Cross Trading of LUNA Tokens Uncovered on Three Korean Crypto Exchanges

Singapore-based startup Pontem, a Web3 product development studio, has successfully raised $6 million in a recent funding round. Broad venture capital participationThe firm announced details of the funding round via a press release published on Thursday.  The round was co-led by Faction and Lightspeed Venture Partners. The financing includes participation from notable contributors such as Pantera Capital, Aptos Foundation, market maker Wintermute, Singaporean trading firm Altonomy, Shima Capital and Kraken Ventures. This latest capital infusion brings Pontem's total raised funds to $10.5 million, building upon the $4.5 million secured in June 2021 through a private token sale led by Mechanism Capital, Kenetic Capital, Delphi Ventures and Hong Kong’s Animoca Brands.Pepi Stojanovski on UnsplashExpanding Move utilityThe primary focus of the funds is to empower developers in creating applications that are compatible with both the Ethereum Virtual Machine (EVM) and Move, expanding the utility of the Move programming language beyond its current usage on the Aptos and Sui blockchains. Move is a rust-derived programming language which was originally developed by Facebook with the intention of using it to power the Diem blockchain, prior to the company abandoning the project. It’s a platform-agnostic language designed for the writing of safe smart contracts. It distinguishes itself from the EVM's Solidity language by enhancing throughput through parallel processing. Pontem contends that Move is particularly appealing to Web2 developers from traditional finance and tech sectors due to its similarity to familiar static-type languages. Pontem envisions breaking the temporary vendor lock-in associated with the EVM, offering developers a versatile programming language that supports the security and scalability required for widespread adoption. Alejo Pinto, co-founder of Pontem, highlighted the objective of utilizing the capital influx to increase the usage of Move beyond the Aptos and Sui blockchains, providing dApp teams with a programming language that facilitates the addition of new features, promoting security and scalability. Pinto emphasized that Pontem seeks to address the vendor lock-in issue on Ethereum, enabling easier entry for Web2 developers and fostering their confidence in the decentralized space. Banafsheh Fathieh, Partner at Faction, praised Pontem's role in building critical primitives for the Move ecosystems. Pantera Capital Managing Partner Paul Veradittakit expressed excitement about investing in Pontem, recognizing the team's efforts in constructing essential financial and technical infrastructure to attract consumers and developers to the decentralized web. Lumio Layer 2The allocated capital is earmarked for developing Move Virtual Machine products on EVM-compatible blockchains like Ethereum. This includes Lumio, a Move-based Layer 2 solution which the company introduced in December. It operates as an optimistic rollup on Ethereum and leverages alternative Layer 1s like Aptos to process transactions. Pontem disclosed that products deployed on Aptos, such as the Pontem Wallet and Liquidswap DEX, have gained significant traction with 40,000 weekly active users and up to $1 million in daily volume. Looking ahead, Pontem envisions extending its support to the Solana Virtual Machine and other blockchain languages, underscoring its intention to provide a comprehensive development environment for decentralized applications. The funding secured in this round signifies a crucial step for the fledgling company in advancing the compatibility and accessibility of the Move programming language within the broader blockchain ecosystem. 

