One Store’s App Market to Support Polygon-Based dApps

Sony Electronics Singapore has partnered with Singapore-headquartered Crypto.com to enable USDC stablecoin payments for local consumers on Sony’s online store. In a statement published on April 2, Crypto.com provided details on the development. By accessing Crypto.com’s payment system, Sony customers in Singapore can pay for items on the Sony platform using the U.S. dollar-pegged stablecoin.Photo by Alwin Thomas on UnsplashPlans to expand payment optionsThe gaming, entertainment and consumer electronics giant also outlined that USDC payments are a starting point, with plans to expand the offering to include other crypto payment options in the future. Commenting on the development, Crypto.com’s General Manager for Singapore, Chin Tah Ang, stated: “We’re pushing to make paying in crypto more mainstream and partnering with a well-established and forward-thinking brand like Sony Electronics Singapore further raises awareness of how simple it can be to pay for everyday goods and services using crypto.” The Crypto.com executive added that a high-profile brand like Sony would provide further visibility with regard to crypto payments. Sony dominates the gaming console market in Singapore, with a 61% share of the market within the city-state. A successful roll-out of this crypto payment option in Singapore could potentially lead to further roll-outs in other regions. Keeping pace with shift towards cryptoBlockchain industry pioneer Kyle Chasse, outlined on X that the development demonstrates that adoption isn’t coming, rather that it has already arrived. Sony sees the move as an effort the firm is making to “stay ahead of the curve” and future-proof its operations. It has formed the view that diversifying payment options to include crypto payments is necessary in order to keep pace with what it perceives as a global shift towards the use and integration of crypto.  Ang sees upside for both companies as a consequence of the development. He stated: “This payment integration will not only benefit our users by giving them another way to utilise their crypto in the real world, but we believe adding a new and streamlined crypto payment method will also broaden [Sony Electronics Singapore’s] customer base.”  This development is not Sony’s first touchpoint with crypto and blockchain. In recent times, it has developed its own blockchain, Soneium. The Ethereum layer-2 network officially launched its mainnet in January. In 2024, Sony Group acquired Amber Japan, the Japanese subsidiary of Singaporean crypto market maker Amber Group. Last year, another Sony Group company, Sony Bank, announced plans to develop a stablecoin in partnership with Astar Network, a Polkadot-based smart contract platform.  Commenting on Sony’s participation within the crypto and blockchain space last year, independent game designer Chad Steingraber said, “Sony entering crypto is a MUCH bigger deal than people realize yet.” He predicted that the entire entertainment sector will become engulfed by crypto assets.  At the time, Steingraber was reacting to the news that Singaporean financial services firm Phillip Securities and Securitize were planning a security token offering in connection with a Sony movie production.

