Milk Partners Launches Blockchain-Powered Reward Points System in Indonesia

Former Coinbase Japan CEO Joins Fidelity-Backed VCWell-known investment firm Eight Roads Ventures has recruited the former CEO of Coinbase Japan to join them as a partner within the firm.Eight Roads Ventures, a prominent investment firm backed by Fidelity with assets worth over $11 billion, has announced the hiring of Nao Kitazawa as a venture partner. Kitazawa brings a wealth of expertise and experience garnered at Coinbase Japan and elsewhere in the digital assets industry to the firm.In a recent LinkedIn post, Kitazawa expressed his excitement about joining Eight Roads Ventures to pursue his passion for fintech and Web3. He acknowledged the firm’s successful track record of supporting innovative and disruptive companies and considered it an honor to be part of such an organization.Photo by Marten Bjork on UnsplashCoinbase exited JapanKitazawa’s tenure at Coinbase Japan came to an end earlier this year, coinciding with Coinbase’s decision to exit the Japanese market due to prevailing “market conditions.” His appointment at Eight Roads Ventures indicates the increasing interest and involvement of Fidelity, the firm’s backer, in the cryptocurrency space.Fidelity has been making significant strides in the crypto industry. EDX Markets, a crypto exchange backed by Fidelity, recently announced its launch despite regulatory challenges from the United States Securities and Exchange Commission (SEC) and a bearish market environment.TradFi heavyweight in cryptoFidelity is probably the standout heavyweight firm from traditional finance which has stepped foot in the crypto space from early on. It has done so through Fidelity Digital Assets, its crypto arm. The subsidiary company quietly rolled out its trading platform this year, providing millions of users with commission-free trading of bitcoin and ether. Additionally, Fidelity has been expanding its crypto research team, demonstrating its commitment to the industry.Headquartered in Bermuda, Eight Road Ventures positions itself as a global venture capital firm that helps entrepreneurs scale. It backs and partners with game-changing technology and healthcare companies, with a presence in China, Europe, India, and Japan.Eight Roads has also been actively investing in various crypto startups, including Fireblocks and Kaiko. Kitazawa’s appointment is expected to bring significant value to the firm’s portfolio, leveraging his knowledge and insights gained from working in the cryptocurrency sector.Originally known as Fidelity Ventures, Eight Roads Ventures has been involved in investments since 1969, initially operating out of Boston. Recently, it launched a $350 million technology investment fund in China and a $250 million healthcare and life sciences fund in India, demonstrating an interest in pursuing emerging opportunities in Asia.Shifting strategic focus overseasWith the addition of Nao Kitazawa as a venture partner, Eight Roads Ventures reinforces its position as a leading investment firm with a keen interest in the evolving landscape of fintech, Web3, and cryptocurrencies. It’s likely that the firm recognizes what way the regulatory winds are blowing, and with that, it’s bringing on board someone of Kitazawa’s caliber, with expertise outside of the US.Against the backdrop of a currently adverse regulatory environment in the US, earlier this month US VC giant Andreessen Horowitz (a16z) opened its first international office in London, in what many perceived to be a move towards a more regulatory progressive environment relative to the emerging digital assets sector.

Upbit Singapore Gains In-Principle Approval for Major Payment Institution LicenseCryptocurrency exchange Upbit Singapore announced in a press release via PR Newswire that it has secured an in-principle approval (IPA) for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The IPA enables Upbit Singapore to continue providing regulated Digital Payment Token services in compliance with the Payment Services Act 2019 as it progresses on the path toward obtaining a full license.Photo by Paul MARSAN on UnsplashUpbit’s presence in AsiaIt’s worth noting that Upbit Singapore is part of Upbit APAC, a larger entity that operates exchanges bearing the same name in Thailand and Indonesia. Both Upbit Thailand and Upbit Indonesia are also regulated by their respective local authorities: Thailand’s Securities and Exchange Commission of Thailand and Indonesia’s Commodity Futures Trading Regulatory Agency (BAPPEBTI).Upbit APAC holds a technological partnership with Dunamu, the operator behind South Korea’s largest cryptocurrency exchange, Upbit.Crypto firms flocking to SingaporeThis development places Upbit Singapore among the ranks of other cryptocurrency exchanges in the city-state. Earlier this month, GSR Markets, the Singaporean arm of global crypto trading firm GSR, also achieved IPA status in its journey towards obtaining a full license. Other notable names in the industry, such as crypto exchange Coinbase and crypto payment firm Ripple, have already attained full licenses. The transition from an IPA to a full license took approximately a year for Coinbase and about four months for Ripple.Meanwhile, the Upbit enterprise has been making various efforts to solidify its presence in the crypto industry. One of its key initiatives is focused on enhancing user protection. For instance, as the leading cryptocurrency trading platform in South Korea, Upbit recently launched a campaign aimed at assisting crypto investors in recovering mistakenly transferred assets.However, there have been concerns regarding Upbit’s relationship with Kbank, the internet-only bank that provides real-name bank accounts to the Korean exchange. In Korea, cryptocurrency exchanges that facilitate the trading of Korean won are legally obligated to secure such bank accounts as part of anti-money laundering measures. Referring to a document provided by the Financial Services Commission (FSC), Lawmaker Kim Hee-gon highlighted that Upbit customers make up 18% of the bank’s total customer deposits. This percentage is significantly higher than what other banks that offer accounts to exchanges typically experience. Lawmaker Kim has criticized the bank’s relatively extensive exposure to the cryptocurrency exchange, underscoring the importance of elevating the level of Upbit’s reserve funds held at Kbank to prepare for unforeseen losses.

The Busan Port Authority (BPA) recently announced its plan to deploy a blockchain-based transshipment monitoring system known as Port-i at the port of Busan, located in the southern part of South Korea, according to local news outlet Financial News. The Port-i system is designed to streamline the management of transshipment cargo for shipping companies at Busan Port, which handles about 12.4 million twenty-foot equivalent units (TEUs) annually. The system is set for a pilot phase in January 2025, with plans to expand it to all shipping companies using the port by the second half of 2025.Photo by Christopher Lee on UnsplashEnhancing efficiency and profitability in shippingWith Port-i, shipping companies will be able to track ships and cargo through the Chain Portal, Busan Port’s integrated logistics platform. Port-i will provide a unified view of berth schedules across all terminals at the port, addressing the current issue where companies have to separately check ship and cargo statuses and independently identify berth schedules at different terminals. The BPA expects that the Port-i service will allow shipping companies to manage transshipment cargo more efficiently, improve ship loading rates and potentially increase profits. Blockchain for coffee quality controlIn addition to the Port-i initiative, Busan is also exploring other uses of blockchain technology for industrial development. The city recently set up the Busan Coffee R&D Lab, backed by the Ministry of Science and ICT, as reported by Metro.  This facility aims to use blockchain to create a platform that enhances the logistics of coffee sourcing and production, including a system that assigns unique identification to coffee products. It will provide reliable data required to control taste and quality. By integrating blockchain with artificial intelligence and advanced logistics techniques, Busan is positioning itself at the forefront of the coffee industry with innovative business models.