DBS Introduces Metaverse Game to Tackle Global Food Waste

Solomon Islands partners with Soramitsu on CBDC pilotCentral bank digital currency (CBDC) development has been ongoing globally at a brisk pace in 2023 and smaller nations, like the Solomon Islands with a population of over 700,000, are no exception when it comes to that process with the introduction of Bokolo Cash.Photo by Gilly Tanabose on UnsplashIntroducing Bokolo CashSolomon Islands Central Bank (CBSI) has officially unveiled the proof-of-concept for its CBDC named Bokolo Cash, with support from Japanese blockchain firm Soramitsu. Bokolo Cash is pegged to the value of one Solomon Islands dollar.The proof-of-concept pilot was launched on Tuesday by way of a keynote speech given by Manasseh Sogavare, the prime minister of the archipelago. In that speech, Sogavare highlighted that the CBDC would lead to reduced transaction costs for citizens and businesses. Users can rely on transactions to be both secure and transparent, given that the network will be blockchain-based.The prime minister also articulated that the CBDC pilot project would be a catalyst for financial inclusion relative to the Island nation’s remotest communities.Pilot scheme use casesParticipants in the project will have the opportunity to use it in various scenarios. From retail transactions in the capital city, Honiara, to person-to-person transfers, the CBDC aims to demonstrate its versatility. The proof-of-concept will also assess wholesale transfers between commercial banks, simulate cross-border payments and examine remittances. To ensure security and compliance, users will undergo a “two-step” Know Your Customer (KYC) verification process, as outlined by Soramitsu.Operating on a customized blockchain based on Hyperledger’s Iroha, Bokolo Cash is designed for local use. However, it will also integrate with Soramitsu’s public Sora blockchain. This connectivity will enable users to engage in transfers using QR codes and the self-custody Fearless Wallet, a creation of Soramitsu.Legislative changeAlthough the project commenced at the beginning of November, the official announcement was made earlier this week. The legislation required to enable the CBSI to issue the CBDC — CBSI (Amendment) Act 2023 — was enacted on Nov. 3.The Solomon Islands, a collection of over 900 islands situated west of Papua New Guinea, now joins a group of island nations, including the Marshall Islands and Mauritius, actively experimenting with CBDC. Palau collaborated with Ripple Labs back in July to introduce the Palau Stablecoin (PSC). Interestingly, Tonga has contemplated adopting Bitcoin as legal tender, while Vanuatu hosts Satoshi Island, known for its Bitcoin-friendly environment. Meanwhile, Eastern Caribbean countries have already implemented an official CBDC called DCash.Soramitsu has been active in collaborating with central banks relative to the introduction of CBDCs, particularly in Asia. It has played a key role in facilitating the issuance of the Cambodian Bakong and the Lao DLak in Laos. Furthermore, it has initiated a project for regional cross-border payments using the Bakong and a stablecoin.In 2022, Soramitsu completed CBDC-related feasibility studies in conjunction with the relevant authorities in Vietnam and the Philippines. The Japanese fintech company has also participated with the Asian Development Bank and Tokyo-based global information technology solutions firm Fujitsu on a Web3 development project.

WOO X, a Taipei-based cryptocurrency exchange, has successfully raised $9 million in its latest funding round, with notable investors including crypto market maker Wintermute. Jack Tan, co-founder of WOO, emphasized the significance of this funding in aligning the interests of liquidity providers rather than as a capital-raising exercise. On social media the company wrote that it “welcomes an elite group of liquidity providers to our ecosystem - as our commitment to building the best environment for traders remains steadfast.”Photo by micheile henderson on UnsplashDesignated market makersThe funding comes from designated market makers (DMMs), featuring participants like Selini Capital, Time Research, Pulsar, Efficient Frontier, Singapore’s Amber Group, AlphaLab Capital, Presto Labs and Riverside Hedge. This infusion of capital is expected to enhance liquidity on WOO X, starting with the BTC and ETH perpetual futures markets and later expanding into altcoin perpetual futures and all spot markets. WOO X plans to roll out a designated market maker (DMM) program for its spot markets in the first quarter of the current year. These strategic moves are expected to contribute to achieving a 100% custody ratio by the second quarter of 2024. Business model pivotWOO X underwent a strategic shift in its business model during the third quarter of the previous year. It transitioned to partner with multiple liquidity providers for both spot and perpetual futures markets, moving away from reliance on a single provider, Kronos Research. The decision to diversify followed a security incident in November 2023, where Kronos suffered a hack leading to an estimated loss of $25 million. As a response, WOO X took proactive measures to restructure its operations. As part of that plan to address liquidity, last month WOO X established a significant partnership with Wintermute, the leading algorithmic trading company and liquidity provider with a trading volume of approximately $3.6 trillion. This partnership positions Wintermute as the primary liquidity provider for WOO X, further strengthening the exchange's market presence. News of this development in December led to a marked increase in the unit price of the platform’s WOO token. Over the course of the last two weeks of December, the WOO token price increased from $0.2385 to $0.4718, representing a 98% increase. Contributing to its recent surge is the partnership announcement with Arbitrum by WooFi exchange, a development that attracted attention from potential investors. The exchange implemented various initiatives to fortify its position, including updates to its fee structure, technology infrastructure enhancements to accommodate multiple designated market makers simultaneously, the introduction of a maker rebate in USDT and the launch of the DMM rewards pool to further incentivize liquidity provision on WOO X. Global expansionThe newly secured funds are earmarked for global market expansion and obtaining regulatory licenses, aligning with WOO's vision for sustainable growth. In 2021, Woo Network successfully closed a $30 million Series A funding round. Subsequently, in October of the previous year, the company repurchased its shares and tokens from the bankruptcy estate of Three Arrows Capital, a participant in the Series A round.  

Singapore-based Marketnode has successfully completed its Series A investment round, receiving backing from global banking leader HSBC and its existing shareholder, Temasek. While the precise funding amount remains undisclosed, the firm plans to utilize the capital to expand its financial market infrastructure. Marketnode aims to develop neutral infrastructure for digital fixed-income and structured products, initially focusing on the Asia-Pacific region. This initiative is part of a broader strategy to create a comprehensive multi-asset ecosystem.Photo by Markus Winkler on UnsplashStrategic collaborations and future projectsRehan Ahmed, President of Marketnode, highlighted the strategic alliance with HSBC as a pivotal move towards establishing the next generation of trusted and neutral market infrastructure. The investment will also accelerate the launch of Fundnode, a new investment fund infrastructure powered by distributed ledger technology. Additionally, the collaboration will support future offerings of tokenized assets. Marketnode has been engaging with HSBC since 2020, including participation in Singapore's Project Guardian and various digital bond initiatives led by the Monetary Authority of Singapore. Regulatory landscape in SingaporeSimultaneously, Singapore continues to tighten regulations within its crypto sector. Following its stringent licensing framework, the Singaporean authorities recently announced an expansion in the scope of companies regulated under its payment services rules. This measure aims to enhance supervision of digital asset firms, focusing on anti-money laundering efforts and user protection.