Nomura and Brevan Howard back Polygon-powered Libre Protocol

SkyArk Chronicles, a Singapore-based Triple-A gaming platform, recently announced the completion of a $15 million funding round that it suggested was led by Binance Labs, the venture arm of the leading global crypto platform. Binance has subsequently moved to clarify that it is not involved in the latest funding initiative.Photo by Laurin Steffens on UnsplashBacked by Binance since 2021The gaming ecosystem, which has enjoyed the backing of Binance since 2021, expressed excitement about the successful completion of the funding round. On Jan. 12, SkyArk posted on social media platform X, suggesting that Binance led the recent funding round but the project has since deleted that post. The post mentioned the participation of more than 40 institutions in the funding round, including Vividthree Productions, a Singapore-based company. It didn’t disclose the amount it claimed was invested by Binance Labs at that time. The announcement also highlighted contributions from other notable entities in the NFT and gaming space, such as GuildFi Global, Jambo Technology and BreederDAO. Additionally, individual investors like LayerZero CEO Bryan Pellegrino, Tangent Ventures Co-Founder Wangarian and Story Protocol CEO S.Y. Lee were all claimed by the project to have made noteworthy contributions to SkyArk's funding initiative. Binance Labs denialHowever, recent developments have introduced an element of uncertainty. Binance Labs, in an X post on Monday, distanced itself from SkyArk Chronicles' latest funding round. Contrary to the earlier announcement, Binance Labs clarified that it did not participate in SkyArk's $15 million funding round earlier this month. The venture arm reiterated its sole investment in SkyArk during the Incubation Season 3 program in 2021. This clarification from Binance Labs raised concerns about the accuracy of SkyArk Chronicles' earlier announcement, leading to SkyArk posting to confirm the information supplied by Binance. That post states: “We are very sorry for the miscommunication and appreciate the clarification from Binance Labs. We remain focused on making SkyArk a success and will continue working hard to achieve our vision.” Community reactionThe saga has caused some concern within the community, underscoring the need for transparency in the cryptocurrency and gaming industries. Web3 and NFT consultancy firm Vader Research commented on the development, stating:”SkyArk didn’t raise a new private round at all. They circulated the 2021 funding round announcement as if it recently occurred and used that to raise $11m from the public.” In a subsequent post, Vader added that Binance still has considerable leverage where SkyArk is concerned, as it retains the right to decide whether to list the SkyArk token on the platform. SkyArk Chronicles had a history of collaboration with Binance, dating back to 2021 when Binance selected SkyArk Studio for its prestigious Incubator Program Season 3. Out of over 1,000 applicants, SkyArk Studio was one of the nine teams chosen, emphasizing its potential in the blockchain and gaming space. In a follow-up post on Monday, SkyArk co-founder Kelvin Chua expressed his gratitude to Binance for its support over the past three years. The gaming platform, led by seasoned professionals in traditional mobile games, aspires to revolutionize the gaming sector worldwide. Their focus on launching Fully-On-Chain and Only-Assets-On-Chain games sets them apart, with a commitment to incorporating NFTs seamlessly into various gameplay styles. 

Finblox Launching Tokenized US Treasury BondsHong Kong-based cryptocurrency firm Finblox has unveiled a groundbreaking solution aimed at meeting the growing demand among crypto investors for traditional assets that generate yields. By launching tokenized rights to US Treasury Bills (T-Bills), the company seeks to bridge the gap between the crypto and traditional financial worlds.In a tweet thread posted on Tuesday, the company set out some detail on the product offering it has been working on. In collaboration with smart-contract vault OpenEden, Finblox aims to tap into the trillion-dollar market of Web3 users. Finblox is a crypto app, with the enterprise being backed by leading venture capital firms such as Dragonfly Capital, Sequoia Capital, and Saison Capital. This innovative offering provides crypto investors with access to a highly secure AAA-rated financial asset, leveraging the advantages of blockchain technology.Photo by Karolina Grabowska on PexelsYield generationUnlike stablecoins, which have failed to deliver substantial returns, and crypto lending, which carries notable risks as recent defaults and insolvencies in the digital asset sector have shown, tokenized US T-Bills provide a reliable investment option.By converting the rights to these assets into digital tokens that can be traded and held within the blockchain ecosystem, Finblox enables fractional ownership. This means that users can invest small amounts and still earn proportional yields, opening up investment opportunities to a wider range of individuals.Through the Finblox platform, users can directly benefit from the yield generated by these tokenized T-Bills. Historically, Treasury Bills have been regarded as blue-chip financial assets, offering reliable returns and serving as a benchmark for global financial markets.OpenEden integrationTo ensure transparency and security, Finblox has integrated the T-Bill vault of Singapore-based OpenEden with decentralized blockchain Chainlink. This integration provides on-chain verification, guaranteeing that Finblox’s T-Bill tokens are backed by US Treasury securities, USDC stablecoins, and US dollars on a 1:1 basis.Finblox founder Peter Hoang emphasized the seamless and secure bridge that T-Bills offer between traditional and emerging markets in an interview with Tech in Asia. He stated: “With T-Bills, we are offering users a real-world asset while also benefiting from the custody of a regulated financial institution. It’s a seamless and secure bridge for both traditional and emerging markets, bringing safer yields to a wide range of users.”To access Finblox’s T-Bill tokens, investors need to follow a straightforward process. Initially, they must obtain USDC from a reputable exchange, either through Finblox or other exchanges. Once the know-your-customer (KYC) verification process is completed, users can swap their USDC for T-Bills within the Finblox platform.To enhance transparency, Finblox makes its wallets publicly available, enabling users to track deposits and withdrawals and verify the accuracy of transactions. The company also holds working capital in hot wallets to facilitate withdrawals below 2% of the entire pool, ensuring swift processing within three business days.It’s understood that Finblox will market the product offering to users in the Philippines, Indonesia, India, and Vietnam, among other jurisdictions within Asia.

Korean Prosecutors Say Do Kwon and His Colleagues Knew Terra Was Unviable from the BeginningKorean prosecutors claimed that Terraform Labs founder Do Kwon and the key members behind the Terra-LUNA crash were aware of the project’s unviability from the beginning, according to a file issued by the Seoul Southern District Court.©Terraform LabsTerraform Labs founders misleading Korean investorsTerraform Labs founders Do Kwon and Daniel Shin attracted 280,000 investors in Korea alone, claiming that the Terra stablecoin is a means of transaction, even though the company leaders had been notified by the financial authority that Terra-accepting businesses were impermissible. It is reported that during a search and seizure of the company, Korean prosecutors collected evidence that its employees shared such knowledge on their internal messaging system.Terra’s cross trading on crypto exchangesKnowing their cryptocurrency’s unviability, Terra executives registered its sister token LUNA for listing on major Korean crypto exchanges in May 2019. According to the Korean prosecution, they used a bot to create a trade volume of more than 800 million won in three domestic crypto exchanges by cross trading between 2019 and early last year.Cross trading is illegal in the stock market, as it is considered as an act of price manipulation, but LUNA was traded in crypto exchanges and it hasn’t been determined whether their token is a security or not. Under current Korean law, the court has to accept it as a security to punish those behind the Terra collapse.Shin’s denial of allegationsMeanwhile, Daniel Shin denied the prosecution’s allegations and argued that they had never received such a notice from the financial regulator.