Sei Labs Raises $50M to Fuel Asian Expansion

Lotte Group’s Bellygom NFT Project Garners Global Fanbase of Over 300KDaehong Communications and Lotte Homeshopping shared yesterday that their NFT project has now garnered a global fanbase exceeding 300,000 members. The two companies are subsidiaries of South Korean industrial conglomerate Lotte Group.Photo by Khinaii van Laren on UnsplashPartnership initiatives as global expansionTheir NFT initiative, operated by the group’s marketing arm Daehong, is based on Bellygom, the pink bear character representing Lotte Homeshopping. As part of its global strategy, the Bellygom NFT project has formed partnerships with various international projects and has been actively involved in communication efforts. Notably, Bellygom’s X (formerly Twitter) account, created earlier this year, has attracted 100,000 followers within a span of five months.At the end of last month, Daehong successfully completed the minting of Bellyland, the second NFT collection of the Bellygom project. The minting event was accompanied by Jelly Adventure, a universe where users can participate in a wide range of missions and games to earn “Bubble Gums.” Notably, Jelly Adventure is not only accessible to Bellyland NFT holders but also to those of other projects such as YogaPetz and Mocaverse.It’s worth highlighting that the minting event achieved the sale of over 5,000 NFTs, even during a period of reduced activity in the NFT market. Despite the declining minting prices and quantities, it managed to raise over 750,000 MATIC.Joining of new international usersAdditionally, the minting event attracted new international users to the Bellygom project, underlining its sustainability. The successful debut of Bellyland NFTs has significantly contributed to the project’s global expansion and presence.Furthermore, Daehong is pursuing a range of initiatives aimed at cultivating a fan-centric ecosystem with the ultimate objective of driving broader adoption of Web3 technologies. With the belief that the fanbase provides a strong foothold for the brand’s growth, the marketing firm plays a crucial role in facilitating the introduction of the Bellygom brand to the Web3 space. To this end, Daehong is constructing a universe with a story that embodies the brand’s identity while seamlessly integrating it with conventional marketing strategies.

TRYB Emerges as Turkish Alternative to Dollar-Pegged StablecoinsIn a market typically dominated by dollar-backed stablecoins like Tether (USDT) and USD Coin (USDC), a new player has emerged in Turkey to operate alongside those dominant stablecoins.According to a report by CoinDesk on Friday, BiLira’s TRYB stablecoin, pegged to the Turkish lira (TRY), has rapidly climbed the ranks to become the world’s second-largest non-US dollar-pegged stablecoin. It currently trails Tether’s euro-pegged EURt, which according to Coingecko data, currently holds a market cap of $221 million. In just three weeks, TRYB has skyrocketed, quadrupling its market cap to $136.10 million.Photo by Oleksandr P on PexelsMarket cap volatilityHowever, TRYB's market cap had fallen off a cliff on Friday, dropping from $135 million earlier in the day to $40 million. TRYB, an Ethereum-based stablecoin, offers a unique proposition in that it is pegged to the Turkish lira, allowing users to exchange 1 TRYB for 1 TRY. The stablecoin offering, which is administered by Istanbul-based BiLira, is underpinned by 100% fiat reserves held in Turkish banks.The Turkish lira has earned its reputation as one of the most volatile fiat currencies globally, often experiencing fluctuations against the US dollar. Over the course of the last five years, the currency has lost 94% of its value when benchmarked against the performance of the US dollar.In response to this volatility, TRYB has found its purpose as a medium of exchange. It can act as a gateway to transition user’s Turkish lira into cryptocurrencies and vice versa. This trend aligns with the global use of stablecoins as the foundation of crypto trading pairs, providing traders with a stable asset while sidestepping fiat currency’s unpredictability.Exiting the liraThe US Federal Reserve acknowledged the significance of stablecoins in December 2022, highlighting their role in facilitating crypto trades, serving as collateral for crypto loans, and minimizing inefficiencies tied to fiat-to-crypto conversions. In fact, stablecoins account for over 80% of the trading volume on centralized exchanges, attesting to their pivotal role in the crypto ecosystem.It’s likely that the Lira-pegged stablecoin will act as a means to access other cryptocurrencies and US dollar-pegged stablecoins like USDT and USDC, rather than be considered as a rival or replacement. That’s by virtue of the ongoing difficulties of the Turkish sovereign currency which it tracks. So long as the lira continues to erode in terms of buying power, it’s likely that citizens will be looking for avenues to escape from that erosion of value.Increased interest in cryptoGiven this monetary backdrop in Turkey, it shouldn’t surprise anyone to learn that interest in crypto is on the rise. In a recent report published by Seychelles-based cryptocurrency exchange KuCoin earlier this week, a significant increase in the number of crypto investors in Turkey over the course of the past eighteen months has been identified.The report found that 52% of the adult Turkish population have participated in crypto-related investments. Over the past 18 months, the number of Turkish adults embracing crypto has risen to that 52% level from 40%.

