WEMIX’s staked token listed on BitMart exchange

ClearVue Partners-Backed Crypto Startup Fund Closed at $50MThe CVP NoLimit Fund I, a crypto-centric fund established by China’s ClearVue Partners, a private equity specialist, has been closed out, reaching a funding level of $50 million.Photo by micheile henderson on UnsplashFunding target achievedThe closing of the fund was announced recently by No Limit Holdings, an investment partnership specializing in global crypto assets based in Malta. ClearVue had entered into a joint venture with No Limit Holdings in order to establish the fund. No Limit Holdings was founded by former Binance Chief Strategy Officer Gin Chao. Partnering with Chao in that venture is another former Binance executive, Anatoly Kondiyakov, who served as Binance’s Head of APAC Institutional Sales in Singapore for four years.News of the fund first emerged in October 2022, when the fund promoters started to distribute a pitch deck. It’s understood that the fund was targeting investment into layer one blockchains prior to their native tokens going live.Chao made the following statement relative to the closing of the fund:“We are grateful for the confidence and trust that our partners have placed in us for this first fund, particularly given the breadth of industries our LP base represents and the challenging macroeconomic conditions during this period. At the same time, this has created an ideal window to deploy capital into the exciting opportunities that the current market presents.”Web3 “where the Internet was in the late 90s”ClearVue Partners Founder, Harry Hui, said that the firm was “excited to team up with Gin and the NLH team. They have deep sector expertise and an incredible track record of success.” Hui added that “Web3.0 is where the Internet was in the late 90s and as blockchain adoption increases, we believe there will be significant value creation for both for our investors as well as for our consumer and technology portfolio companies.”The CVP NoLimit Fund I has already invested in more than twenty crypto projects located globally. Two of them have been listed on multiple digital asset exchanges. Meanwhile, the fund’s administrators have suggested that it has established a robust pipeline of investible projects, and that it has the expectation to invest in an additional twenty projects over the course of the next twelve months.Seed-stage focusThe fund has been focusing on early-stage projects and strategic funding rounds, with individual investments of between $250,000 and $3 million. Some of the projects it has backed thus far include Binance.US, crypto and blockchain infrastructure firm Mysten Labs, Singapore-based dApp developer Hogwarts Labs, Connext Labs which claims to be the HTTP of Web3, and decentralized digital asset money market, IQ Labs.Venture capital investment into the crypto and Web3 space broke all records during the last crypto bull market. Naturally, it has suffered a huge decline in its wake. However, the closing out of this $50 million fund demonstrates that ultimately new money will return to the sector.This is further exemplified by a recent announcement by Kraken Ventures, the venture investment wing of the well-known crypto exchange business, setting out that it is raising a second $100 million fund, earmarked for investment within the sector.

WEMIX token leads gaming crypto asset marketWEMIX, a cryptocurrency issued by blockchain gaming company Wemade, has been marked as having the largest constituent weight in terms of market capitalization in the gaming sector in the latest Crypto Sector Indices released by Sygnum, a global digital asset banking group headquartered in Switzerland and Singapore.Photo by Christian Wiediger on UnsplashUnveiling insightsSygnum’s Crypto Sector Indices is a comprehensive report analyzing the world’s leading crypto asset projects to allow investors to view real-world use cases, compare market capitalizations and identify more influential or promising assets with greater constituent weight proportions. It is divided into seven core sectors — Layer 1, Layer 2, Centralized Finance (CeFi), Decentralized Finance (DeFi), Web3, Gaming and Metaverse.WEMIX’s continued successAccording to the banking group’s analysis of the world’s gaming cryptocurrencies by market capitalization, WEMIX has the largest share at 16% — up from 10% in January — beating out other game tokens like The Sandbox and Gala. Axie Infinity also has a 16% share. Out of more than 21,000 protocols, only those that constitute at least 0.01% of the total crypto market capitalization are eligible for inclusion in the indices.WEMIX has thus proven itself as one of the leading cryptocurrencies in the global blockchain gaming industry. Last month, Wemade also hosted the world’s first blockchain-assisted golf tournament, WEMIX Championship 2023, where the prizes for winning golfers were distributed in WEMIX.

Singapore’s Regulator Imposes 9-Year Ban on 3AC FoundersSingapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), has handed down a nine-year prohibition order to Kyle Davies and Su Zhu, co-founders of the failed crypto hedge fund Three Arrows Capital (3AC).Photo by Swapnil Bapat on UnsplashSevere restrictionsThe penalty relates to alleged violations of the city-state’s securities laws. The prohibition order came into effect on Wednesday, carrying severe restrictions for Davies and Zhu.During this nine-year period, Davies and Zhu are prohibited from engaging in any regulated activities in Singapore. They are also barred from managing, serving as directors, or holding substantial shares in any capital market services business within the territory of Singapore.Loo Siew Yee, the Assistant Managing Director of Policy, Payments, and Financial Crime at MAS, emphasized the seriousness of the violations in a statement released by the central bank on Thursday. Yee stated:“MAS takes a serious view of Mr. Zhu’s and Mr. Davies’ flagrant disregard of MAS’ regulatory requirements and dereliction of their directors’ duties.” She further asserted that MAS would take action against senior managers who engage in such misconduct.Securities law violationsMAS’s decision to impose these sanctions on the 3AC co-founders was based on its findings of further securities law violations during investigations into 3AC and its founders. The regulatory authority accused Davies and Zhu of failing to inform MAS when 3AC hired a new business representative, providing false information to the regulator, and neglecting to establish an appropriate risk management framework.3AC’s troubles stemmed from the crypto market crash that occurred last year, triggered by the Terra ecosystem’s collapse. The hedge fund’s leveraged crypto positions exposed it to billions in loan defaults, resulting in significant financial losses. Its lack of risk management had a cascading effect in crypto. Lenders like Celsius and BlockFi had exposure to 3AC, leading to further collapses later in 2022 as a consequence.3AC’s creditors claim that the firm owes as much as $3.5 billion, and liquidators are now seeking to recover approximately $1.3 billion from Zhu and Davies, who allegedly incurred the debt when the firm was already insolvent.Regulatory reprimandsThis action by MAS follows last June’s reprimand of 3AC, which occurred just before the hedge fund filed for bankruptcy amid widely reported insolvency issues. At that time, MAS had criticized 3AC for providing false information, failing to report directorship changes involving Zhu and Davies, and exceeding the legal assets under management threshold.It’s just the latest reprimand the duo have received from a regulator this year, though. Zhu and Davies have been busy in trying to get another start-up off the ground. Earlier this year, they launched OPNX, a crypto bankruptcy claims trading platform. The venture is based out of Dubai, and the firm reported in April that it had gotten significant VC backing.Many of those that the company claimed were backing the venture disassociated themselves from those claims. The following month, the Dubai regulator, the Virtual Assets Regulatory Authority (VARA), reprimanded the OPNX founders, having issued an investor alert relative to the firm a few weeks prior to that. VARA's complaint was that the business had been operating without having acquired the appropriate licensing.