Investigation launched into prominent Chinese blockchain figure Yao Qian

Hong Kong-based blockchain gaming and venture capital firm Animoca Brands has revealed a positive set of financial results in a recently published report.  In an investor update published to its website on March 5, the firm revealed key unaudited financials and business highlights for Q4 2024 and the previous 12 months ending on Dec. 31, 2024. Whereas other sectors report actual revenue figures, the gaming sector relies upon “bookings,” a measure of total sales and income generating activity of the company. The firm reported bookings of $314 million for last year. Compared with 2023, when Animoca reported bookings of $280 million, the firm has achieved a year-on-year increase of 12%.Photo by Lukas on PexelsAdvisory business growthThe company broke that financial measure down further, indicating that of the $314 million in sales and other income-generating activity, its Digital Asset Advisory (DAA) business accounted for $165 million of the overall amount. This disclosure is notable given that it represents a 116% increase, demonstrating a considerable growth in the firm’s advisory business and a diversification of its revenue streams. Animoca’s DAA business offers Web3 projects access to token advisory, and more specifically, consultation regarding tokenomics, marketing and listing. The business also consults in relation to node operation and trading services. Given that the company reported that bookings related to Web3 businesses weighed in at $110 million, Animoca’s advisory business has overtaken the contribution made by its Web3 businesses.  Contributing Web3 businessesAmong the Web3 businesses that made the greatest contributions were The Sandbox, Moca Network, Anichess, Gamee, nWay, Open Campus, TinyTap, Animoca Brands Japan, Eden Games, Blowfish Studios, Pixowl and Crazy Defense Heroes (TOWER). Bookings also included revenue generated via portfolio investments and partnerships. The company recorded $39 million, achieved through investment activities. In discussion with Cointelegraph, Animoca Brands co-founder and executive chairman, Yat Siu, said that the positive bookings numbers were a consequence of the firm’s ongoing efforts to innovate. He stated: “In 2024, we placed less emphasis on the US market, owing to various regulatory struggles experienced by other companies, and we also became more focused on providing support to the companies in our portfolio.” Animoca’s balance sheet holdings were robust in 2024, with $293 million in stablecoins and cash and $538 million in digital assets. Additionally, $538 million in off-balance sheet token reserves was reported. Stablecoin initiativeThe firm has developed a particular interest in the stablecoin sector through a partnership with British multinational financial services firm Standard Chartered and telecommunications firm HKT. That initiative involves the formation of a joint venture company which will go forward to issue a Hong Kong dollar (HKD)-backed stablecoin once a license has been secured from the Hong Kong Monetary Authority (HKMA). Siu identified real-world asset (RWA) tokenization as another growth area for the company. The Animoca Brands co-founder outlined that he expects the firm to record further growth as 2025 progresses. Notwithstanding that, he warned that such expectations may be affected by adverse economic developments and risks, including the tariffs policy being pursued by U.S. President Donald Trump. 

Indian multinational technology firm Jio Platforms, a subsidiary of India’s largest private sector company, Reliance Industries, has launched JioCoin, a rewards-based token, on the Polygon blockchain. While Jio Platforms has yet to make an official announcement related to JioCoin, Kashif Raza, the founder of Indian crypto education startup Bitinning, took to the X social media platform on Jan. 16 to highlight his discovery that JioCoin had been launched and that the tokens could be accumulated via the JioCoin Wallet, a Web3 wallet. Polygon Labs partnershipLast week, it emerged that Jio Platforms had entered into a partnership with Polygon blockchain developer Polygon Labs. Polygon co-founder Sandeep Nailwal told Cointelegraph that Polygon Labs intends to support Jio to enable blockchain integration across a spectrum of Jio applications. In a follow-up post, Raza provided a more detailed account of the offering. The crypto educator explained that the token “is a mechanism to reward internet users for surfing the internet on the JioSphere browser.”Photo by GuerrillaBuzz on UnsplashUse case speculationOn that basis, it’s likely that the emergence of JioCoin is the first demonstration of one of the outcomes of that collaboration.  In the absence of an official announcement and a specific clarification of the intended use case for JioCoin, Raza speculated that its likely use case will be to act as a currency within the Jio network. He explained that within Jio’s sphere, thousands of companies are interacting with each other. Raza speculated that in the future, users would be able to use JioCoin to pay for gas at gas stations or renew mobile phone services. Jio’s parent company operates a network of gas stations in partnership with BP. He believes that JioCoin could potentially give Jio an edge in competing with other internet browser providers like Google, Brave and Microsoft, while suggesting that Reliance Industries group companies could run one of the most significant rewards programs in the world via JioCoin. Polygon adoptionIndian venture capitalist and blockchain enthusiast Aditya Singh suggested that the move will help Polygon from an awareness and adoption perspective. However, he outlined that while this is a big deal, it’s not the first time that Polygon has struck big-name partnerships, having done so in the past with Meta, Disney, Nike, Adidas, Adobe, Reddit and others. Raza believes the partnership provides significant validation for Polygon, given Jio's reputation. He suggested that, as a consequence, other large Indian corporations may choose to launch an ecosystem coin on the Polygon blockchain. If JioCoin fulfills its potential and turns out to be a success, the Polygon network will see a significant rise in the overall number of transactions processed. In a similar vein, Jio could bring a substantial user base to Polygon.  While Singh and Raza see JioCoin as a largely positive development, its introduction hasn’t occurred without criticism. Author and crypto analyst Sunil Aggarwal took to social media to warn the community to investigate the token further before automatically assuming it to be a huge milestone for Polygon and crypto generally. He cited concerns related to the transparency and integrity of the token offering.