Bitget Launches $100M Crypto Ecosystem FundSeychelles-based crypto exchange Bitget has launched its EmpowerX Fund, a $100 million initiative unveiled during Bitget’s fifth-anniversary summit in Singapore on Tuesday.Photo by micheile henderson on UnsplashStrategic investmentThe firm expanded on the finer details of the fund at the summit event and also by way of a press release published to PR Newswire. The primary goal of the initiative is to enrich the platform’s ecosystem by strategically investing in various sectors, including regional exchanges, data analytics firms, and media organizations.Bitget’s approach via this new fund is grounded in diversification to meet the ever-evolving needs of its 20 million global customers. The exchange envisions creating a comprehensive trading ecosystem that encompasses trading, investment, research, DeFi, and media.Gracy Chen, the Managing Director of Bitget, emphasized that the cryptocurrency exchange sector is in a constant state of evolution and with that, the firm has a forward-looking vision that extends beyond the present. Chen stated:“The CEX landscape is continually evolving amid influences of tightened regulations, rapid growth of Layer 2 and DeFi technologies, and we are expecting that more investment, meager [sic] and acquisition will happen in the following months. Our vision goes beyond the present.”She added: “With the launch of the Bitget EmpowerX Fund, we take another major step in our mission to develop Bitget into a truly comprehensive platform for all needs. Through strategic, targeted investments that foster long-term growth, we aim to continually expand our ecosystem of services to better serve the evolving needs of users. We also want to empower other people in our industry, because a rising tide lifts all boats.”Broader investment trendBitget’s EmpowerX Fund is part of a broader trend of strategic investments and expansion. In April, the exchange introduced the $100 million Web3 Fund, which focuses on supporting projects based in Asia and partnering with global venture capital firms, including Foresight Ventures, SevenX Ventures, and Gitcoin Fund.As part of that initiative, the firm invested $20 million in Sei Labs, the developers of the layer one Sei blockchain. The strategic direction being taken by Bitget extends beyond digital assets, as Bitget allocated $30 million to invest in the BitKeep multi-chain wallet, which subsequently underwent a rebranding as Bitget Wallet. This investment marked a significant milestone in Bitget’s journey toward embracing decentralized strategies.Diversifying service offeringTo better cater to the evolving needs of its users, Bitget has diversified its service offerings. In addition to traditional trading, the platform has ventured into the realm of crypto loans, a bold move given the difficulties experienced in 2022 by crypto lending firms like Celsius, BlockFi, Hodlnaut, Vauld, and Voyager Digital, who all ended up in bankruptcy.The company has taken a further step towards diversification on Tuesday, announcing the launch of its Bitget Wealth Management product. The firm claims that the product is targeted to meet the needs of high-net-worth individuals and institutions, offering to assist them in optimizing their financial portfolios.Bitget has also adapted to a changing regulatory landscape recently, stepping up its compliance in terms of Know Your Customer (KYC) measures.