Indonesia Set to Launch National Cryptocurrency Exchange in JulyThe Indonesian government is pushing forward with its long-awaited plan to introduce a national cryptocurrency exchange, which will be accessible to citizens in the coming weeks.Photo by Bisma Mahendra on UnsplashJuly launchAccording to a report from Tempo, Indonesia’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, has announced that the national crypto exchange will be launched in July.Didid Noordiatmoko, the head of Bappebti, revealed that all cryptocurrency transactions in Indonesia will be exclusively permitted through the national exchange. He confirmed that the agency has recently finalized discussions on stock exchange rules, which include the implementation of Know Your Customer (KYC) procedures. Noordiatmoko also mentioned that the exchange will offer trading services through an integrated application, which has already undergone testing by CFTRA.Plan delaysThe launch of the national cryptocurrency exchange was initially planned for June 2023 but faced delays, following a previous postponement from the original target of December 2022. The project gained traction in 2021 when a government-backed Indonesian telecoms company announced a partnership with Binance to develop a joint cryptocurrency exchange.According to the latest report, Bappebti intends to restrict cryptocurrency sales to local transactions while aligning with global market trends. Approval from Bappebti will also be required for cryptocurrency prices on the exchange.Bappebti has informed Trade Minister Zulkifli Hasan about the progress of the national exchange. Noordiatmoko stated that unless further instructions are received, Bappebti will proceed to issue the necessary permit, allowing licensed traders one month to join the exchange.As of earlier this year, Indonesia had around 383 tradable crypto assets and ten local coins, with an additional 151 assets and ten coins under review by Bappebti.Indonesia’s central bank has released a white paper outlining its digital currency plans and approved a law classifying cryptocurrencies and digital assets as regulated financial securities. It has shown a level of support for digital assets albeit with an eye towards maintaining strict control. It has taken the lead in classifying 501 crypto assets, including BTC, ADA, BUSD, DOT, XTZ, and SAND, as commodities, setting an example that other nations may follow.Crypto is not permitted as a means of payment in Indonesia and in May the Governor of Bali warned foreign visitors against using it as such.In 2022, Indonesia’s trade ministry reported approximately 14 million cryptocurrency traders, surpassing the number of stock traders at 9 million. Meanwhile, the total trading value fell from 859 trillion rupiah in the previous year to around 300 trillion rupiah ($19.2 billion).Indonesia has been supportive of de-dollarization initiatives and the aspirations of BRICS nations to promote non-US fiat currencies. In April, the governor of the Bank of Indonesia, Perry Warjiyo, announced the introduction of the Local Currency Transaction (LCT) as part of Indonesia’s currency diversification strategy, aligning with the BRICS countries.

Singapore’s Whampoa Digital collaborates on establishment of $100M Web3 fundWhampoa Digital, the Web3 subsidiary of privately-held Singaporean investment firm Whampoa Group, has entered into a collaboration with an Asian gaming company to establish a $100 million Web3 fund.Photo by Towfiqu barbhuiya on UnsplashFocus on Web3 in the Middle EastThe WEMIX Foundation, a subsidiary of South Korean blockchain gaming firm Wemade, announced details of the new fund via a press release published to its website on Friday.Wemade is renowned for its massively multiplayer online role-playing game (MMORPG) series Legend of Mir. This strategic collaboration aims to catalyze the expansion of the digital asset industry, with a specific focus on the rapidly growing Web3 sector in the Middle East.Reciprocal deal and project referralsThe Web3 fund initiated by Wemade is set to play a pivotal role in supporting developers at the Wemix Play Center situated in Dubai. Both Wemade and Whampoa Digital plan to engage in reciprocal deal and project referrals, particularly within the Web3 industry, and explore potential co-investment opportunities in promising projects.Aureole Foong, senior partner of Whampoa Group, expressed optimism about the partnership’s potential impact. Foong highlighted the significance of this collaboration in expanding the digital asset industry beyond established sectors and fostering innovation in the Middle East, recognized as one of the world’s fastest-growing regions in the Web3 space.Web3 gaming experienceWemade has extensive experience in the gaming sector, dating back to its establishment in 2000 and its notable creation of the Legend of Mir series, positioning it as a key player in the gaming industry. The company has diversified its portfolio by venturing into the blockchain space, launching Wemix, a tech ecosystem offering Web3 services.Wemade’s blockchain gaming platform, Wemix Play, boasts a player base of over 250,000 users. Last week the Wemix Foundation announced the launch of its una Wallet, associated with the company’s omnichain network and interoperable Web3 gaming platform.In addition to co-investing in gaming studios and blockchain projects in the Middle East and North Africa (MENA) region, Wemade is planning to establish a global Web3 gaming hub at the Dubai International Financial Centre (DIFC). The company will also set up an office for the newly formed Web3 fund at this location. The DIFC’s Innovation Hub, coupled with Wemade’s hub, will provide essential facilities and mentorship for the fund’s portfolio firms.Whampoa Digital, the investment arm of Whampoa Group, is well-versed in supporting global tech firms, including notable names like TikTok’s parent company ByteDance and crypto major Binance. In May Whampoa announced that it had plans to establish a crypto-friendly bank in Bahrain.2023 has presented challenges for Web3 investors seeking new funds. According to a report by the research arm of crypto investment firm Galaxy Digital, the average new Web3 fund size for the first nine months was $238.4 million, with a median of $50 million — both figures significantly lower than the same period last year.