Singaporean VC Pledges Funding for Web3 Accelerator

Several Japanese companies, including Remixpoint and Metaplanet, have been increasing their Bitcoin (BTC) holdings, underscoring the growing institutional interest in cryptocurrencies in the region.Photo by Kanchanara on UnsplashRemixpoint, an energy consulting firm listed on the Tokyo Stock Exchange, recently announced an additional purchase of 32.83 BTC valued at 500 million yen ($3.4 million), according to local news outlet CoinPost. This acquisition took place on May 13 at an average price of 15.23 million yen ($104,270) per BTC, bringing the company's total BTC holdings to 648.82 BTC. Remixpoint's crypto portfolio, including BTC, is now valued at 11.1 billion yen ($76 million) and also comprises Ethereum (ETH), Solana (SOL), XRP and Dogecoin (DOGE). The firm began actively accumulating BTC late last year, motivated by multiple factors, including the positive price trend following the latest Bitcoin halving event, increased market activity after the latest U.S. presidential election and the growth in institutional participation, particularly after the approval of spot crypto ETFs in the U.S. Metaplanet becomes a major BTC holderAnother notable player, Metaplanet, a publicly traded Japanese company specializing in Bitcoin investment, has positioned itself as one of the largest BTC holders globally. As of May 12, Metaplanet’s Bitcoin yield reached 170%, with total holdings of 6,796 BTC. This places it as the 11th largest Bitcoin holder worldwide and the largest in Asia, surpassing El Salvador, which currently holds 6,177 BTC, according to data from Arkham. Metaplanet's ongoing Bitcoin accumulation aligns with CEO Simon Gerovich's advocacy for Bitcoin. In a March podcast, Gerovich said he encourages his friends to allocate "100% of their net worth into Bitcoin." The company’s strategic goal is to amass 10,000 BTC by the end of 2025 and 21,000 BTC by 2026. Reinforcing its influence, Metaplanet appointed Eric Trump, the second son of pro-crypto U.S. President Donald Trump, to its newly formed Strategic Board of Advisors in January. Evolving crypto policies, including national reservesBefore Trump's second term, Gerovich expressed his expectation that other countries would follow the U.S. once it established a national Bitcoin strategic reserve—a move formalized by President Trump through an executive order in March. In a related development, Ukraine is reportedly drafting a bill to create a similar reserve in collaboration with Binance. Meanwhile, in Taiwan, lawmaker Ko Ju-Chun has been advocating for adding Bitcoin to the country's national reserves. In a similar trend, another Japanese firm, Value Creation, disclosed plans last month to acquire 100 million yen ($660,000) worth of Bitcoin, further reflecting the growing interest among Japanese companies in crypto investments. Complementing this corporate adoption trend, Japan's Financial Services Agency (FSA) has been shaping its regulatory framework for cryptocurrencies. The agency aims to redefine digital assets as financial products under the Financial Instruments and Exchange Act, a move viewed as an attempt to balance innovation with investor protection. Building on this approach, an FSA discussion paper released on April 10, which remained open for public feedback until May 10, proposed classifying crypto assets into two categories: those used for fundraising and business activities, and those that are not—such as BTC and ETH. This regulatory evolution, alongside increasing corporate investment in BTC, reflects Japan's efforts to adapt to the evolving global crypto landscape.

