Singapore Pledges $112M to Boost Fintech Solutions Including Web3

Bitget Claims Debt-Free Status via Proof of ReservesBitget, the Seychelles-based cryptocurrency derivatives exchange, proudly announced that its total proof-of-reserves ratio has reached an impressive 223% in its latest report.Photo by Traxer on UnsplashReserve of $1.44 billionIn a press release published to its website on Thursday, the exchange revealed that it currently holds a reserve of $1.44 billion, encompassing 31 different crypto assets. The reserve ratios for popular cryptocurrencies such as Bitcoin (BTC), Tether (USDT), Ether, and USDC stand at 454%, 135%, 171%, and a staggering 2,604%, respectively.Bitget executives, in an interview with Cointelegraph, emphasized the exchange’s commitment to operating without relying on debt or user funds for transactions or investments. They stated that the company is debt-free and has no outstanding liabilities, nor is it listed as a creditor for any recently bankrupt companies.When questioned about the high collateralization for certain coins, the exchange clarified that the funds originate from profits generated through transaction fees and returns from investments and acquisitions. While Bitget does not have external insurance for its users, it maintains a robust $300 million User Protection Fund.Executives assert that this fund operates more effectively than third-party insurance, enabling them to efficiently safeguard users’ assets without being dependent on external bureaucracy or policy changes.Partnering with third-party auditorsAlthough not yet a regulatory requirement, Bitget aims to enhance transparency by increasing partnerships with third-party auditors to thoroughly examine its assets and reserves. The exchange diligently updates its proof-of-reserves every month, further reinforcing its commitment to accountability and trustworthiness.While proof-of-reserves has gained popularity as a means of disclosing information about exchange assets, experts have cautioned about its effectiveness. Jack Graves, a professor of law at Syracuse University, highlights the challenges in determining the portion of assets pledged as collateral unless one has access to an exchange’s financial services, books, and records.Bitget’s remarkable proof-of-reserves ratio and its commitment to being debt-free demonstrate a greater focus on behalf of cryptocurrency exchanges in providing the crypto trading public with an enhanced level of information relative to the real-time financial position of the exchange.Crypto loansThe move is significant and much needed, following a dreadful 2022 for crypto consumers that saw many of them lose funds due to a complete lack of transparency with regard to funds held on deposit on behalf of customers. That period saw the collapse of platforms such as Celsius, FTX, Voyager, BlockFi, and others as a direct consequence of the mismanagement of user funds.It’s interesting too, that most of the platform failures involved crypto lenders, a space that Bitget recently announced that it was entering. Earlier this month, the company outlined that it would begin to offer crypto lending products to meet a need from users who are seeking alternative funding solutions, backed by digital assets.By diligently managing its funds and actively seeking audits, Bitget is making an effort to foster trust within the cryptocurrency community and ensure the safety of users’ assets.

2023 has been a year of significant growth for Com2uS Holdings subsidiary Com2uS Platform, which has gained recognition for leveraging blockchain technology to bring content-focused services to users around the world. "This year, Com2uS Platform has achieved high growth in all fields," said CEO Choi Seok-won, according to an article by Korean news outlet Kuki News. "In the coming year, we will not only serve as the technology hub of the Com2uS Group but also actively engage in other projects to become the center of the global Web3 ecosystem."Photo by Pawel Chu on UnsplashExpanding horizonsIndeed, the firm’s subsidiaries, including the blockchain-based game development service Hive and NFT marketplace X-PLANET, have been leading various business ventures. The former has signed contracts with 40 games from 27 gaming companies this year alone. In terms of newly signed game titles, this marks a 307% year-on-year growth. The latter, on the other hand, ranked first in sales among domestic competitors last month, arguably driven by its collaboration with Toei Animation and Korean publishing company Daewon Media on a special NFT drop celebrating the 35th anniversary of Choushinsei Flashman’s Korean release. Choushinsei Flashman is a popular Japanese live-action superhero series that aired in the 1980s, earning fans all over South Korea. In line with these efforts to pursue projects with trendy topics, the company also teamed up with South Korean game developer ArumGames to create a game utilizing Com2uS’ Bungopang IP, which will be launched next year.  Strategic alliancesCom2uS Platform's global expansion has also seen tangible results, such as a recent business partnership with Bangkok-based marketing and game service company SHIN-A, which will play a role in its foothold in Thailand, a key emerging market. Under the agreement, SHIN-A has committed to establishing a Hive team in Thailand and serving as an official global reseller. The platform has also been active in the public sector, signing contracts with various public organizations such as the Seoul Business Agency, Gwangju Information and Content Agency and Korea Creative Content Agency to train practitioners in a wide range of fields across IT and entertainment, such as the internet, AI, big data, fintech, metaverse and gaming. These projects are expected to lead to the discovery of young talent and facilitate more opportunities for collaboration with gaming companies. 

