Taiko Labs Raises Funding to Build Ethereum-Equivalent zkEVM

AsiaNext Secures Market Operator License from Singapore’s MASThe Monetary Authority of Singapore (MAS) has granted regulatory approval to AsiaNext, officially designating it as a Recognized Market Operator (RMO).The firm announced the milestone achievement via a blog post published to its website on Wednesday. The license opens the doors for AsiaNext to operate as a digital asset exchange exclusively catering to institutions, including banks, family offices, asset managers, broker-dealers, prime brokers, hedge funds, and market makers.This RMO license, granted by MAS, complements the in-principle approval of the Capital Markets Services (CMS) license awarded to AsiaNext in June. AsiaNext, under the leadership of its CEO, Chong Kok Kee, has positioned itself as an institutional-grade exchange with a focus on compliance and risk management.Kok Kee expressed his elation at receiving the full RMO license from MAS, emphasizing that the AsiaNext team has constructed an institutional-grade exchange governed by stringent compliance and risk management standards, not only for their organization but also for the various asset classes traded on their platform.Photo by Davis Sánchez on PexelsPivotal and positive industry shiftRecent months in Singapore, Hong Kong, Dubai, and other centers geared towards progressive regulation have demonstrated a pivotal shift in the industry, as responsible contributions to a secure digital asset ecosystem are now better poised to advance the mainstream adoption of digital assets.Chua Kah Hau, Chief Compliance Officer at AsiaNext, reiterated the company’s dedication to upholding the highest standards of regulatory compliance and corporate governance, aiming to provide a fair, orderly, and transparent marketplace where institutional investors can confidently reap the benefits of digital assets.Amidst the growing institutional appetite for trading digital assets, AsiaNext’s role is significant. There is a noticeable scarcity of regulated and secure platforms to satisfy this demand, making AsiaNext’s presence crucial in meeting this market need.AsiaNext originated as a joint venture between SBI Digital Asset Holdings and SIX Group in 2021. Now, holding both the RMO and CMS (in-principle) licenses, the firm is well-equipped to provide integrated listing, trading, and post-trade services for digital assets.Fernando Luis Vázquez Cao, CEO of SBI Digital Asset Holdings, highlighted Singapore’s favorable regulatory environment, stating: “The regulatory environment in Singapore is favorable for fintech firms, which is why we have selected it as the headquarters for AsiaNext. The nation’s commitment to fostering innovation and worldwide recognition of Singapore’s economic potential as a global digital asset trading hub have been pivotal factors in our decision.”Colt Technology partnershipIn a strategic move, last month AsiaNext partnered with Colt Technology Services to leverage its suite of secure, high-performance digital infrastructure solutions, including Multicast Market Data in the Cloud and PrizmNet.The partnership is set to facilitate high-frequency trading of various digital securities and crypto derivatives trading on AsiaNext. Notably, AsiaNext stands as the first institutional-grade digital exchange to utilize Colt Multicast Market Data in the Cloud, providing a unique solution to connect buyers and sellers.This connectivity breakthrough aims to bridge the gap between mainstream finance and secure digital assets trading, coming at a time of rapid growth in digital asset trading in Asia and significant global investment in the region’s crypto markets.

