Acquisition by SBI Subsidiary Part of European Expansion

ZTX Collects $13 Million in Seed Funding for Web3 Metaverse PlatformSingapore-based Web3 metaverse platform ZTX, a joint blockchain venture by ZEPETO and Jump Crypto, has raised a total of $13 million in its most recent seed funding round. The platform, currently undergoing development, will serve as an immersive three-dimensional open world where Web3 creators can interact and trade digital assets.Photo by Markus Winkler on Unsplash“We’re excited to share news about our fundraising round,” said Chris Jang, Co-CEO of ZTX. “We have been building steadily and discreetly for well over a year, and with our token launch happening in the coming months we want to emphasize the commitment that our investors, just like our team, have toward our vision to provide an infrastructure layer to creators.”Global backing for ZTXThe latest funding round led by Web3 infrastructure firm Jump Crypto attracted investors from around the world, such as Parataxis Capital, MZ Web3 Fund, Collab+Currency, and more, due to its promising outlook in the Web3 sphere.“We believe that ZTX has the potential to create a unique world, setting it apart from all other Web3 metaverse projects. The seamless integration of digital asset creation and trading in the metaverse with Web3 technology is truly exciting, making their application within Web3 applications a natural fit. Moreover, the ZTX team’s expertise in both the metaverse and Web3 is exceptional, and we have high expectations for their future endeavors,” said Yuki Kanayama, General Partner at MZ Web3 Fund.Strong foundation and team expertiseZTX’s creator ZEPETO also offers solid promise as South Korea’s leading metaverse platform that touts over 400 million lifetime users. It is the fourth-largest metaverse platform in the world, holding its spot among the same ranks as Roblox, Fortnite, and Minecraft. It has also partnered with major brands such as Gucci and Starbucks along with celebrities like the K-pop girl group Blackpink.Made up of industry veterans from tech and Web3 giants like Apple, Roblox, Solana, Cosmos, and more, the ZTX team plans to utilize its various underlying advantages to globalize Web3 and bring it to a wider mainstream audience.The team has consistently been building the ZTX ecosystem from the ground up. In a recent development, the platform ran its first private, invite-only beta test last month, dubbed “Playtest”. It has also worked with Dust Labs, the software provider for NFT projects such as DeGods and y00ts, to launch ZTX Partner Wearables, a community-driven initiative that provides tools to IP partners for creating 3D assets and contributing to the expansion of the narrative within an open-world environment.“As a crypto-focused venture fund, we back visionary teams who are using decentralized technology to shape the next wave of consumer products. We are thrilled to be part of this round, supporting ZTX’s exceptional team and their unique advantages. ZTX can provide a distinct infrastructure layer for diverse NFT projects and Web3 builders with its creator-focused tooling, and we look forward to helping ZTX succeed in its ambitious mission,” said Stephen McKeon, Partner at Collab+Currency.Future projectZTX’s upcoming activities include the launch of the Genesis Home Mint, featuring 4,000 bespoke 3D District Homes. This collection offers benefits such as a district membership in one of the four districts — Arts, Financial, Fashion, and Games — as well as exclusive access to future releases, events, and enhanced gameplay experiences within ZTX.

