Phemex introduces Lending Protocol and Pulse Season 3

LINE Xenesis and Crypto.com Unite Efforts to Explore Global Blockchain Business OpportunitiesLINE Xenesis, a blockchain developer of Tokyo-based messaging app giant LINE Corporation, has signed a memorandum of understanding (MOU) with Singapore-based cryptocurrency exchange Crypto.com to explore new global business opportunities in the blockchain industry.With the establishment of LINE Blockchain Lab in April 2018, LINE Corporation has conducted research and development on blockchain-based decentralized applications (dApps), peer-to-peer networking systems, and cryptographic techniques. Thanks to this endeavor, LINE not only developed the Finschia blockchain and its native token FNSA, but also launched crypto exchange LINE Bitmax and non-fungible token marketplace LINE NFT.Photo by Shubham Dhage on UnsplashSynergistic goalsThrough this partnership, the two entities will bring together their respective expertise to advance and innovate crypto-related business solutions in Asia and beyond. They will collaborate to increase the liquidity of LINE Bitmax, strengthen crypto payment functions, and promote NFT initiatives.Founded in 2016, Crypto.com has been expanding its services worldwide. In a recent interview, Patrick Yoon, General Manager of Crypto.com Korea, shared the company’s plan to launch its services in South Korea this year. Thus far, Crypto.com has achieved virtual asset service provider registration from the Bank of Spain and secured a major payment institution (MPI) license from the Monetary Authority of Singapore. Meanwhile, despite global progress, the company ceased its institutional offering in the United States last month due to insufficient demand.Asia and beyondCommenting on this agreement, LINE Xenesis CEO Lim Inkyu said, “LINE Xenesis is exploring various ways to collaborate with the world’s leading companies in the virtual asset industry. We are excited to see the synergies created by our partnership with Crypto.com, which has more than 80 million enthusiastic users worldwide, with LINE Xenesis’ blockchain business in Japan. Starting with this collaboration in the Japanese market, we hope to work towards new business opportunities globally based on the technology and knowledge of our two companies.”Crypto.com CEO Eric Anziani echoed this sentiment, saying, “We are excited to partner with such an established and innovative brand in the APAC market and a leader in blockchain technology development in Japan. Enabling real-world utility is critical to our mission of mainstreaming crypto. Through our collaboration with LINE Xenesis, we will facilitate this utility by leveraging our respective expertise with a highly tech savvy base throughout the APAC region.”

OCBC Bank Partners With ADDX to Launch Tokenized NoteSingapore’s longest established bank, OCBC Bank, has partnered with blockchain-centric private market investment platform, ADDX, to launch a tokenized equity-linked structured note.Tokenized equity-based productsThe product is significant in that it represents the first tokenized equity-linked structured note that the cornerstone bank has offered. That in itself gives an indication of how conventional finance will mesh with tokenized products as both the conventional finance system and digital assets space evolve over the coming years.An equity-linked note is a debt instrument, normally in the form of a bond. It’s distinct from a standard fixed income security as it’s a market-linked structured product. That means that it performs in sync with a particular equity stock, a basket of equity stocks or with an equity index.ADDX CEO Oi-Yee Choo elaborated on the product offering: “Structured products are designed to provide investors with unique risk and return characteristics that may not be available through traditional investments, and are an attractive option for investors weighing yield-generating options in the current economic climate.”Photo by Shubham Dhage on UnsplashLeveraging tokenizationBy leveraging tokenization, the ADDX platform realizes cost savings, cutting out counterparties from the process. Additionally, tokenization allows fractionalization of assets and financial products, making a product offering accessible to all market participants. In this particular instance, the OCDC/ADDX product is restricted solely to accredited investors.Singapore-based ADDX currently lists in excess of seventy tokenized products on its platform right now. These range from commercial paper, bonds, real estate and equities or equity-based products.On those products it has collaborated with global alternative investment product specialists Investcorp and Hamilton Lane, telecommunications giant Singtel and securities broker CGS-CIMB Securities. Additionally, it has partnered with UOB, Singapore’s third largest bank, and a number of entities owned by state-owned Singaporean investing giant, Temasek.While the conventional finance world has been skeptical of digital assets and the overarching cryptocurrency and blockchain space has had its fair share of setbacks interlaced within its progression, forward-looking TradFi players are conscious of not getting left behind. That’s reflected in the comments of OCBC Bank’s Head of Global Treasury, Kenneth Lai, in relation to the ADDX partnership:”While we already have a comprehensive stable of treasury products which includes sustainability-linked interest rate swaps, cross currency swaps, structured deposits and green bonds, it is important that we continue to innovate and find new channels for our products. We are therefore pleased to be the first Singapore bank to offer an equity-linked structured note in tokenized form on ADDX. It is the first innovation resulting from a longer-term partnership with ADDX, and we are hopeful that it will lead to more diverse product offerings that are relevant and appealing to the global accredited investor base of ADDX.”Further comments by Choo suggest that the two firms have plans to broaden the partnership to encompass a greater range of products. She referred to more structured products being in the pipeline as the duo seek to exploit their combined expertise and capabilities.As it stands today, just $0.3 trillion in global assets are currently tokenized. That number is expected to grow to $16 trillion within seven years.