CoinGecko expands data offering through Zash acquisitionCoinGecko, the Malaysian crypto data aggregator, has intensified its focus on the non-fungible token (NFT) market through the recent acquisition of London-headquartered Zash. The move forms part of CoinGecko’s initiative to enhance its API offering by providing comprehensive data on digital collectibles.Photo by Andrey Metelev on UnsplashSolving for crypto data fragmentationIn a statement published to its website on Wednesday, CoinGecko provided further details on its acquisition of the enterprise-grade NFT and blockchain analytics company. Separately CoinGecko Co-Founder Bobby Ong told Tech in Asia that the crypto data sector is fragmented. As a consequence, it leads to inefficiency as market participants are forced to navigate multiple crypto data APIs. It’s in an effort to solve that issue that Ong and CoinGecko have moved to acquire Zash.Zash Co-Founder and CEO Parit Patel expressed optimism about the evolving nature of NFTs and their potential to unlock new use cases globally, creating value for both companies and consumers. The company plans to introduce new services derived from the acquisition by the second quarter of 2024.Enriched data offeringIn its own statement, CoinGecko emphasized its commitment to offering more NFT-related metrics. The acquisition aims to enrich CoinGecko’s data offerings with information such as metadata, historical trades and lending data related to NFTs. The specific financial details of the deal were not disclosed.With the integration of Zash, users can expect access to a broader range of data across multiple blockchain networks, including Ethereum, Polygon, BNB Chain (formerly Binance Smart Chain), Bitcoin Ordinals and Solana. The extended services will cover NFT lending information indexing various marketplaces, such as Blend, X2Y2 and NFTfi.In reflecting on the acquisition, CoinGecko Co-Founder TM Lee considered the move in terms of the ongoing process of asset tokenization. Taking to the X platform, Lee wrote:“Any asset that can be tokenized, will be tokenized. Like tokens, NFT is a core primitive to the crypto economy stack. We’ve been building http://coingecko.com/nft earlier even in the bear market and I’m excited on possibilities within the NFT industry with @zash_api joining us!”Monitoring wash tradingOne notable feature introduced through Zash is the ability for users to monitor wash trading, an illegal form of market manipulation that gives the false impression of market activity. CoinGecko clarified that this feature would be available for “major collections” minted on Ethereum.Wash trading, involving the simultaneous buying and selling of assets, has been associated with the NFT bubble of 2022. Blockchain forensic firm Chainalysis reported that over 100 profitable wash traders collectively earned nearly $9 million from this activity. However, it noted that the majority of NFT wash traders have been unprofitable, resulting in losses exceeding $416,984 from more than 150 wash trades.While the NFT market has faced challenges, with total sales currently at $80.8 million, significantly lower than the peak in August 2021 when daily sales exceeded $2 billion, CoinGecko’s strategic move positions the company to provide users with enhanced tools for assessing and ranking their cryptocurrency holdings. Established in 2014, CoinGecko operates as a platform offering comprehensive data and information on digital currencies, contributing to the quantitative evaluation of cryptocurrency portfolios.