Coins.ph partners with Paxos to further PYUSD adoption

Jersey-headquartered Komainu, a digital asset custodian backed by Japan’s Nomura Holdings, is in the process of acquiring Propine Holdings, a Singaporean competitor. Subject to approvalKomainu has signed an agreement in principle with Propine to acquire the company, according to a press release published on Oct. 22 by PR Newswire on behalf of the two firms. One of the key elements in completing the deal is attaining the approval of local regulator the Monetary Authority of Singapore (MAS). This is Komainu’s first acquisition, and according to the firm’s co-CEO Paul Frost-Smith, it will be the first of several. According to Bloomberg, Frost-Smith stated in an interview that “an absolutely key factor in building” the business is obtaining access to Propine’s Capital Market Services license, which the company was awarded in Singapore. Frost-Smith described the acquisition as "setting ourselves up for the future with a licensed platform that we can grow." The company intends to further its efforts in terms of compliance by applying for a Major Payment Institution (MPI) license in Singapore. Komainu is motivated in developing in this manner as it has identified increasing demand from established institutions in Singapore for advisory services.Photo by RDNE Stock project on PexelsStrategic hubThe Komainu co-CEO said that the Asia-Pacific (APAC) region was central to Komainu’s heritage. With that, he added that Singapore is “an important strategic hub for Komainu in Asia and Propine will enhance our capabilities in meeting the significant client demand we are experiencing, including for Komainu Connect, our collateral management service, which is already extensively utilised by our investor clients in Hong Kong, Singapore, Malaysia, Thailand and Australia.” Back in August, global crypto exchange platform Bitfinex signed a memorandum of understanding (MOU) with Komainu Connect, with a view towards enhancing trading security. In July Komainu was added by crypto infrastructure firm Fireblocks to its Global Custodian Partner Program. The Japanese market has been one that Komainu has been focusing on. Frost-Smith asserted that it will serve as a major hub for the company, given that it is home to its primary backer, Nomura.  In November 2023, the company partnered with Crypto Garage, a regulated Japanese crypto-asset financial services firm. The collaboration extended Komainu’s dealings with the firm, given that it had invested in Crypto Garage’s parent company, Digital Garage, previously. At the time, the companies claimed that the partnership would allow them both to leverage their collective expertise. Komainu has also been following a regulatory-compliant path in other markets. In the UK, where it’s stationed, it received permission from the Financial Conduct Authority (FCA) to operate as a crypto custodian in October 2023. In August of the same year, it was awarded an operating license by the Virtual Asset Regulatory Authority (VARA) in Dubai. Alongside Nomura, the company was also established with the backing of digital asset security firm Ledger and digital asset investment manager CoinShares. Earlier this year, Komainu was approved by Nasdaq to be a core custodian relative to its suite of crypto indices. 

NFTs to Enrich Reading Experience for Book Lovers in JapanBook lovers in Japan are soon going to be able to enjoy an enhanced reading experience with the introduction of electronic books based on non-fungible tokens (NFTs). Media Do, an ebook distributor based in Tokyo, has partnered with Hayakawa Books & Magazines to publish a series of five NFT-based ebooks. The first lineup is scheduled for release on June 20, 2023.Photo by Hiroshi Tsubono on UnsplashTraditional and digital publishingThis collaboration is noteworthy as it merges the world of physical paper books with digital editions, making it the first-ever initiative to create non-fungible token (NFT) copies of traditional books. By bridging the gap between traditional and digital publishing, readers can now enjoy the benefits of both formats.These NFT-based ebooks offer readers the convenience of accessing and reading them through smartphone apps, while also serving as proof of ownership for each book. Media Do’s NFT platform, FanTop, will facilitate the trading of these NFTs, creating a marketplace for enthusiasts to buy, sell, and collect these unique digital editions.Copyright owner supportWhat sets FanTop apart is its dedication to supporting authors. Each NFT transaction on FanTop will result in a fee paid to the copyright owners, ensuring they receive fair compensation for their valuable work. Connecting more than 2,200 publishers and 150 ebook stores, Media Do aims to develop FanTop into a platform that consistently provides fair and appropriate incentives to copyright owners, including authors and publishing houses.Enriched reading experienceMoreover, these NFT-based ebooks will elevate the reading experience by offering exclusive content such as alternative endings, commentaries, and guidelines. NFT ebooks possess a unique ability to incorporate videos and music, thereby enriching the reader’s understanding of the original text and immersing them in the world of the work. In the future, NFT ebooks may even include licensed works such as films or music that inspired the author during the writing process. This additional value will fuel demand in the secondary market, including trading on FanTop.Empowering creatorsFanTop aims to establish itself as a non-speculative platform that focuses on distributing valuable content. It is dedicated to empowering creators, allowing them to exercise autonomy in determining specific trading details for their works. This includes the ability to set royalties and other parameters that align with their preferences and goals.Higher books sales with NFTsSince October 2021, FanTop has been offering exclusive NFT materials to promote sales of paper books. This initiative has allowed readers to enjoy the digital versions of their books on FanTop. As of March 2023, the sales of about 100 works, which included NFT copies, were 32% higher than their original editions within 30 days of release. Their average sales price was also 31% higher than their original counterparts. Media Do has been collaborating with over 70 companies, including publishers, to plan and develop content with NFT-based books.