Japan’s Premier Says the Country is Committed to Fostering Web3Japanese Prime Minister Fumio Kishida, in a keynote address at the WebX conference in Tokyo, emphasized Japan’s commitment to fostering the Web3 industry and its potential to revolutionize the internet and catalyze societal change.During his address, Kishida underscored the transformative impact of Web3, envisioning it as a catalyst for innovation across various industries. He expressed his hope for the Web3 sector to regain attention and vitality, fostering the birth of numerous novel projects.EOS Foundation CEO Yves La Rose, present at the conference, noted the Prime Minister’s encouraging words and highlighted the welcoming attitude Japan is cultivating towards Web3 in the Asian region.Photo by Bastian Riccardi on UnsplashRegulatory progressKishida went on to describe Web3 as part of “the new form of capitalism,” recognizing its potential to drive economic growth while addressing social issues. Koichi Hagiuda, Japan’s Liberal Democratic Party’s Policy Research Council chairman, added that the country is diligently working to establish a robust regulatory framework to safeguard investors, providing a foundation for further Web3 policies.Japan has proven to be ahead of the curve already on workable regulation when it comes to digital assets by comparison with most of its international peers. Last month, the local regulator, the Financial Services Authority (FSA), announced that it was participating in Singapore’s “Project Guardian,” an initiative by the Singaporean regulator to explore the potential of digital assets.The country has found itself with a more progressive regulatory policy in place as a direct response to the collapse of the Mt.Gox crypto exchange in 2014. For that reason, FTX Japan had to safeguard client funds and is in a position to look towards restarting the business.Hagiuda also pointed to the significance of initiatives like “Start Next Innovator,” a project by Japan’s Economy, Trade and Industry Ministry that aims to send 1,000 entrepreneurs and students to Silicon Valley over five years to foster Web3 startups.Japanese launch imminent for BinanceThe event, which was initially reported on by local media on Tuesday, coincided with a significant announcement from Binance CEO Changpeng Zhao, revealing the imminent launch of the cryptocurrency exchange’s services on a new Japanese platform in August 2023.Binance, in its bid to enter the Japanese market, confirmed its plan to offer cryptocurrency services to Japanese users starting in August. The exchange had acquired the local platform Sakura Exchange Bitcoin (SEBC) in November 2022, which paved the way for its reentry into the country.Binance’s CEO, Changpeng Zhao (CZ), virtually addressed the WebX conference, praising Japan’s innovative approach to the Web3 sector and recognizing it as a leading country in terms of Web3 regulatory environment. He fondly recalled his own experiences living in Japan during the early stages of his career as a developer, emphasizing the clarity of Japan’s regulatory boundaries towards cryptocurrencies and stablecoins since 2017.The Web3 industry in Japan witnessed a flurry of headlines in June 2023, with the national tax agency revising legislation to exempt token issuers from paying corporate taxes on unrealized cryptocurrency gains.Prime Minister Kishida’s affirmation of Japan’s commitment to Web3 and Binance’s planned launch in the country reflect the growing interest and enthusiasm surrounding the Web3 sector in the Asian nation.