Hong Kong Embraces Web3 Development with Dedicated Task Force

MEXC Ventures, the venture arm of the Seychelles-headquartered MEXC global crypto exchange, has announced a strategic investment into Triv, one of Indonesia’s largest crypto exchange platforms, as part of an effort to drive further expansion of the business.Photo by Eugenia Clara on UnsplashSupporting blockchain & crypto innovationIn a press release published via PR Newswire on Aug. 5, MEXC Ventures confirmed the strategic investment, which was agreed upon based on a $200 million valuation of the Triv business. MEXC Ventures asserted that the investment falls in line with its global strategy of supporting and developing innovative blockchain and crypto sector projects. Additionally, the firm claims that the move will enable it to capitalize on Southeast Asia’s fast-growing digital asset market. MEXC Ventures Investment Director Leo Zhao said that the company was excited “to back Triv in its next phase of growth." He added: "Indonesia is one of the most dynamic and promising digital asset markets in the region, and Triv has earned a strong reputation for compliance, security, and user trust. Through this partnership, we look forward to supporting Triv in serving Indonesian users even better and accelerating the adoption of digital assets across the country." Well-established exchangeEstablished back in 2015, Triv provides spot crypto trading services, alongside staking services for Ethereum (ETH) and Cardano (ADA). The platform supports payment systems like Advcash and PayPal to enable users to make e-commerce payments and to cover everyday expenses such as utility bills. The platform is recognized for its advanced trading features. Earlier this year, Triv added the Triv Shield, a security tool that prevents platform users from inadvertently interacting with malicious contracts. The company operates under the oversight of Indonesian regulators, the Financial Services Authority (OJK) and the Commodity Futures Trading Regulatory Agency, better known as BAPPEBTI. Gabriel Rey, Founder and CEO of Triv, said that the partnership will enable the platform to expand its coin offerings, “enhance liquidity and introduce more innovative products for both new and existing users.” He believes that the partnership will also be helpful in maintaining CryptoWave Media, an educational platform that forms part of Triv Group, as a leading crypto media outlet in Indonesia.  Earlier this year, MEXC Ventures launched a $300 million Ecosystem Development Fund geared towards accelerating innovation and ecosystem growth within the blockchain sector. At the time, MEXC Chief Operating Officer (COO) Tracy Jin said that the company’s overall vision was to transition from a trading venue to an ecosystem platform, facilitating the needs of crypto industry firms. The company previously made a $16 million strategic investment into Ethena, a stablecoin project built on Ethereum that offers the USDe decentralized stablecoin pegged to the U.S. dollar. As part of that deal, it also bought $20 million worth of USDe. In April, MEXC Ventures launched IgniteX, a $30 million initiative designed to support and foster Web3 talent and innovation.

Singapore’s FOMO Pay Forges Collaboration With NotabeneFOMO Pay, a regulated digital payment and banking solutions provider operating under Singapore’s regulatory umbrella, has joined forces with Notabene, a platform tailored for crypto-industry decision-making.Photo by Towfiqu barbhuiya on UnsplashPre-transaction decision makingThe strategic alliance was announced via a blog post published to FOMO Pay’s website on Thursday. Through that communication, FOMO Pay revealed that this collaboration with Notabene will be a key contributor towards the firm’s efforts to elevate its know-your-transaction (KYT) capabilities, ensuring access to accurate and verified business information.A focal point of this partnership lies in amplifying FOMO Pay’s compliance measures, bolstering customer security, and cultivating a foundation of trust in the domains of digital payments and digital assets.Wee Teck Lim, the Head of Compliance at FOMO Pay, emphasized that this partnership mirrors the company’s efforts towards full compliance with global regulations, enhancing anti-money laundering (AML) strategies and decision-making.Responding to regulatory pressureWith a regulatory spotlight on crypto and crypto-related businesses over the past year, market participants are making greater efforts to adhere to national and global compliance rules and guidelines. This move by FOMO Pay not only aids it in adhering to rigorous guidelines but also reinforces the battle against money laundering, terrorism financing, and other such concerns.Pelle Braendgaard, CEO of Notabene, articulated the symbiotic significance of this partnership. He noted that this collaboration stands as a tangible testament to the efficacy of the travel rule implementation, effectively fostering secure and streamlined digital asset transactions. This alignment of missions between FOMO Pay and Notabene, Braendgaard maintains, resonates with their shared aspiration to establish a digital asset ecosystem that is safer and more accessible.FOMO CryptoFOMO Pay, which has been licensed as a payment institution by the Monetary Authority of Singapore (MAS), boasts an array of products including FOMO Payment, FOMO iBank, and FOMO Crypto. Through FOMO Crypto, the firm is actively constructing Asia’s inaugural licensed gateway, which will offer a seamless connection between fiat and digital currencies.Notabene is headquartered in New York although it casts its operational net across several countries. The platform claims to empower real-time decision-making, while offering sanctions screening for counterparties and self-hosted wallet identification, all with a view towards enabling digital transactions.Partnership focusIn bootstrapping the business, it appears that FOMO Pay has been relying heavily on engaging in industry partnerships. In 2021 it joined the DBS Digital Exchange (DDex) as a member. Its purpose in doing so was to leverage the institutional grade digital custodian and exchange services offered by DDex, a service extended by DBS Bank, Singapore and Southeast Asia’s largest bank.Last year, the company partnered with Ripple, using Ripple’s On-Demand Liquidity (ODL) solution to support its cross-border treasury flows. Moving away from traditional payment rails towards Ripple’s ODL product meant that FOMO Pay could free up working capital and optimize business cash flow.As further evidence of FOMO Pay’s efforts to maintain regulatory compliance, in July the company partnered with Elliptic, a crypto asset risk management firm, in an effort to enhance its customer onboarding due diligence check process.

