Animoca Brands Remains Bullish on Blockchain Gaming

Bitpowr, a digital asset custody and blockchain wallet provider that concentrates on the African market, is looking to expand in Asia having achieved a recent crypto transaction milestone. $200 million in total transactionsThe company has exceeded $200 million in total transactions processed since its launch in January 2022. The milestone demonstrates the firm’s efforts in furthering its mission to democratize finance with accessibility for all through crypto. The achievement was outlined recently in a report by TechCabal, a pan-African publication that covers innovation and tech developments across Africa. Bitpowr provides a modular ecosystem of Web3 and blockchain infrastructure to aid enterprises in building out blockchain-powered solutions.Photo by Kyle Glenn on UnsplashAsian clientele on the ascendancyIn a recent interview, Toby Oyetoke, the co-founder of Bitpowr, disclosed a noteworthy shift in customer demographics, with Asian clientele now surpassing their African counterparts in contributing to the company's $200 million transaction milestone. The Bitpowr co-founder believes that this signals a growing demand in the Asian market for accessible blockchain tools and infrastructure which are necessary for financial institutions seeking to launch and scale their products and services, relative to Web3. Oyetoke shared insights into Bitpowr's financial performance, stating:“Currently, we do up to $20 million per month in terms of traction volume processed, and that is from April 2022 till now. We now generate more revenue than we spend. We are cash flow positive.” There have been signs that inter-regional trade between the African and Asian regions is growing where crypto-related payment gateways and solutions are concerned. At the end of last month, Klasha, an Africa-based cross-border payments company, partnered with Singapore-headquartered digital payments firm FOMO Pay with a view towards better enabling Asian merchants to trade with African businesses over crypto-enabled payment rails. A recent Chainalysis report revealed Asia as the largest cryptocurrency market globally. Its crypto adoption index prominently featured Asian nations such as India, Thailand and Vietnam among the top grouping of nations where adoption of the digital asset innovation is concerned. Bitpowr co-founder Amarachi Amaechi is equally enthused about Asian market growth opportunities. She stated: “There is a good demand from Asia right now. We are seeing increasing representation in transaction volume which also translates to an increase in revenue for us.”   Amaechi outlined that the firm intends to hire people from Asian countries in order to market the company’s service offering in those markets. Focus on Southeast AsiaLooking ahead, Bitpowr is setting its sights on expanding further into the Asian market, particularly in Southeast Asia, while maintaining its operations in Africa. The company aims to establish its ledger and wallet infrastructure during this strategic expansion. Bitpowr has also announced that it has achieved SOC 2 compliance, meaning that it follows strict information security policies and procedures. It has also initiated the implementation of the ISO 27001 audit process through its partnership with New York-headquartered compliance specialist Thoropass. The company's expansion into the Asian market is anticipated to not only accelerate its own growth but also offer customers in the region access to innovative digital asset solutions, supporting them in achieving their financial goals.   

Singaporean takes helm at Binance as CZ steps asideIn a significant leadership shift, Richard Teng, a seasoned professional with an extensive background in regulatory affairs, has assumed the role of Chief Executive Officer at Binance.News of the appointment came on Tuesday, in a tumultuous day in the crypto sector that saw Binance Founder and CEO Changpeng Zhao (CZ) step down following criminal charges in the U.S.Photo by Syed Hussaini on UnsplashStarting out at Binance SingaporeTeng, a Singaporean industry veteran, initially joined Binance in 2021 as the CEO of Binance Singapore, demonstrating his efforts at bolstering global compliance for the crypto giant. His trajectory within the organization has been noteworthy, progressing from leading regional markets to ultimately becoming the CEO. Binance’s official statement highlights Teng’s diverse experience, overseeing regions such as the Middle East and North Africa (MENA) and Europe, culminating in his responsibility for all markets outside the U.S.Before joining Binance, Teng held the position of CEO at the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM). He had taken up that role following a spell as Chief Regulatory Officer at SGX, a Singapore-based multi-asset exchange, where he showcased his leadership in regulatory divisions, specifically shaping policies related to listing trading and clearing activities.Teng’s career is further distinguished by a 13-year tenure at the Monetary Authority of Singapore (MAS), where he served in various capacities, including Director of Corporate Finance. His involvement in regulatory matters spanning banking, insurance and capital markets, particularly during the late 1990s transformation of Singapore’s financial services sector, underscores his deep understanding of industry dynamics.In a statement, Teng expressed his commitment to leveraging his three decades of financial services and regulatory experience to guide Binance’s innovative team. Taking to the X social media platform, he stated:”We operate the world’s largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold dear. With CZ, and our leadership team’s support, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money.”Setting prioritiesWhile the broader crypto community was still digesting the settlement that had been struck by Binance and CZ with the Financial Crimes Enforcement Network (FinCEN), the U.S. Commodities Futures Trading Commission (CFTC) and the Office of Foreign Assets Control (OFAC) in charges related to money laundering, unlicensed money transmission and sanctions violations, Teng was already setting out his objectives going forward.Teng outlined that his focus will turn towards “reassuring users that they can remain confident in the financial strength, security and safety of the company.” Secondly, the industry veteran intends to concentrate efforts on “collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections.” Lastly, Teng highlighted “working with partners to drive growth and adoption of Web3” as another area where he will focus his attention.Analysts from American multinational financial services giant JPMorgan said on Wednesday that they see the Binance settlement as a positive for the crypto space as it removes uncertainty and risk from the company and the sector overall.

AIITONE Launches PoC Platform for Security Token Projects in South KoreaAIITONE, an augmented reality firm in South Korea, announced today its launch of a proof-of-concept (PoC) platform aimed at facilitating the security token projects of securities and financial companies.Photo by Shubham’s Web3 on UnsplashTechnological validation for STO projectsAIITONE’s security token offering (STO) PoC platform serves to conceptually validate technological aspects before the implementation of specific projects. This solution validates business concepts by enabling a systematic connection among various entities, including security token issuers, account management institutions (issuance intermediaries), the total supply management institution (the Korea Securities Depository), investors, securities companies, over-the-counter (OTC) brokerages, and financial companies.Through this platform, AIITONE’s clients will have the capability to conduct PoC studies for both primary and secondary markets. Businesses with an interest in security token operations can test in advance the entire lifecycle of an STO. This encompasses activities such as security token assessment, subscription, allocation, issuance, distribution, and eventual burn. Assessing technical requirements prior to embarking on a security token project is expected to not only save time but also mitigate risks.Versatile support for industry playersAccording to an AIITONE official, the firm’s STO PoC platform is highly effective, considering it offers a wide range of support, spanning from security token product planning to networking assistance for platform and infrastructure development. The official also expressed their expectations that the platform’s versatility is poised to attract many securities and financial companies as potential customers.Meanwhile, AIITONE aims to offer a comprehensive STO solution encompassing a range of features, such as STO PoC consulting, industry trend assessment, and risk management capabilities.