A number of corporations across the Asian region have announced plans to introduce cryptocurrencies as a fixture within their corporate treasuries recently.Photo by Kanchanara on UnsplashReitar Logtech HoldingsAccording to a June 2 filing with the U.S. Securities and Exchange Commission (SEC), Hong Kong-based Reitar Logtech Holdings Limited, a logistics solutions provider listed on the Nasdaq (RITR), intends to purchase $1.5 billion worth of Bitcoin. The filing outlines that the company is at an advanced stage of negotiation with a consortium of institutional investors and high-net-worth individuals with expertise in the digital assets field regarding this strategic treasury diversification initiative. The firm foresees greater involvement in the future with digital assets beyond just holding Bitcoin as a reserve asset. It stated: “The BTC Program will also pave the way for the Company to engage in logistics real estate projects which may involve digital assets in the future by establishing a reserve of digital asset through this initiative and setting up the necessary internal organizational and technical infrastructure for managing such digital assets.” The tokenization of real-world assets (RWAs) is building momentum, with real estate being the standout use case for that activity. DigiAsiaLast month, DigiAsia, an Indonesian fintech firm listed on the Nasdaq (FAAS), outlined that it had launched a Bitcoin reserve strategy. The company stated that the initiative aligns it with the growing trend among publicly-listed companies to add digital assets to the corporate balance sheet. DigiAsia is understood to be actively exploring a capital raise of up to $100 million in order to fund its first Bitcoin purchases. Treasure GlobalOn June 4, yet another Nasdaq-listed firm with Asian origins announced the launch of its digital asset treasury initiative. Malaysia-based e-commerce platform operator Treasure Global stated that its digital asset treasury would be funded with $100 million raised through a new institutional funding partner and an existing equity financing agreement. It plans on buying Bitcoin, Ethereum and regulated stablecoins. K Wave MediaNasdaq-listed K Wave Media, a South Korean entertainment company, also announced on June 4 that it had put together a $500 million securities purchase agreement to facilitate the establishment of a Bitcoin-based treasury. XRP making corporate treasury inroadsWhile there has been a raft of Bitcoin-related corporate treasury announcements within the Asian region and globally, Ripple’s XRP is starting to see some corporate treasury-related activity. On June 3, Webus International, a Chinese international chauffeur service provider listed on the Nasdaq (WETO), outlined in a filing with the U.S. SEC that it plans to establish a $300 million XRP-based corporate treasury.  In addition, Webus plans to integrate corporate use of the XRP blockchain to facilitate cross-border payments for its partners and travelers worldwide. The move follows a recent announcement by London-based VivoPower International, yet another Nasdaq-listed (VVPR) company, outlining that it was establishing a $121 million XRP corporate treasury with funding for the initiative provided by a Saudi prince.