Wemade Launches NFT-Based DeFi Service to Empower Its Ecosystem

Amber Group Targets Trust in Web3 Via Thoughtworks PartnershipSingapore-based Amber Group, a leading digital asset service provider in crypto-related infrastructure, products and trading, has announced a partnership with global technology consultancy Thoughtworks.© Pexels/Palu MalerbaAI-led product offeringThe strategic partnership has been formed between the two entities in an effort to develop innovative security solutions that can enhance transparency and trust in Web3. It’s envisaged that in meeting this objective, product development will rely heavily on artificial intelligence-based technology.In a press release on Wednesday, Amber Group’s Head of Web3 Security, Dr. Chiachih Wu, said that the partnership allows the firm to provide its clients with “even more comprehensive and cutting-edge security solutions, such as automated software testing and AI-powered vulnerability detection.”Leveraging software design and security expertiseSong Zhang, Global Service Lines Lead at Thoughtworks believes that in order to advance the development of a next-gen internet, Web3 has to use “sophisticated engineering practices and scientific methods to address crucial issues caused by decentralization.” Zhang cites issues such as compliance, privacy and security. He believes that through the collaboration both firms can contribute to leverage their respective software design and security expertise, and in that way, tackle these challenges.“By using new technology and tools, we aim to create applications and new standards that promote the construction of a healthy, transparent, open, inclusive and responsible Web3 ecosystem,” he stated.Strategic realignmentThis is not the first strategic departure Amber Group has taken recently. Earlier this month the Singapore-based firm was said to be mulling over the sale of its Japanese crypto lending subsidiary. It’s understood that the proposed move would help the company to streamline its operations and focus on its core markets.Launched in 2018 as a joint venture with Japanese financial services conglomerate SBI Group, the Amber Japan crypto lending business had failed to gain traction in a difficult Japanese market.The firm acts as a liquidity provider, miner and validator on over 70 digital asset exchanges, applications and networks. Earlier this year it took the decision to cut headcount, in the process reducing staffing at its Hong Kong office by 40. Last December the firm shuttered WhaleFin, its crypto exchange business.The collapse of crypto exchange FTX in November 2022 had a knock-on effect on some of the firm’s products and customers. 10% of its trading capital was held with FTX when the exchange collapsed. Additionally, a number of the firm’s products would have experienced significant drawdowns without the company taking action. In response, Amber raised $300 million in a Series C funding round to overcome that challenge.Those events are likely to have been key in terms of the company subsequently taking a strategic approach of focusing on core business operations and partnerships like this one that it has just announced with Thoughtworks. Undeterred by the challenges, the company still focuses on becoming a category leader in the industry.

Superscrypt Backs Airstack’s Web3 Developer PlatformSingapore-based Superscrypt, an early stage blockchain investment company founded by state-owned global investment conglomerate Temasek, has led an investment round into Web3 developer platform, Airstack.Photo by Giorgio Trovato on UnsplashIndian influenceAirstack closed out the second tranche of its pre-seed funding round, having raised the largest portion of the $7 million raise via Superscrypt. Although based in Miami Beach, Florida, Airstack has a strong Indian influence. Three of its five founders, Deepesh Kumar, Vysakh Nair and Sarvesh Jain originate from the world’s most populous country.The firm’s main offering is to enable developers to be able to easily query on and off-chain data and integrate that same data into the Web3 apps that they are building. Airstack enables this functionality by featuring GraphQL, a query language for APIs and a runtime for fulfilling those queries with the user’s existing data, as a core component of its platform.Achieving greater functionality still, the start-up enhances that use of GraphQL by incorporating the use of artificial intelligence (AI). The company’s Miami Beach-based CEO and Co-Founder, Jason Goldberg, elaborated on the technology it is using in an interview with CoinDesk: “We did extensive interviews with developers over the past year, gaining insights into their previous tool usage and the challenges they faced. Airstack was built to directly address those pain points.”Recent platform launchThe product offering was launched last month and has already lured in over two hundred developers to use the platform. Those developers are harnessing the functionality of Airstack’s platform to assist them in their efforts to bring a broad range of dApps to market.Developer projects are grounded in areas such as marketing engines, decentralized finance (DeFi) portfolio optimizers, customer resource management tools, advertising platforms, and decentralized social media apps, together with messaging applications.With just a straightforward query and response approach, developers can use Airstack platform functionality to query, combine, and integrate on-chain or off-chain, cross-chain, and cross-application data. The offering applies to queries relative to the Ethereum and Polygon blockchain networks. The project intends to support additional blockchain networks going forward, while also intending to increase the level of query complexity made available to platform users.Joining Superscrypt on the Airstack cap table are Hashed Emergent, NGC, Primal Capital, UOB Ventures, Signum Capital, and others. Goldberg articulated the firm’s strategy going forward: “Our immediate focus is to onboard thousands of developers onto Airstack in the coming months. We aim to identify the areas where we add the most value and where genuine business use cases emerge before finalizing our pricing model.”Social app upgradeAt the same time as this funding announcement, Airstack also revealed a separate development related to its Jam social app. Taking to Twitter on Tuesday, Goldberg provided details on an update to the app which utilizes Airstack functionality in order to create social groups based on NFT ownership and collector status. That functionality can be extended further, so that data can be gathered across projects, creating bespoke user profiles relative to the user’s blockchain activity and presence.At the same time as this funding announcement, Airstack also revealed a separate development related to its Jam social app. Taking to Twitter on Tuesday, Goldberg provided details on an update to the app which utilizes Airstack functionality in order to create social groups based on NFT ownership and collector status. That functionality can be extended further, so that data can be gathered across projects, creating bespoke user profiles relative to the user’s blockchain activity and presence.

