Zkrypto Partners with LG CNS to Develop Blockchain-Powered Business Models

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).

Metaverse gaming company Animoca Brands has recently announced a strategic partnership with Saakuru Labs, aiming to drive the adoption and integration of blockchain technology within Saakuru Labs' ecosystem. The collaboration is expected to bolster the expansion of the Web3 gaming industry, particularly in Southeast Asia, where the partnership officially kicks off. The initiative involves the incorporation of Web3 games developed with the Saakuru Protocol into the Animoca Brands ecosystem. Gasless transactionsAnimoca Brands will play a crucial role by providing gaming titles to its partners, while Saakuru Labs will facilitate Animoca Brands' expansion efforts in Southeast Asia. Developers stand to benefit from access to accelerated development processes and gasless transactions. Gasless transactions are particularly significant in regions like Southeast Asia, known for lower-income demographics. The market has shown a keen interest in blockchain technology and Web3 games, indicating promising growth potential. With gasless transactions, developers can seamlessly integrate critical functionalities into their gaming titles, including infrastructure components.Photo by Bastian Riccardi on UnsplashTransition to Web3 gamingThe Saakuru Protocol, known for its consumer-centric L2 infrastructure, enables major integrations of Web3 components into traditional gaming segments. This ensures a smooth transition from traditional gaming to Web3 gaming, enhancing the overall gaming experience. Yat Siu, Executive Chairman of Animoca Brands, emphasized the pivotal role of gaming in the evolution of the Internet and open metaverse, highlighting Southeast Asia's potential to lead in Web3 technology adoption. Jack Vinijtrongjit, CEO of Saakuru Labs, underscored the platform's capability to offer seamless engagement with multiplayer gaming titles without latency or transaction fees. The partnership between Saakuru Labs and Animoca Brands aligns with Saakuru Labs' recent collaboration with cloud computing infrastructure platform Aethir, aimed at enhancing blockchain gaming through GPU infrastructure. Notable partners of Animoca Brands, including GameGPT, W3GG and GameFi.org, have already expressed their commitment to adopting the gasless protocol. Experts believe that gaming presents an ideal avenue to accelerate blockchain technology adoption and advance Web3 gaming principles. With gaming becoming a mainstream form of entertainment, seamless integration of technology is crucial for user acceptance. The outcome of the Animoca Brands and Saakuru Labs partnership is anticipated to manifest results in the coming quarter or by the end of the year. 

Zipmex Thailand halts crypto trading citing SEC complianceTroubled cryptocurrency exchange Zipmex Thailand has recently announced the temporary suspension of digital asset trading until early next year.Photo by Anh Tuan To on UnsplashTrading and deposits suspendedThe decision, outlined by the firm in a Facebook post on Saturday, is attributed to the platform’s efforts in ensuring full compliance with the standards set by Thailand’s Securities and Exchange Commission (SEC).In the Facebook post, Zipmex Limited addressed its customers, stating:“Dear customers, Zipmex Limited would like to ensure the proper and compliant conduct of the company’s business operations in accordance with the criteria set by Thailand’s Securities and Exchange Commission (SEC).”The suspension of digital asset trading and deposits of all types became effective from Nov. 25.Withdrawals remain openDespite the suspension, customers will retain the ability to withdraw Thai baht and digital assets from their Trade Wallet through the website and mobile application until Jan. 31, 2024. However, for digital assets categorized as “Trade Only,” customers are instructed to contact Customer Support for withdrawal. Beyond Jan. 31, 2024, when the withdrawal feature through the website and mobile application is suspended, customers will need to seek assistance from Customer Support.Zipmex Thailand also emphasized that the withdrawal process for digital assets may take between seven to 14 days, requiring customers to provide supporting documents for identity and account ownership verification.As a cryptocurrency exchange headquartered in Singapore and operating in multiple countries, including Thailand, Australia and Indonesia, Zipmex has already fallen foul of Thailand’s SEC. Earlier this year, it was hit with penalties related to allegations of improper use of a digital asset custodian service and the redirection of customers to the Singapore-based exchange, Zipmex Pte, creating a conflict of interest.Financial difficultiesThe exchange has faced financial challenges, including difficulties in repaying creditors after losses incurred from exposure to crypto lenders Babel Finance and Genesis in 2022. A planned $100 million buyout earlier in the year fell through when the buyer, reportedly V Ventures, withdrew from the purchase.Zipmex’s troubles date back to last summer when the exchange halted withdrawals due to volatile market conditions and a liquidity crunch resulting from exposure to the troubled crypto lender Babel Finance. Despite facing financial difficulties, the exchange expressed its commitment to maintaining the integrity of its platform.In August of the same year, Bloomberg reported that Zipmex intended to meet with potential investors and Thailand’s financial regulator to discuss a recovery plan. By November, the platform was in advanced discussions with venture capital fund V Ventures for the sale of a majority stake.Earlier this year, the Thai Securities and Exchange Commission announced an investigation into whether Zipmex breached local rules in its offering of certain digital-asset products. In April, the company filed a request to extend the moratorium period to enable the firm to work towards restructuring. Later that month, it appeared that the V Ventures investment deal had fallen through. By July, the beleaguered firm had sued the investor for breach of contract.The ongoing challenges faced by Zipmex underscore the complex landscape and regulatory scrutiny surrounding cryptocurrency exchanges in various jurisdictions.