Singapore-based Terraform Labs, the company behind the failed algorithmic stablecoin TerraUSD, has officially filed for Chapter 11 bankruptcy protection in the United States. It appears that the crypto space is not finished with dealing with the excesses and mismanagement that emerged at the end of the last market cycle. This move from Terraform comes in the wake of a $40 billion cryptocurrency crash and ongoing legal scrutiny, with the firm stating its intention to continue operations and support for the Terra community.Photo by Melinda Gimpel on UnsplashBusiness plan executionTerraform Labs was co-founded by Do Kwon, who is currently under investigation for its alleged wrongdoing relative to the failure of TerraUSD. The bankruptcy filing, submitted on Sunday to the Bankruptcy Court for the District of Delaware, aims to facilitate the company's business plan execution while navigating ongoing legal proceedings, including representative litigation in Singapore and the United States involving the Securities and Exchange Commission (SEC). In a statement, Chris Amani, CEO of Terraform Labs, commented on the decision, stating:"The Terra community and ecosystem have shown unprecedented resilience in the face of adversity, and this action is necessary to allow us to continue working toward our collective goals while resolving the legal challenges that remain outstanding." Amani reassured stakeholders that the decision ensures the company can maintain its commitment to working with the community on infrastructure, innovative tools, products and other ecosystem support. Amani became CEO of the company in July of last year, having been acting as Terraform’s COO prior to that. He acknowledged the challenges faced and expressed optimism about overcoming them, highlighting the resilience of the ecosystem after previous hurdles. Liabilities and assets in $100M to $500M rangeThe company emphasized that the Chapter 11 filing is designed to allow it to meet all financial obligations to employees and vendors without requiring additional financing. The estimated liabilities and assets fall within the range of $100 million to $500 million, as indicated in the filing. The SEC has initiated a civil trial against Terraform Labs and Do Kwon, accusing them of orchestrating a $40 billion cryptocurrency fraud through the TerraUSD algorithmic stablecoin and its sister token Luna. The SEC alleges that Terraform Labs and Kwon raised billions of dollars from investors through unregistered transactions, leading to the collapse of TerraUSD and Luna in May 2022. Both the SEC and Terraform have unsuccessfully filed for summary judgment in the case. Far-reaching consequencesThe crash had far-reaching consequences, impacting several crypto firms, including Singaporean crypto hedge fund Three Arrows Capital, Singaporean crypto lender Hodlnaut, Voyager Digital and Celsius Network. Do Kwon, a South Korean national, faces additional criminal charges in the United States related to fraud and market manipulation. His arrest in Montenegro in March 2023 and pending extradition requests from South Korea and the United States underscore the global legal challenges confronting him. The U.S. District Court for the Southern District of New York has scheduled the SEC trial against Terraform Labs and Kwon for late March, accommodating Kwon's extradition process. Meanwhile, in South Korea, Terraform Labs co-founder Daniel Shin has denied wrongdoing in the collapse as part of separate proceedings taken against him.