Bakkt Holdings, a software as a service (SaaS) and API platform for owning and trading cryptocurrency, has unveiled its plans for an extensive expansion into Asia and other crypto-friendly international jurisdictions. Focus on Hong Kong and SingaporeAccording to a recent press release, Bakkt has broadened its footprint into two additional Asian markets, namely Hong Kong and Singapore. This strategic expansion aligns with the company's key objectives for 2024. Data from South Korean Web3 advisory and research firm Tiger Research suggests that Asia is poised to become the epicenter of the global crypto landscape within the next five years. In particular, Singapore and Hong Kong have emerged as dominant forces in the Asian crypto landscape. Their well-defined regulations, favorable tax structures and status as international financial hubs have attracted major players in the crypto industry. The announcement emphasizes Bakkt's commitment to making cryptocurrencies more accessible globally. The company envisions that crypto has the potential to enhance financial inclusivity and connect communities within the global economy. CEO Gavin Michael expressed excitement about the opportunities these regions present, highlighting the company's dedication to reaching millions of people through its crypto services.Photo by Jigar Panchal on UnsplashBroader global expansionBakkt's international expansion is not limited to Asia. Additionally, the company is targeting Latin America. Brazil, Argentina and Mexico lead the way in the adoption of crypto assets in Latin America. The digital assets solutions firm has successfully established crypto trading and on-ramp capabilities in Brazil and Guatemala, adding to its existing operations in Argentina and Mexico. Furthermore, Bakkt has plans to establish a presence in the United Kingdom and Australia in the coming months.   The decision to expand into these specific jurisdictions is influenced by the rapid growth of the crypto economy and the regulatory clarity observed in these regions. Despite global market fluctuations and recoveries, certain countries continue to welcome crypto-related businesses with robust regulatory frameworks. In collaboration with Bakkt Holdings, Hapi and SogoTrade have launched new crypto trading capabilities, expanding their offerings across Asia, Europe, North America and South America. Hapi, a stock trading platform, has extended its crypto trading services to Brazil, Guatemala and Spain, deepening its relationship with Bakkt. On the other hand, SogoTrade, a digital brokerage, has initiated crypto trading in Hong Kong and Singapore, marking the beginning of its foray into Asian markets. Bakkt, established in 2018, is focused on providing institutional-grade custody, trading and on-ramp capabilities. The company positions itself as a partner for sustainable, long-term crypto involvement. The firm was established with Intercontinental Exchange (ICE), the owners of the New York Stock Exchange, having a 66.7% controlling interest in the company.  Bakkt's strategic expansion into diverse international jurisdictions, including the Asian region, underscores its intention to enable global platform accessibility, together with its belief in the transformative power of cryptocurrencies within the financial landscape.