3AC Co-founder offers unusual perspective on Singapore prison time

DigiFT Unveils First Fully Regulatory-Compliant US Treasury TokenDigiFT, a pioneering decentralized exchange (DEX) for digital assets with a Singapore-based project team, has made waves in the financial landscape with the official launch of the DigiFT US Treasury Token.Photo by Karolina Grabowska on PexelsTradFi and blockchain convergenceThe company announced the launch of the Treasury token, known as “DUST,” via a press release on Thursday. It’s the first-ever fully regulatory-compliant US Treasury token issued on a public blockchain, signaling a powerful convergence of traditional finance and blockchain technology.DUST has the potential to be a game-changer in the crypto space, offering accredited and institutional investors an unparalleled opportunity to seamlessly invest in US Treasuries through a secure and transparent on-chain channel. One of its standout features is its backing by a single US Treasury note with a specific maturity date, instilling confidence and reassurance in investors seeking stable and reliable assets.Regulatory complianceThere are other tokenized treasuries in existence already. However, DigiFT differentiates its product through adherence to rigorous regulatory standards, ensuring that the tokenization process aligns with established financial norms.Henry Zhang, CEO of DigiFT, expressed his enthusiasm about this groundbreaking achievement:“The launch of DigiFT US Treasury Token represents our commitment to bring the best of both decentralized finance (DeFi) and traditional yield to investors.”He emphasized that DUST not only bridges the gap between DeFi and real-world assets (RWAs) but also upholds the highest standards of regulatory compliance.DUST’s innovative structure offers investors the flexibility to participate using US dollars or US dollar stablecoin (USD Coin). The product is accessible to all, given that it facilitates a minimum investment amount of 1 USD or USDC. To enhance accessibility further still, DUST ensures same-day settlement for investments below USD 50,000, contingent on liquidity conditions.Zhang emphasized the transformative potential of DUST, stating: “We believe that tokenization of RWAs is poised to become the future of investing, and DUST will support the wider adoption of digital tokens with its compliant features.”Rapid progressThe issuance of DUST tokens is overseen by Red Cedar Digital Pte. Ltd., an affiliate of DigiFT, with a yield to maturity (YTM) of 5.40% as of August 3, 2023. DigiFT’s journey began in 2020 when it became the first and only DEX to be accepted into the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox.Since then, DigiFT’s list of achievements has grown exponentially. The platform successfully listed a tokenized corporate note from Diners Club (Singapore), which achieved full subscription at its initial offering.Additionally, a tokenized bond, backed by a Barclays 8% Perpetual Bond and custodied with a licensed global financial institution, reinforced DigiFT’s reputation for innovation. The platform’s regulatory-compliant access to Matrixdock’s Short-term Treasury Bill Token (STBT) further solidified its role in pioneering secure and transparent investment avenues.DigiFT’s product offering demonstrates that we are likely to see an ongoing blurring of the lines between blockchain-based innovation and traditional products in conventional finance over the next few years. As DigiFT continues to champion regulatory compliance and innovation, investors can anticipate even more transformative solutions that harmonize the best of both worlds.

