DBS Introduces Metaverse Game to Tackle Global Food Waste

Dunamu’s Luxury Watch Trading Platform Thrives with Blockchain EdgeViver, a luxury watch trading platform and subsidiary of Dunamu, which operates the Upbit cryptocurrency exchange in South Korea, has been experiencing continued success amidst an ever-growing interest in luxury items as real-world assets and lucrative investment drivers.Photo by Christian Wiediger on UnsplashLeveraging blockchain technology and a showroom experienceThis success can be attributed to the platform’s commitment to taking advantage of Dunamu’s cutting-edge blockchain technology and infrastructure, setting it apart from other luxury platforms and boosting competitiveness in the market.Another major factor is the Viver showroom in Gangnam, southern Seoul, which allows visitors to try on and purchase watches, get their own watches polished and checked, and speak with a professional watch curator.Moon Jae-yeon, CEO of Viver, unveiled plans to surpass global competitors like the US’ Watchbox and Europe’s Chrono24 within five years by growing the app into a global vertical commerce platform focused on luxury watches.Rolex’s finest dominate Viver’s diverse collectionIndeed, Viver has become a popular trading hub for timepiece enthusiasts and investors across the country, and the platform recently revealed in a special article for its 100th magazine issue that its best-selling watch is the Rolex Submariner — a globally renown line of high-end divers’ wristwatches.Different models from the Submariner line have taken up the top three ranks of most sold watches. Coming in first is the Submariner Date in Oystersteel, priced at KRW 16.5 million (approximately $12,500) on Viver, which accounted for 16.5% of total sales. Following close in second place with just two fewer watches sold and a 16.2% share of sales is the Submariner in Oystersteel, which is set apart by its lack of a date indicator. Last but not least, the Submariner Date in Oystersteel and yellow gold took up 13.7% of sales.The watch sold the fastest on the platform was the Rolex Datejust 41 in Oystersteel and white gold. Sporting the iconic Jubilee bracelet and fluted bezel, the timepiece took just a minute and 42 seconds from registration to sale.Though Rolex has evidently claimed its superlative title as the platform’s most popular brand, Audemars Piguet secured its own as the most expensive. The priciest timepiece to ever be sold on Viver is the Royal Oak model for KRW 130 million.Exponential growthThe platform also added four new brands in June — Patek Philippe, Omega, Cartier, and Vacheron Constantin. Consequently, total transaction value, product registrations, and product purchases in July increased by 34%, 116%, and 36%, respectively.As a result of these combined efforts, both monthly trade count and transaction volume on Viver have spiked by more than 15 times since its establishment last August, while the number of users has grown by about 10 times over the past year.The number of products directly registered by sellers also increased by about 30 times compared to the first month since the platform’s launch.

Standard Chartered Muscling Into Asian Crypto SpaceUK banking giant Standard Chartered is making a concerted foray into the Asian crypto sector through its Singapore-based subsidiary, Standard Chartered Ventures.Photo by Kirill Petropavlov on UnsplashTargeting institutional businessThat’s according to a report by Nikkei Asia on Tuesday. It’s believed that the company is positioning itself as a trusted choice for institutional cryptocurrency clients amid the backdrop of digital token price volatility and recent upheavals in the industry. The move will pit the British bank directly against global crypto exchange Binance in key Asian markets, specifically Singapore and Japan.Rene Michau, the Global Head of Digital Assets at Standard Chartered, emphasized what he considers to be the bank’s unique advantage in the digital asset space, stating:“As regulated banks, we have a fairly deep infrastructure around risk, conduct compliance, and the activities that go along with crypto assets.”This solid infrastructure includes established risk frameworks, governance structures, and compliance tools that Standard Chartered is keen to bring into the cryptocurrency sphere, thus making it an attractive option for its clients.Zodia Custody and Zodia MarketsStandard Chartered’s substantial involvement in the cryptocurrency market is channeled through its majority ownership of Zodia Custody, responsible for safeguarding digital assets, and Zodia Markets, a crypto exchange tailored for institutional clients.Both entities have been making significant progress in bringing their offerings to market in recent months. Zodia Custody recently launched its services in Singapore, offering a secure solution for financial institutions to manage their crypto holdings. Last month it launched a crypto staking product targeted at institutional clients.In the same month, Zodia Markets achieved in-principle approval to trade as a broker-dealer in the United Arab Emirates. Zodia Custody has also been successful in the UAE, launching its crypto custodian service in Dubai in May.Japan and SingaporeThis concerted effort by Standard Chartered follows a broader trend where traditional financial institutions, such as DBS Group Holdings in Singapore, are entering the cryptocurrency market, capitalizing on the challenges faced by younger crypto players in proving their credibility.Binance rebranded its Binance Custody unit as Ceffu and expanded its offerings for corporate customers in Singapore. While Binance asserts the independence of Ceffu, the exact nature of their capital relationship remains undisclosed.A parallel competition is unfolding in Japan, where Binance Japan has entered the market and Standard Chartered’s Zodia Custody has formed a joint venture with SBI Digital Asset Holdings, targeting institutional clients.While Standard Chartered has achieved a lot through its crypto-focused subsidiaries in a short space of time, there’s always room for improvement. In June, Hong Kong’s banking regulator singled out Standard Chartered alongside HSBC, appealing to both banking groups to make greater efforts to bank crypto clients within the Chinese autonomous territory, as it looks to compete with Singapore in becoming a regional crypto hub.The cryptocurrency sector has witnessed increased scrutiny as virtual currencies like Bitcoin and Ether have gained popularity. The rise of digital token exchanges, each vying for custody of assets belonging to investors who have embraced cryptocurrencies, has sparked concerns about corporate governance and security.Giants in traditional finance, like Standard Chartered, are stepping in to offer institutional investors a safer path to engage with virtual assets while leveraging the trust associated with established brands.

