LINE NEXT scores biggest Web3 investment in Asia of 2023

Binance Introduces Dedicated Trading Platform in JapanGlobal cryptocurrency exchange Binance made an announcement on Friday regarding its plans to establish a new trading platform exclusively for residents of Japan.The move is in compliance with Japanese laws and regulations, and a demonstration of the company coming into line with Japan’s legal and regulatory framework relative to crypto assets and crypto asset trading. While specific details such as the platform’s launch date are yet to be disclosed, Binance has assured its Japanese customers that this information will be provided in the near future.Photo by Bagus Pangestu on PexelsPlatform transitionIn terms of scheduling, we do know that a new know your customer (KYC) verification process will be available after August 1, to migrate to the new local platform for existing Japanese users on the global platform. As part of the transition process, Binance will be sending out information to Japanese residents who currently utilize their global trading platform. This communication will include instructions on procedures including further information on identity verification.To facilitate a smooth transition, Binance’s global trading platform will cease providing services to Japanese residents on November 30, 2023. Additionally, there are plans to change the company name from Sakura Exchange Bitcoin to “Binance Japan Co., Ltd.”This development marks Binance’s initial foray into the Japanese market firmly under its own brand. In November 2022, the company entered the country by acquiring Sakura Exchange Bitcoin (SEBC). The forthcoming trading platform, dedicated exclusively to domestic residents, represents the first step in Binance’s strategic approach to the Japanese market.The new services on the platform are set to launch during the summer, with future expansion plans to broaden that offering further. Binance also intends to introduce initiatives in Japan that leverage its ecosystem, including the provision of free educational resources through “Binance Academy” to promote Web3 education.Service offeringThe newly created entity will offer crypto spot trading with fiat deposit and withdrawal facility to its Japanese customers. Crypto lending products will be provided through a digital asset earn program. For those who like to dollar cost average (DCA), an automated recurring purchase feature will be provided.In 2021, Binance introduced an NFT marketplace and that will be a service that it will also extend to its Japanese customers. Upon launch of the dedicated service, crypto derivative trading will not be offered although it is understood that it may be offered at a later stage. Derivatives are likely to be under much closer scrutiny by the Japanese regulator than Binance’s other products.It is worth noting that Binance had previously received a warning from the Financial Services Agency (FSA) for offering cryptocurrency trading services to Japanese residents without proper registration. With its full-fledged entry into the Japanese market, it remains to be seen what impact this move will have. Will it accelerate the regulatory landscape and the adoption of Web3 technology in Japan from a global perspective?Additionally, how smoothly will Binance be able to acquire new accounts while competing with domestic business operators? These developments warrant close attention as they unfold.

