Sygnum plans Asian expansion following $40M fund raise

Aptos Labs, the developers behind the Aptos layer-1 blockchain, has entered the Japanese market through the acquisition of HashPalette, a blockchain network concerned with the issuance, management and distribution of non-fungible tokens (NFTs). HashPalette informed stakeholders of the development on Oct. through an X post, alongside a press release published on its behalf by Japanese public relations company PR Times. Photo by Tianshu Liu on UnsplashExpanding Asian presenceUp until now, HashPalette has been a wholly owned subsidiary of HashPort, a blockchain-related consulting and infrastructure provider based in Tokyo. This acquisition sees the project transfer to being a wholly owned subsidiary of Aptos Labs. Accordingly, this will mean that applications developed by HashPalette will be migrated onto the Aptos Network. Similarly, the Palette Chain blockchain will migrate over to Aptos. From Aptos Labs’ perspective, the acquisition enables it to expand its blockchain ecosystem in Japan and within Asia more broadly. Aptos Labs Co-Founder Mo Shaikh described the acquisition as an investment in “the talented builders and creators of the region.”  Deal pending approvals, closing conditionsWhile the parties have announced the acquisition, the deal is still subject to required approvals being granted, together with various closing conditions related to the sale being met. Addressing the need to close out the deal, HashPalette tweeted:“HashPort and Aptos Labs will work closely together in the transition and will take great care to ensure that all stakeholders, including PLT and ELF holders, are not disadvantaged by the migration.” The PLT token is HashPalette’s native token. According to the project’s whitepaper, it has utility when it comes to the payment of NFT issuance fees and node management fees relative to the Palette Chain. Additionally, it can be used to pay for NFTs issued on the Palette Chain and for subscription payments related to applications developed on top of the network. The ELF token is a crypto asset utilized within THE LAND ELF Crossing, an NFT farming game which was developed by HashPalette and issued on the Palette Chain. The game is being marketed in Japan with the assistance of Animoca Brands following a partnership earlier this year. The companies have agreed to gradually migrate NFTs which had been issued on Palette Chain, relative to the EXPO2025 digital wallet developed by HashPort, to the Aptos Network. Once that migration has been achieved, it’s envisaged that the Aptos Network will become the only blockchain associated with the EXPO2025 digital wallet. Unresolved Palette Chain issuesFrom the point of view of the development team behind HashPalette, it was outlined in the press release that the move goes beyond a simple financial transaction. It acknowledged that “Palette Chain still has many issues.”  Against that background, the team believes that in order to further accelerate the social implementation of Web3, it has “considered how to make services built on Palette Chain more scalable and usable, and to enable smoother access to the global Web3 market.” That consideration has brought the project team to the conclusion that migrating to the Aptos Network offers the best path forward. At the time of writing, Aptos’ APT token was trading at $8.93, up 12.44% over the course of 24 hours, according to CoinMarketCap data.