Zipmex proposes creditor repayments of 3 cents on the dollarBeleaguered Singaporean crypto exchange Zipmex has unveiled a restructuring proposal aimed at repaying creditors. According to a report published by Bloomberg on Wednesday, the initial offer stands at 3.35 cents for every dollar of the creditors’ claims.Photo by Alexander Grey on UnsplashRestructuring challengesThis restructuring proposal unfolds against the backdrop of a challenging period for Zipmex, triggered by the aftermath of last year’s crypto price downturn. The crypto exchange, which operates in Thailand, Indonesia, Australia and Singapore, is currently undergoing a court-supervised restructuring process based in Singapore.In its efforts to restructure the business, Zipmex is grappling with a debt of $97.1 million. That total debt level is contingent upon the eventual recovery of assets. Bloomberg cited sources familiar with the matter, suggesting that depending on the success of these recovery efforts, the repayment figure could potentially surge to 29.35 cents per dollar.Creditor dissatisfactionHowever, not all major creditors are on board with Zipmex’s proposed plan. Expressing reservations, they are pushing for an independent review to scrutinize recent changes in the company’s assets and liabilities, as outlined in an Oct. 4 court document. This external examination is deemed crucial to ensuring transparency and fairness throughout the restructuring process.In response to these developments, Marcus Lim, the Group Chief Executive Officer of Zipmex, refrained from providing detailed comments due to the confidentiality of the ongoing arrangement. While acknowledging inaccuracies in information sourced from external outlets, he chose not to elaborate on them further.Investor deal failureA previous attempt to sell Zipmex to V Ventures, a subsidiary of Thoresen Thai Agencies, fell through. To add to the struggling company’s woes, it emerged earlier this week that Thailand’s securities regulator, the Securities and Exchange Commission (SEC) recently instructed Zipmex to halt operations in the country due to insufficient net capital.The company had been fined 11 million baht ($315,000) by the SEC earlier this year. The SEC cited the co-mingling of corporate and customer funds as one regulatory breach. Furthermore, the Thai regulator claimed that between May and July 2022, Zipmex “did not have in place a system to effectively prevent conflicts of interest in such matters and the business operation does not have an adequate risk control system.”In response to this recent regulatory directive, Zipmex Limited issued a statement to its customers, expressing its commitment to ensuring proper and compliant business operations in line with the criteria set by the Thai SEC. Consequently, the temporary suspension of digital asset trading and deposit of all types was deemed necessary.The intricacies of Zipmex’s financial restructuring will be closely watched by market observers, especially considering the volatility in the crypto market and the regulatory challenges faced by the company in multiple jurisdictions. The success of the proposed repayment plan, contingent upon asset recovery, remains uncertain, leaving creditors and industry stakeholders on edge.As Zipmex grapples with these multifaceted challenges, its future trajectory hinges on navigating both the demands of the bankruptcy process alongside regulatory requirements.