Tether Alters ToS in Singapore Restricting USDT RedemptionTether, the issuer of the world’s largest stablecoin, USDT, has made substantial revisions to its Terms of Service (ToS), which may have a significant impact on its user base in Singapore.News of the change emerged on Monday, with Dr. Julian Hosp, CEO of Cake Group, the project team behind Singapore-based Cake DeFi, taking to social media and providing a copy of an email from Tether’s Compliance Department, confirming the change. That notification read:”Tether has changed its terms of service to, among other things, restrict its onboarding standards. Corporates controlled by; another entities, directors, shareholders residing in Singapore are no longer permitted to be Tether customers.”In his commentary, Hosp stated that he wouldn’t be in a position to confirm “if redeeming $USDT into $USD is actually possible, due to being in #Singapore.”Photo by DrawKit Illustrations on UnsplashToS Change in ContextWithin the cryptocurrency ecosystem, eyebrows have been raised regarding the timing of Tether’s ToS change, as it has coincided with a major instance of crypto-related money laundering. Conversely, some argue that the issue could be specific to Cake DeFi. The DeFi protocol had been flagged for enhanced due diligence (EDD), suggesting that the modification in Tether’s ToS might potentially be a result of a partnership issue between the two entities.Stablecoins like USDT play a pivotal role in the digital asset ecosystem, serving as a bridge between the volatile world of cryptocurrencies and the stability of traditional fiat currencies like the US dollar. Any disruption in their usage can trigger a domino effect in the crypto markets.The cryptocurrency sector is grappling with regulatory uncertainties worldwide, and Singapore is no exception. The Monetary Authority of Singapore (MAS) has been actively reviewing and updating its crypto-related regulations to align with international standards and mitigate risks to financial stability.The precise motive behind Tether’s decision to restrict USDT redemption for specific customers in Singapore remains unclear. Notwithstanding that, Tether’s Chief Technology Officer (CTO) Paolo Ardoino expressed the view that the matter is being misunderstood. He tweeted:Spreading FUD”Before spreading FUD [fear, uncertainty and doubt] it would be great if you guys did take a look at webarchive… This is Jan 2022…. And if you open the link below: Last updated: May 12, 2020… Again, take a moment to search and verify information before YOLO [you only live once] posting.”Clearly Ardoino is making the point that the ToS change is consistent with existing compliance policy which has been in place since 2020. Notwithstanding that, in reviewing related records, media outlet Protos found that USDT issuance and redemption after May 2020 demonstrate that the firm continued to do business with Singapore-based entities. The publication cited UQPAY specifically, a Singapore-based payments processor. It was found to have issued USDT between May 14 and May 18 in 2020.

Singapore Exchange Limited (SGX), the city-state’s primary asset exchange, is in the process of establishing Bitcoin perpetual futures trading on the platform.Photo by Kanchanara on UnsplashInstitutional product offeringAccording to a report published by Bloomberg earlier this week, the exchange platform intends to launch Bitcoin futures sometime during H2 2025. The product launch will be subject to regulatory approval from the Monetary Authority of Singapore (MAS). A spokesperson for the company told Bloomberg that the product offering will be geared exclusively towards institutional investors and traders in an effort to “significantly expand institutional market access.” Retail access to the product will be prohibited. Once launched, these Bitcoin perpetual futures contracts, being offered through a traditional finance (TradFi) outfit like SGX, will help to blur the lines between TradFi and the emerging crypto sector. Perpetual futures have no expiry date. They offer a means for traders to bet on price changes in an underlying asset while doing away with the need to take ownership of the asset itself. Cautious approachSGX has been cautious in listing crypto assets and derivative products. Last year the firm’s CEO, Loh Boon Chye, said that the time was not yet right for such listings.  His concern back then was that any such product launches would need “sustainable ecosystem support,” adding that “that means demand, that means governance, that means structure.” While spot Bitcoin exchange-traded funds (ETFs) had been approved in the United States at that point, there has been much further development in the crypto-sphere since then, following the election of a pro-crypto administration in the U.S. That event has had knock-on effects globally. Singapore’s SGX isn’t the only traditional exchange platform to respond. Japanese futures exchange, the Osaka Dojima Exchange (ODEX), is gearing up to file an application with the Financial Services Agency (FSA) to list a Bitcoin futures product later this month. Closer to home, an American digital asset marketplace that focuses on institutional trading, EDX Markets, has plans to introduce Bitcoin perpetual futures products to the Singaporean market, according to a report which emerged in January. In May 2024, EDX launched EDXM Global, a settlement platform, in Singapore. This product launch by SGX serves the purposes of decision-makers in Singapore, who have been trying to position the city-state as a digital asset industry hub. Additionally, the move will bring greater acceptance of the digital assets sector from traditional market participants. Crypto perpetual futures contracts were first pioneered by crypto derivatives exchanges like BitMEX back in 2016. Since then, other crypto-native platforms like Binance and OKX have offered these products. In the case of unregulated offshore exchanges, the products have proven to be controversial, as at times, they have been used in a manner that has exposed market participants to counterparty risk. Failed crypto exchange FTX, together with its sister company Alameda Research, relied on the products in their trading activities. SGX, as a seasoned, regulated TradFi operator, which holds an Aa2 rating from Moody’s, is likely to prove to be a more palatable option for institutional players.