The Sandbox Adds Singapore Virtual Neighborhood Lion CityMetaverse platform The Sandbox has announced the launch of Lion City, Singapore’s virtual neighborhood, during its inaugural Singapore Partner Day event.In a blog post published on Tuesday, The Sandbox project team outlined that Lion City is set to debut in September 2023 and will feature 512 plots of virtual land. With over 40 partners and 10+ studios, Lion City aims to showcase global and regional brands, along with established Web3 natives, representing Singapore’s culture in sports, fashion, entertainment, and technology within The Sandbox metaverse.Photo by Kin Pastor on PexelsRegional brand partnershipsThe Sandbox has attracted a range of local partners for Lion City, including MM2 Asia, ONE Championship, Mighty Jaxx Group, Spa Esprit Group, METAVI, Technology Development Centre (TDC) of ITE College Central, UKISS, Bandwagon, Renovi, Affyn, 8sian, The Engineers, Metaskull by Jacky Tsai x Froyo Games, Fabric of Reality, CreativesAtWork, Memotics, FXMedia, Kappou, The Parlour, Manifest, Vaniday, PengWine, LOFI, and Zodium. These partners represent various industries and will contribute to the diverse offerings and experiences within Lion City.Studio partnersMoreover, studio partners catering to the Singapore market will be an integral part of the Lion City experience. These studios include Smobler Studios, CGame Studio, Oceanus Media Global, and iCandy Interactive subsidiaries Lemonsky Studios and Hashcode Studio, New Moon Studios, Pangu by Kenal, and Clevereen. Collaborative ecosystem partners such as OKContract, Pinnacle, DIFY, and Peatix are also contributing to the development of the metaverse.Unlocking Web3 opportunitiesThe Sandbox emphasized the significance of Lion City as a gateway and launchpad for Southeast Asia. With over 400 global brands, including Singapore’s DBS Bank, already on board, Lion City has the potential to unlock new Web3 possibilities in the region. The supportive and collaborative ecosystem in Singapore will provide companies with opportunities to explore digital frontiers and test decentralized technologies.The project also announced the milestone during the Singapore Partner Day event held at the Marina Bay Sands Expo & Convention Centre. The event served as a platform for networking and sharing insights among The Sandbox’s partners.Keynotes were delivered by Sébastien Borget, the Co-Founder and COO of The Sandbox, and George Wong, the project’s Head of Singapore. They discussed the vast opportunities within the metaverse, and panel discussions with ecosystem partners took place, covering topics like intellectual properties (IPs) and the metaverse’s future, as well as the development of the open NFT metaverse.During the event, Borget highlighted Singapore’s regulatory environment, as being conducive to emerging technologies. He also emphasized Singapore’s position as an innovation hub for Web3 advancements.The metaverse faces new challenges in 2023, with the crypto market gravitating towards a more institutional-friendly approach, and questions surrounding its relevance. Recently, Borget had a clash with the SEC in the United States, disagreeing with the regulator’s classification of the project’s native $SAND token as a security.No doubt that experience has helped to underscore his appreciation for Singapore’s regulatory setup. Nevertheless, Wong described 2023 as an important and pivotal year for metaverse growth.