Taipei-headquartered cryptocurrency exchange Woo X has announced the launch of tokenized United States Treasury Bills (T-Bills), marking a significant milestone for the crypto-sector retail investment landscape. In a press release, the company outlined that it has partnered with London-based institutional tokenization platform OpenTrade in order to bring its Earn Vaults product backed by real-world assets (RWAs) to market. The product is being heralded as the first protocol offering tokenized T-Bills accessible to retail investors.Photo by Jorge Salvador on UnsplashStable yield accessWilly Chuang, Chief Operating Officer of Woo X, expressed enthusiasm about the initiative, highlighting its potential to bridge the gap between conventional financial securities and the cryptocurrency market. He told CoinDesk in an email that “for the first time, retail users on a centralized exchange can instantly access an interest-bearing account backed by U.S. Treasury Bills.” With RWA Earn Vaults, Woo X users now have access to stable, predictable yields on their USDC holdings, backed by U.S. Treasury Bills, without encountering additional complexities. These yield-bearing products offer attractive annual percentage rates (APR) ranging from 4.5% to 4.7% for USDC holders. Subscriptions accrue real yields, fully backed by U.S. Treasury Bills, with current annual percentage rates (APRs) for seven-day and 28-day terms standing at approximately 4.5% and 4.75%, respectively. OpenTrade is a tokenization platform supported by Circle, the issuer of the world's second-largest stablecoin, USDC, lending further credibility to the partnership, with USDC boasting a market cap of $34 billion. OpenTrade had established links with Centre, the now-dissolved collaboration between Circle and Coinbase, and the Marco Polo enterprise blockchain project. Interest in RWA tokenizationRecent institutional interest in the RWA tokenization sector is exemplified by BlackRock's launch of the USD Institutional Digital Liquidity Fund, valued at over $298 million. This development underscores the increasing recognition of digital assets as viable investment instruments by traditional financial giants. Additionally, a recent report by CoinGecko highlighted the profitability of tokenized RWAs in the crypto space, positioning it as the second most lucrative narrative in the first quarter of 2024. Lim Yu Qian, an analyst at CoinGecko, noted the substantial profitability of the RWA narrative compared to other sectors, emphasizing its growing prominence.Franklin Templeton's Franklin OnChain U.S. Government Money Fund (FOBXX) has emerged as a notable treasury tokenization fund, reflecting the sector's maturation and investor confidence.  Woo X's product offerings extend beyond tokenized T-Bills, encompassing index-linked perpetuals covering crypto meme coins and layer-2 tokens in collaboration with market maker Wintermute. The exchange's native token, WOO, plays a pivotal role in governance and incentivization, offering users the opportunity to stake WOO and earn an average APR of 12.66%. The recent robust performance of WOO, experiencing a price surge of about 30% since its April 13 low, has served to boost the platform further. Tokenization of U.S. T-Bills has witnessed significant growth, with over $1.15 billion worth of assets tokenized through various products by April 2022, highlighting the growing appeal of digital asset-based offerings in the financial sector. This latest product offering benefits retail market participants, giving them increased access to diverse and lucrative investment opportunities in the burgeoning digital asset space. 

Metabora Singapore (Metabora SG), a blockchain content platform and an affiliate of multi-platform game company Kakao Games, announced a partnership today with Oasys, a blockchain platform tailored for Web3 games.  According to local media outlet Dailian, the partnership is expected to attract more users to Oasys’ Web3 gaming platform by enhancing its interoperability, expanding its ecosystem and providing “killer content,” all of which are the pillars of “Dragon Update,” a vision to achieve for Oasys for the year 2024.  Oasys has been emerging as a blockchain for Web3 gamers, as it continues to forge partnerships with Asian tech and game giants such as Com2uS and Ground X, a blockchain subsidiary of Kakao. Com2uS is the developer of popular games such as “Summoners War: Chronicles” and “Walking Dead: All Stars”, while Ground X operates its own crypto wallet.  Photo by Fredrick Tendong on UnsplashMaking inroads into the Japanese gaming market It is anticipated that Metabora SG will make use of Oasys’s strong network and powerful user base to enter the Japanese gaming market, which is deemed one of the biggest global markets boasting $44.4 billion in sales this year, according to Statista.  Oasys is known to have forged deep partnerships with major gaming companies in Japan, of which Oasys serves as their network validator. Metabora SG will be able to leverage Oasys’ support when entering the Japanese market.  Collaboration on blockchain technology “We are delighted to partner with Metabora SG, a company that fully shares our vision of revolutionizing the gaming industry through the use of blockchain technology. As we aggressively move forward and expand our business relationships with various gaming giants based in Korea, the partnership with Metabora SG by Kakao Games marks another important milestone for further business expansion in the region,” said Dominic Jang, the head of global business development at Oasys and the head of Korea at Oasys. “We are keen to nurture a more in-depth relationship with the Metabora SG team to maximize the synergy with Oasys, advancing the mass adoption of blockchain gaming,” he added.  With its extensive experience in offering immersive gaming experiences to users, Metabora SG is on its way to revolutionizing the gaming industry by integrating eco-friendly technology provided by Oasys.  Vincent Lim, CBO of Metabora SG, said that behind this partnership are people who share the same vision of enhancing the Web3 gaming ecosystem. He added that the two companies will provide immersive games that are easy to access to gamers all across the world, who haven’t yet experienced blockchain-based games.