Japanese blockchain infrastructure firm Soramitsu has been contracted by the State Bank of Pakistan (SBP) to work on a pilot program for the digital Pakistani rupee. Pakistan originally announced its intention to pursue a central bank digital currency (CBDC) or digital rupee back in 2019. However, unlike other Asian nations such as China, Cambodia and Thailand, it has not taken much action to progress such a digital currency since then.SBP Governor Jameel Ahmad spoke at the Reuters NEXT Asia Summit in Singapore last month, outlining that the South Asian country was moving towards the establishment of a digital rupee and “building up [its] capacity” to launch it, and that a pilot project would be the next step. According to a report published by Nikkei Asia on Aug. 12, that pilot project is now underway.Photo by Hamid Roshaan on UnsplashCBDC specialistSoramitsu already has a wealth of experience in this field. In 2023, it signed a memorandum of understanding with the Laotian central bank to launch a proof-of-concept CBDC project, with the Tokyo-headquartered company going on to play a pivotal role in the issuance of Laos’ Digital Lao Kip.In Cambodia, it partnered with the National Bank of Cambodia to bring about the establishment of Bakong, Cambodia’s CBDC-like payment system. The company is also involved in CBDC projects in Papua New Guinea and the Solomon Islands, while spearheading a project aimed at enabling seamless cross-border payments among Asian countries. Japanese fundingIn the case of Pakistan’s pilot project, Soramitsu’s CBDC platform will facilitate the digital rupee while funding is being provided by the Global South Future-Oriented Co-Creation Project, an initiative from Japan’s Ministry of Economy that seeks to promote the formation of co-creation business models. Infrastructure, such as the internet and power, can be unstable in some parts of Pakistan. Consequently, the proposed CBDC will incorporate the ability for the user to transact with it using their smartphone, even if the phone doesn’t have an active internet connection. Digital transformationMasato Toriya, an associate professor at Tokyo University of Foreign Studies and an expert on Pakistan, outlined the behavioral change that would be required in getting Pakistanis in rural areas to use such a currency. He stated: “Many transactions in rural areas are cash-based, even for wage payments, and the rate of people with bank accounts is low."  However, cash-based systems have significant overheads, and it's thought that a CBDC could reduce such costs considerably. Last month, the Pakistan Institute of Development Economics published an article written by Dr. Ahmed Fraz, an assistant professor of finance with the organization, in which he claimed that the digital rupee pilot project is part of a “profound digital transformation” that Pakistan is moving towards.  Dr. Fraz asserted that a CBDC would enhance financial inclusion in Pakistan through the reduction of transaction fees, digitization of welfare payments and the financial inclusion of millions of unbanked citizens within the formal economy.He added that the digital rupee “is not intended to replace existing payment systems immediately but to complement platforms” and to modernize Pakistan’s financial architecture.

Wemade Partners with Katnappe to Bring Arcade Game to Blockchain PlatformSouth Korean blockchain game developer Wemade has entered into a partnership with Katnappe sp. z o.o. to introduce Hoomeez, a multiplayer casual arcade game from the Poland-based indie game publisher, onto Wemade’s blockchain gaming platform, WEMIX PLAY.Hoomeez has been developed by Sourena Games Studio and is made accessible to players worldwide through Katnappe, which was established in 2008.Photo by Shubham Dhage on UnsplashAddition of casual gamesThanks to this partnership between these two entities, users of WEMIX PLAY will now have the opportunity to engage in casual games like racing, ball games, hazard elimination, and coin collection, using cartoon avatar Hoomie, and compete with friends from around the world.Through collaborations with game companies across North America, Europe, and Asia, Wemade has been strengthening the competitiveness of WEMIX PLAY, and its commitment extends to acquiring a broader range of games encompassing various genres.Omnichain network developmentWemade’s global collaborations extend beyond the realm of gaming and encompass the development of the Web3 ecosystem. Recently, Wemade’s WEMIX Foundation forged a strategic partnership with oracle solutions provider Chainlink Labs in order to establish an omnichain network named the Unbound Networking and Accelerating Growth Initiative (Unagi). Blockchain oracles allow developers to bring data from off-chain sources onto the blockchain.In this collaborative effort, the two companies will implement the Chainlink Cross-Chain Interoperability Protocol (CCIP) into Unagi’s core engine, unagi(x). The integration of CCIP will facilitate the creation of a decentralized omnichain messaging protocol, enhancing the ability to conduct swift and secure transactions between on-chain and off-chain systems.Furthermore, Chainlink Labs will become the inaugural member of the Certified Organizations for Unagi Round Table (COURT), a group dedicated to advancing technological research and development with the aim of nurturing a sustainable omnichain ecosystem.Leveraging the support of Unagi, the WEMIX Foundation is working towards connecting diverse blockchains to construct an extensive Web3 ecosystem. Additionally, the foundation is committed to an ongoing recruitment drive for global partners, seeking to expand the ranks of COURT members in pursuit of technological innovation.Sergey Nazarov, the co-founder of Chainlink Labs, shared his excitement about collaborating with Wemade to further the widespread adoption of Web3 games. He mentioned that Chainlink’s CCIP will open new horizons for unagi(x) in the blockchain sphere and help it secure interoperability between different blockchain networks.Henry Chang, CEO of Wemade, resonated with this perspective. He emphasized that their partnership stems from a mutual goal of advancing technological innovation and shaping the blockchain’s future. Chang expressed that Chainlink’s CCIP will bolster the Korean company’s efforts in enhancing its user-centric Web3 gaming platform.