co-founder’s actions, he published a blog post on Thursday, outlining his vision for the Cake Group moving forward.