OKX Strengthens Partnership with Manchester City Football ClubSeychelles-based crypto exchange OKX has announced the expansion of its sponsorship deal with Manchester City Football Club, the treble-winning English Premier League soccer champions.The announcement was made through a virtual reveal video featuring player avatars, presented at Manchester City’s Etihad Stadium. News of the deal was also posted on the English club’s website on Friday.While the valuation of the deal remains undisclosed, the collaboration signifies a significant milestone for both parties. The new agreement, which spans multiple years, establishes OKX as the official sleeve partner on both the men’s and women’s first-team playing kits.Photo by Giero Saaski on UnsplashExtended partnershipUnder this extended partnership, the OKX logo will be prominently displayed on the sleeves of Manchester City’s playing kits, solidifying its position as a key sponsor. Additionally, OKX will retain its presence on the club’s training kit sleeve.City Football Group, the holding company that owns Manchester City and other soccer teams like New York City FC and Melbourne City FC, oversees the management and operations of the club.OKX initially became Manchester City’s official cryptocurrency exchange partner in March 2022. Subsequently, in July of the same year, the exchange secured a sponsorship deal to feature its logo on the front of the club’s training kit throughout the 2022/2023 season. At the time, the agreement was reported to be valued at over $12 million.OKX CollectiveIn February, OKX launched the “OKX Collective” alongside Manchester City players Jack Grealish, Rúben Dias, Ilkay Gündoğan, and Alex Greenwood. This immersive metaverse fan experience offered exclusive content and rewards, allowing fans to engage with the club in a unique way.OKX’s CMO Haider Rafique expressed satisfaction with the evolving partnership, stating: “Manchester City was our first official global brand partnership, and in just a year and a half, we have come a long way. We always intended to integrate with the sport and help the club lead on leaning into Web3. Fast forward fifteen months, we now have a metaverse, an NFT initiative, and a number of other new projects that we are excited about.”Additional sports sponsorshipsBesides Manchester City, OKX has also established partnerships with other prominent sports brands and athletes, including McLaren Formula 1, the Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.While OKX’s partnership with Manchester City strengthens its global fan base, it’s worth noting that the sale of crypto derivatives, a product offered by OKX, was effectively banned by the UK’s financial regulator in January 2021. Consequently, OKX and other crypto exchanges have refrained from advertising such services in the country.As the Premier League clubs have collectively agreed to restrict gambling sponsorships on team shirts, there are concerns that similar restrictions may be imposed on crypto company sponsorships. However, any such developments are expected to be some years away, as the changes regarding gambling sponsorships are scheduled to take effect in the 2026/2027 soccer season.Marketing spend by crypto firms has sobered up quite a bit since the heady heights of the last bull run. However, OKX remains one entity which has been fairly consistent in continuing its marketing efforts regardless of market conditions.

Dunamu likely to extend CEO Lee’s tenure, ensuring continuity in Upbit leadershipDunamu, the operator of Upbit, South Korea’s largest cryptocurrency exchange, recently convened a board meeting where a key decision was made to extend the term of Lee Sirgoo as Dunamu’s CEO, as reported by local news outlet Newsis, citing industry sources.Photo by Benjamin Child on UnsplashFinal decision on Dec 5The final decision on the extension of CEO Lee’s term at Dunamu is set to be made at the extraordinary general meeting on Dec. 5. The crypto industry is largely confident about Lee’s reappointment, especially given the presence of major executives, including Chairman Song Chi-hyung, at the recent board meeting.Responding to changing regulationsIn light of these developments, industry insiders are keenly observing whether CEO Lee will maintain Upbit’s market dominance in Korea. A key factor influencing Upbit’s future success will be Dunamu’s strategy in adapting to the changing market conditions, particularly in response to the upcoming Virtual Asset User Protection Act, which is due to come into effect in July next year.One source familiar with the matter said that Lee’s reappointment is almost assured, barring the emergence of any unexpected factors.If confirmed, this will mark Lee’s second reappointment as CEO of Dunamu since his first in 2020. This extension would bring his total tenure to nine years, continuing through 2026, considering that he initially assumed leadership in December 2017.Emphasis on stability and blockchain adoptionThis move likely underscores Dunamu’s prioritization of stability, especially considering Chairman Song’s emphasis on the company’s commitment to the widespread adoption of blockchain technology, as highlighted in the recently convened Upbit D Conference (UDC). Such a focus suggests that the company is leaning more towards maintaining its current status rather than embarking on new ventures.An executive from a Korean crypto research firm observed that Dunamu’s annual UDC event is a significant indicator of the company’s business direction. The person highlighted this by comparing it to last year’s event, where Dunamu officials focused on new initiatives, particularly in the realm of NFTs. This was evident in their collaboration with Levvels, a joint venture between Dunamu and HYBE, the management agency of the popular K-pop boy group BTS.The executive further elaborated that the widespread adoption of blockchain technology requires strengthening the Upbit business, an area in which Lee excels. The research expert suggested that if he had diverted his efforts towards other new projects outside of Upbit, the outcomes might have been different.CEO Lee’s ability to steer Upbit effectively in the burgeoning field of blockchain technology can be attributed to his rich academic and professional journey. He holds a diverse academic background with degrees from Seoul National University, the University of Hawaii at Manoa and Lewis & Clark Law School. His career spans journalism, law and corporate leadership, including roles as a reporter for JoongAng Ilbo, counsel for IBM Korea, CEO of NHN USA and co-CEO of Kakao Corporation.