Seoul Auction Blue seeks to register security tokens with the FSS for Andy Warhol’s artworkSeoul Auction Blue, the operator of fractional artwork investment platform Sotwo, recently submitted an application to the South Korean Financial Supervisory Service (FSS), local news outlet Seoul Economic Daily reported on Wednesday (local time). Its aim is to register security tokens linked to artworks with the financial authority, marking it the third entity in the country to pursue this innovative financial venture.Photo by Guido Coppa on UnsplashAndy Warhol’s ‘Dollar Sign’The artwork investment app plans to issue security tokens based on Andy Warhol’s “Dollar Sign,” a piece measuring 51.0 cm in height and 40.5 cm in length. This artwork was purchased by Seoul Auction Blue at an auction for KRW 626.2 million (approximately $485,000). The total value of the security tokens, inclusive of issuance costs, is approximately KRW 700 million. The firm will issue a total of 7,000 tokens, each valued at KRW 100,000. Upon receiving regulatory approval, Seoul Auction Blue is set to open for subscription requests from Dec. 20 to 26.In its endeavor to issue digital investment contract securities, Seoul Auction Blue has meticulously prepared its documentation in line with the FSS’s guidelines. The selection of the artwork of Andy Warhol, the renowned and iconic 20th-century artist, aligns with the FSS’s recommendation to choose a significant piece by an internationally acclaimed artist. This strategic choice reflects the company’s commitment to compliance and the recognition of Warhol’s global stature in the art world.Preventing conflicts of interestThe registration application submitted by Seoul Auction Blue includes specific restrictions aimed at preventing conflicts of interest with its affiliates related to security tokens. As per these rules, the company is barred from buying idle assets of affiliates to back its security tokens. Instead, Seoul Auction Blue is permitted to acquire them only through public methods like participating in an open bid or a post-sale bid process. Notably, the token issuer is in principle prohibited from purchasing these assets via intermediaries in private sales or any other non-transparent settings.The acquisition of underlying assets requires approval from the compliance monitoring committee. Furthermore, this regulation strips Seoul Auction Blue of the capacity to determine the final trading prices or conditions for these transactions.In addition, the company is collaborating with a couple of securities firms to safeguard investors’ funds, creating a buffer against any potential bankruptcy of the issuer. The funds raised from subscriptions for the security tokens will be managed in accounts overseen by KB Securities. Additionally, an investor protection fund is being set up, which will be handled as a trust fund by Shinhan Securities. This fund acts as an extra layer of security, offering investors enhanced protection for their investments.

Standard Chartered Muscling Into Asian Crypto SpaceUK banking giant Standard Chartered is making a concerted foray into the Asian crypto sector through its Singapore-based subsidiary, Standard Chartered Ventures.Photo by Kirill Petropavlov on UnsplashTargeting institutional businessThat’s according to a report by Nikkei Asia on Tuesday. It’s believed that the company is positioning itself as a trusted choice for institutional cryptocurrency clients amid the backdrop of digital token price volatility and recent upheavals in the industry. The move will pit the British bank directly against global crypto exchange Binance in key Asian markets, specifically Singapore and Japan.Rene Michau, the Global Head of Digital Assets at Standard Chartered, emphasized what he considers to be the bank’s unique advantage in the digital asset space, stating:“As regulated banks, we have a fairly deep infrastructure around risk, conduct compliance, and the activities that go along with crypto assets.”This solid infrastructure includes established risk frameworks, governance structures, and compliance tools that Standard Chartered is keen to bring into the cryptocurrency sphere, thus making it an attractive option for its clients.Zodia Custody and Zodia MarketsStandard Chartered’s substantial involvement in the cryptocurrency market is channeled through its majority ownership of Zodia Custody, responsible for safeguarding digital assets, and Zodia Markets, a crypto exchange tailored for institutional clients.Both entities have been making significant progress in bringing their offerings to market in recent months. Zodia Custody recently launched its services in Singapore, offering a secure solution for financial institutions to manage their crypto holdings. Last month it launched a crypto staking product targeted at institutional clients.In the same month, Zodia Markets achieved in-principle approval to trade as a broker-dealer in the United Arab Emirates. Zodia Custody has also been successful in the UAE, launching its crypto custodian service in Dubai in May.Japan and SingaporeThis concerted effort by Standard Chartered follows a broader trend where traditional financial institutions, such as DBS Group Holdings in Singapore, are entering the cryptocurrency market, capitalizing on the challenges faced by younger crypto players in proving their credibility.Binance rebranded its Binance Custody unit as Ceffu and expanded its offerings for corporate customers in Singapore. While Binance asserts the independence of Ceffu, the exact nature of their capital relationship remains undisclosed.A parallel competition is unfolding in Japan, where Binance Japan has entered the market and Standard Chartered’s Zodia Custody has formed a joint venture with SBI Digital Asset Holdings, targeting institutional clients.While Standard Chartered has achieved a lot through its crypto-focused subsidiaries in a short space of time, there’s always room for improvement. In June, Hong Kong’s banking regulator singled out Standard Chartered alongside HSBC, appealing to both banking groups to make greater efforts to bank crypto clients within the Chinese autonomous territory, as it looks to compete with Singapore in becoming a regional crypto hub.The cryptocurrency sector has witnessed increased scrutiny as virtual currencies like Bitcoin and Ether have gained popularity. The rise of digital token exchanges, each vying for custody of assets belonging to investors who have embraced cryptocurrencies, has sparked concerns about corporate governance and security.Giants in traditional finance, like Standard Chartered, are stepping in to offer institutional investors a safer path to engage with virtual assets while leveraging the trust associated with established brands.