Bitpowr looks to Asia for further growth following $200M milestone

Mammoth Foundation signs deal with the Philippines’ AFAB for blockchain business collaborationThe Mammoth Foundation, a blockchain research and development company, announced on Thursday that it has signed a memorandum of understanding (MOU) with the Authority of the Freeport Area of Bataan (AFAB) of the Philippines to establish business partnerships in the blockchain field. Under this agreement, the Mammoth Foundation intends to bring its blockchain technology to the Philippines as a part of efforts to expand its global business.Photo by Sean Yoro on UnsplashFostering innovation in the PhilippinesAFAB is a free economic zone in the Philippines dedicated to pushing development, economic growth and sustainability through creating jobs and establishing technologically-relevant infrastructure systems. In particular, it is focusing on the adoption of cutting-edge technologies such as blockchain, artificial intelligence (AI) and fintech. As one of the oldest free economic zones in Asia, companies residing in the zone are granted preferential measures such as tax exemptions and special visas. Firms that operate innovative businesses can also receive licenses to support the development of the global IT industry — the Mammoth Foundation being one of these.Global expansion and daily engagementHeadquartered in Singapore with offices in the United Kingdom and several Asian countries, the Mammoth Foundation offers dApps in a range of fields such as healthcare, e-commerce, entertainment and gaming through its mainnet Giant Mammoth Chain (GMMT). GMMT is built on the BNB Chain Application Sidechain and is fully compatible with the Ethereum virtual machine (EVM).Participants in GMMT can acquire token rewards through Play-to-Earn (P2E) and Life-to-Earn (L2E) mechanisms by participating in everyday activities and hobbies like walking, shopping, gaming and reading comics. These tokens can then be used within the Mammoth ecosystem.“The Philippines’ market for advanced technologies such as AI and blockchain is expected to grow in the future,” said John Baek, Chairman of the Mammoth Foundation. “We will strive to expand GMMT globally.”

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. 

Sei Labs, the development firm behind the layer one Sei blockchain, has recently secured a total of $50 million in strategic funding rounds. The funding was raised from investors such as Jump, Distributed Global, Multicoin, Asymmetric, Flow Traders, Hypersphere, and Bixin Ventures.This funding will be used to accelerate Sei Labs’ growth and expand its presence in the Asia-Pacific region. The firm is seeking to position Sei as the fastest Layer one blockchain for trading, while driving the development of the digital asset ecosystem worldwide. Asia-Pacific market demandAccording to the firm, there’s a growing demand for innovative blockchain solutions in the Asia-Pacific region and it aims to solidify its presence in that market. Sei Labs’ mission is to build the best infrastructure for trading by offering chain-level optimizations for decentralized exchanges and trading apps that aim at performance and scalability.The project has been growing rapidly during its development phase, with over 120 teams already deploying on Sei ahead of the mainnet launch. This indicates strong developer support. Furthermore, Sei’s latest public testnet, which went live on March 13th, has already attracted over 3.6 million unique users and processed over 35 million transactions in less than a month, showcasing the robustness and scalability of the Sei blockchain.Sei Labs aims to tap into the vast market opportunities in the Asia-Pacific region and provide cutting-edge trading infrastructure to meet the needs of the rapidly evolving digital asset landscape. With the additional funding and strategic partnerships in place, Sei Labs is well-positioned to further enhance its offerings and drive its expansion plans in the Asia-Pacific region. Bitget investmentOne of the strategic partners that Sei Labs has locked in is Seychelles-based Bitget, a leading crypto derivatives exchange platform. Bitget has invested $20 million in the company, and the two companies will collaborate to build a new decentralized exchange (DEX) that will integrate with Bitget’s existing trading platform. This new DEX will be built on Sei’s high-performance Layer 1 blockchain, offering users fast, secure, and low-cost trading.Bitget’s investment in Sei Labs will also help to strengthen the company’s ecosystem, which aims to provide users with a comprehensive suite of services for trading and managing digital assets. Bitget is committed to supporting Sei Labs’ mission to build the best infrastructure for trading, and the collaboration between the two companies is expected to bring new and innovative products to market. Foresight Ventures partnershipAnother strategic partner that Sei Labs has locked in is Foresight Ventures, a venture capital firm that focuses on investing in innovative technology companies. Foresight has invested $10 million in Sei Labs, and the two companies will collaborate to drive the development of the digital asset ecosystem worldwide.The investment from Foresight will help Sei Labs to accelerate the adoption of its blockchain technology and expand its global reach. The collaboration between the two companies will also enable Sei Labs to benefit from Foresight’s expertise in technology investments and its global network of contacts.Sei Labs’ success in securing $50 million in strategic funding rounds highlights the growing interest in blockchain technology and its potential to disrupt traditional industries. Sei Labs is well-positioned to take advantage of this trend and become a dominant player in the blockchain industry. The company’s efforts will pave the way for more innovative solutions that will drive the global digital asset ecosystem forward.