LINE Xenesis Introduces AVA, an Entertainment NFT PlatformLINE Xenesis, a blockchain affiliate of Tokyo-based messaging app provider LINE Corp, announced on Wednesday the launch of AVA, an entertainment non-fungible token (NFT) platform aimed at both Japanese and international users.Photo by Choong Deng Xiang on UnsplashDOSI servicesFollowing the integration of LINE BITMAX Wallet into DOSI Wallet in March, LINE Xenesis has been striving to provide DOSI services for its users in Japan. DOSI Wallet enables users to manage a range of digital assets, including NFTs. As of April, the company has rolled out two new services: DOSI Citizen, a membership program, and AlphaCrewz, an app allowing users to create 3D avatars utilizing NFTs.NFTs known as CrystalsLaunched on May 9, AVA is the third service designed to engage LINE Xenesis users in Japan. The platform employs NFTs, known as Crystals, to connect artists and fans, which are divided into three categories: normal, rare, and unique, each offering different benefits.TREASUREBefore AVA’s debut, a March 27 airdrop event featuring the world-renowned South Korean boy band TREASURE attracted over 7,000 participants. With the launch of AVA, 7,000 TREASURE Crystals have been made available for purchase.TREASURE Crystal holders can enjoy four perks: storing exclusive videos in Crystals, receiving autographed trading cards and polaroid pictures, earning a portion of Crystal revenues for promoting TREASURE locally and on buses, and having the opportunity to submit inquiries and requests directly to the group. For the last benefit, TREASURE will respond to the most popular questions, as decided by user votes, with voting influence determined by the type of Crystal held.ATEEZThe second NFT collection on AVA will highlight another K-pop boy group ATEEZ, with ATEEZ Crystals available for purchase from May 16 to 31. An airdrop event with registration open until May 15 will precede the sales, giving users who complete missions a chance to win one of 600 normal ATEEZ Crystals. AVA will also host an event where ATEEZ members will answer eight selected questions submitted by fans.This fall, AVA will introduce a virtual space called Playground, enabling users to trade Crystals with each other and interact with artists through various activities.Additionally, participants in the ATEEZ airdrop event who fulfill tasks on social media will have a chance to enter a lucky draw for one of 30 exclusive ATEEZ photo card sets.

Gate.io Threatens Legal Action Against SpeculatorsGate.io, the erstwhile legacy Chinese cryptocurrency exchange currently headquartered in the Cayman Islands, has issued a stern warning to individuals spreading rumors of imminent bankruptcy.The exchange intends to take legal action against those responsible for causing panic among investors by disseminating baseless rumors without any concrete source of information. This announcement, originally written in Turkish, was posted on Gate.io’s official Twitter account on June 4.Photo by Kai Pilger on UnsplashInsolvency rumorsThe insolvency rumors surrounding Gate.io emerged following a series of events involving Multichain, a troubled cross-chain protocol. Multichain has been facing technical difficulties since May 24, when a node issue resulted in transaction delays. Several days later, the Multichain team revealed that they were unable to contact their CEO to access the servers and resolve the problem.These circumstances fueled speculation that the protocol’s leadership had been arrested and that Chinese authorities had seized over $1.5 billion in smart contract funds.On May 24, data from blockchain analytics firm Arkham Intelligence indicated a significant inflow of Multichain tokens ($MULTI) from Gate.io’s platform. In response to mounting concerns, Gate.io categorically denied any liquidity issues on May 31. The exchange asserted that its operations were running smoothly and that withdrawals were not a problem. Despite reports on Twitter and Telegram channels of traders withdrawing funds, Gate.io’s trading volume has remained relatively stable in recent days.As of now, Gate.io’s native token, GateToken ($GT), is trading at $4.01, representing a 18% decline over the past week, according to CoinGecko data. Gate.io, which although headquartered in the Cayman Islands, has recently expanded its presence to Hong Kong, Turkey, and Dubai.Multichain falloutThe ongoing issues faced by Multichain have prompted other cryptocurrency exchanges to take action. Binance, for example, suspended deposits for 10 bridged tokens on the BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchain networks on May 25. Furthermore, transaction downtime compelled the Fantom Foundation to remove 449,740 $MULTI ($2.4 million) from liquidity on the decentralized exchange SushiSwap.Gate.io’s firm denial of insolvency rumors coupled with its threat of legal action underscores the exchange’s determination to combat the spread of this speculation. The exchange is seeking to protect the interests of its investors and maintain the stability of its operations.All stakeholders need to rely on continued vigilance in the crypto space. However, if Gate.io is to be afforded the benefit of the doubt in this instance, then it could be interpreted that it is demonstrating a commitment to transparency and swift action in the face of seemingly baseless rumors. On that basis, the firm’s response could be perceived as a demonstration of its resolve to navigate the challenges presented by the Multichain situation and uphold its reputation as a reliable cryptocurrency exchange.