Bank of Korea Conducts Successful CBDC Pilot Test with Financial Institutions

Uniswap Competitor Maverick Protocol Raises $9M in FundingMaverick Protocol, a Singapore-centric DeFi project which aims to disrupt Uniswap’s dominance, has announced a fresh capital funding round.On Wednesday, Maverick announced that it successfully raised $9 million in a seed funding round led by Founders Fund. Prominent participants in the round include Binance Labs, Coinbase Ventures, Pantera Capital, and Apollo Crypto.It’s not clear what Maverick’s current valuation stands at, and in discussion with Fortune, Alvin Xu, one of the co-founders of Maverick Protocol, refrained from disclosing that valuation.Photo by Towfiqu barbhuiya on Pexels“Surgical approach to DeFi”Joey Krug, a partner at Founders Fund, expressed confidence in Maverick’s potential to contribute to the growth of the DeFi industry through its “surgical approach to decentralized finance.” Krug added that “Maverick has quickly established itself as a hub for liquid staking token trading whilst having greater capital efficiency for liquidity providers.”The injection of capital into Maverick comes at a time when crypto enthusiasts are seeking alternative platforms for purchasing and exchanging tokens. This shift in interest was sparked by the Securities and Exchange Commission (SEC) in the United States filing lawsuits earlier this month against two prominent centralized crypto exchanges, Binance and Coinbase.Following the news of the lawsuits, both Binance and Coinbase experienced significant outflows of cryptocurrencies. Simultaneously, the trading volume on decentralized exchanges, which are characterized by their lack of central ownership, surged from $1.2 billion the day before the Binance lawsuit was filed to $3.1 billion on the day the suit was made public, according to data from DefiLlama. These events occurred during the early afternoon when the SEC unveiled its charges.Crypto industry OGAlvin Xu has been actively involved in the crypto industry since 2018 when he joined the Tron Foundation and subsequently BitTorrent. For a time, he worked at Ethereum-centric blockchain infrastructure firm, ConsenSys, contributing to the development of the MetaMask wallet.In 2021, Xu embarked on the creation of Maverick Protocol, an automated market maker. Typically, market makers like Citadel Securities play a crucial role in traditional finance, matching buy and sell orders for stocks. In the crypto realm, where trading operates 24/7, Uniswap has gained popularity as it automates market making for a wide range of tokens.Xu believes that his new protocol can challenge Uniswap’s dominant position, stating: “That’s definitely our goal.” However, he acknowledges the substantial advantage Uniswap holds as a first-mover in the crypto world.Since its launch in March, Maverick Protocol, currently employing nine individuals, has set its sights not only on competing with Uniswap and other automated market makers but also on surpassing centralized exchanges such as Binance and Coinbase. Xu acknowledges that achieving this goal will require time and further development, stating: “I think it’s still early.”Maverick Protocol’s recent funding round provides a strong boost to its ambitions, stoking further competition with market leader Uniswap, while playing a role in shaping the future of DeFi.

BitBunny, a South Korean mobile app that distributes rewards based on walking activity, now offers rewards in the form of Bitcoin, according to an article by local news outlet TechM on Tuesday (KST).Photo by Thom Milkovic on UnsplashUnlocking rewardsBitBunny allows users to earn Bitcoin by completing missions like walking, checking daily attendance, inviting other friends to use the app, watching advertisements and participating in quizzes and games. Last Friday, the app added a new feature called "Catch the Bunny," a game where users can earn up to 10,000 points, or “coins”. These coins can either be used as cash when exchanged for vouchers – which can be used at various brands like Starbucks or Burger King – or invested in cryptocurrencies like Bitcoin, Ethereum, Ripple and Dogecoin. Due to these features, the app surpassed 100,000 users within just three months of release. BitBunny's vision"BitBunny's growth is an example of how mobile app technology and crypto are converging in everyday life, creating new user experiences," said Lee Kyung-tae, Team Lead at BitBunny. "We will continue to try different things to keep users interested and engaged." With a commitment to experimentation and user engagement, BitBunny is poised to redefine the way that users interact with both mobile apps and cryptocurrencies, offering a glimpse into a more integrated and rewarding digital future.

Japan’s FSA Joins Project Guardian of Singapore’s MAS to Explore Digital Asset ApplicationsThe Financial Services Authority (FSA) of Japan has announced its participation in “Project Guardian,” an initiative led by the Monetary Authority of Singapore (MAS), as part of their ongoing cooperation framework established in 2017 to boost fintech linkages. The FSA will be an observer in the project, which aims to explore the potential of digital assets.Photo by Joshua Miranda on PexelsExploring fintechProject Guardian, initiated by MAS in May 2022, aims to engage the financial industry in exploring the feasibility of incorporating asset tokenization, decentralized finance (DeFi), and other financial technologies. Together, the MAS and the participants of this endeavor aim to execute pilot projects, shape pertinent policies, and establish technical standards.For pilot projects, the MAS works with traditional financial institutions and fintech firms in Singapore and other jurisdictions to understand potential benefits and risks associated with digital assets. For policy development, the project participants strive to develop rulebooks and governance models, as well as to review the legal and regulatory frameworks that govern tokenized assets. These collaborations also seek to establish technical standards concerning trust anchors, which are qualified third-party authentication service providers; open networks; and institutional-grade DeFi protocols.Comments from officialsExpressing enthusiasm about the collaboration, Leong Sing Chiong, Deputy Managing Director of the MAS, stated, “We welcome FSA’s participation in Project Guardian. We look forward to greater public-private collaboration with FSA to support global efforts in developing a responsible and innovative digital asset ecosystem.”Mamoru Yanase, Deputy Director-General of the Strategy Development and Management Bureau at the FSA, also expressed delight at joining Project Guardian. He said, “We are delighted to join the Project Guardian. Decentralized financial ecosystem continues to develop in complexity, and it is important to address emerging risks. Blockchain technology including web3 has a potential to become a strong driver of innovation. We look forward to working with MAS, traditional financial institutions and FinTech firms to further enhance our knowledge in this area.”By participating in Project Guardian, the FSA and MAS are reinforcing their commitment to exploring the potential of digital assets while addressing regulatory considerations. This collaborative effort is poised to contribute to the responsible and innovative development of the global digital asset ecosystem.