Thailand’s capital markets supervisory agency, the Securities and Exchange Commission (SEC), is preparing to launch a trading system, built on distributed ledger technology (DLT), to enable securities firms to trade tokenized securities.Photo by allPhoto Bangkok on PexelsTokenized investments gaining tractionThat’s according to a report published on Feb. 3 by Bangkok-based English language newspaper, the Bangkok Post. Jomkwan Kongsakul, deputy secretary-general of Thailand’s SEC, said that tokenized investments are gaining traction. With that, the development will give the regulator experience in supervision of the latest digital-era markets. The move is also seen as an indication to securities firms of the acceptability of DLT-based tokenized trading from a regulatory perspective in Thailand. The regulator plans to sign off on permitting securities firms to trade digital tokens, bootstrapping digital token trading through accessing the large investor bases of these firms. Commenting on the initiative, Jomkwan Kongsakul stated: “The SEC is leveraging technology to enhance efficiency in the capital market by promoting an electronic securities ecosystem,” while “new regulations will be launched to facilitate the issuance of electronic securities and online purchases of debentures.” Debentures are unsecured debt instruments issued by companies to raise funds. Efficient primary & secondary market tradingThe proposed system will incorporate primary and secondary market trading of fully digitized bonds. Other features will include investor registration and multiple blockchain support with the inclusion of blockchain interoperability capabilities. It is as yet unclear which blockchains the platform will be built around. Speaking on that topic, the SEC executive stated: “In the future, there may be multiple chains for trade. Trading through DLT on all systems is connected by a shared ledger, which is expected to be completed soon.” In its preparations to launch the system, the Thai SEC has approved four digital token projects thus far. Two more projects are understood to be at the review stage. The focus is being placed on green tokens and investment-based projects. The regulator believes that through tokenization, greater efficiency and liquidity can be achieved. There’s a delay of between seven and 14 days before bonds, which have been bought on the primary market, can be traded on a secondary market. Tokenization can help to resolve this issue.  Furthermore, where bonds are too expensive for investors or too illiquid, tokenization can help in both cases, broadening access to the range of products available to the investing public. In addition to this latest news, a number of positive signs have arisen from Thailand with respect to digital assets in recent weeks. It emerged last month that the SEC is considering approving spot Bitcoin exchange-traded funds (ETFs) within the Southeast Asian nation.  Related to that development, SEC Secretary-General Pornanong Budsaratragoon said that the agency has “to adapt and ensure that our investors have more options in crypto assets with proper protection.” Last month, comments made regarding cryptocurrency by Thailand’s former Prime Minister, Thaksin Shinawatra, were quite positive. He called on the SEC to enable the trading of stablecoins. Since then, Thailand’s Minister of Finance, Pichai Chunhavajira, discussed plans to issue a stablecoin that would be based on the Thai Baht and backed by government bonds.

Zetrix, a layer-1 blockchain project for real-world applications, has launched an electronic Know Your Customer (KYC) verification product for Chinese nationals. The Malaysian enterprise, which is a subsidiary of digital services company My E.G. Services Berhad (MYEG), has launched ZCert. The offering is available to Chinese nationals who opt to have their digital identities published to the Xinghuo BF network, a Chinese national blockchain infrastructure network developed under the guidance of China’s Ministry of Industry and Information Technology and managed by the China Academy of Information and Communications Technology.Photo by Diego Jimenez on UnsplashFirst-of-its-kind applicationZetrix acts as an international super-node relative to the Xinghuo blockchain. In a press release published by PR Newswire on Oct. 3, the company outlined that ZCert had been launched as a first-of-its-kind application, enabling Chinese nationals “to be authenticated and verified digitally overseas, paving the way for a seamless, efficient, and secure verification process for verifiers and identity holders. ” The service simplifies the issue of identity verification for verifiers located outside of China, as a consequence of Zetrix’s integration with the Xinghuo BIF network.  Connecting to ‘China Web3’Xinghuo signed a memorandum of understanding (MoU) with Zetrix’s parent company, MYEG, to establish the international super-node back in November 2022. The tie-up was seen as an opportunity to provide access to Chinese government agencies and businesses internationally.  At the time, MYEG Managing Director and Zetrix Co-Founder Wong Thean Soon said that “with the commencement of the Xinghuo International Supernode, the rest of the world can connect and be part of the China Web 3 evolution that will promote the establishment of international communities and facilitate global trade and finance.”  On this occasion, Wong said that the new product “enables a new wave of services powered by smart contracts.” He added that KYC processes can be simplified and automated, while “user data is retained by users at all times and only critical information is shared in an encrypted manner." The company has already digitized Chinese driving licenses for the purpose of overseas verification. Furthermore, it has plans to expand its offering beyond ID verification soon. In April of this year, Zetrix and MYEG signed an MOU with MaiCapital, a Hong Kong-based virtual assets manager, with a view towards collaborating on the launch of a digital asset fund or digital asset-based exchange-traded fund (ETF). Last year Zetrix engaged in a pilot project with the Bank of China with the aim of offering supply chain financing products. On a similar theme, its parent company entered into a partnership with the Philippines Bureau of Customs (BOC) and Cargo Data Exchange Center Inc. (CDEC), also in 2023. The collaboration involved the use of Zetrix’s ZTrade product, a Web3 platform that enables digitized trade document verification. Zetrix launched its ZETRIX token in October 2023 through an initial exchange offering (IEO) facilitated by the Coinstore exchange.