Gate Ventures, Boon Ventures launching $20M crypto fund

Aptos and Lotte Group Collaborate on Pink Bear NFTs to Drive Web3 ExpansionLayer-1 blockchain network Aptos took to X (formerly Twitter) to announce a partnership with Lotte Group, an industrial conglomerate based in South Korea with a specialization in the retail business. This strategic collaboration aims to propel Lotte’s expansion into the dynamic Web3 landscape.Photo by 김 대정 on PexelsPink bear NFTsThe initial focus of their collaboration will center around Bellygom, the pink teddy bear mascot of Lotte Home Shopping — a major player in the Korean media commerce industry. NFT projects associated with Bellygom, including the Bellyland universe, are under the stewardship of Daehong Communications, a marketing solutions company affiliated with Lotte. Aptos will play a pivotal role by providing the backend support for the development of Super Jelly, a reward system within Bellyland. These Super Jelly rewards, slated to be launched on the Aptos mainnet, will be attainable through engaging in Jelly Adventures — a collection of diverse games and missions within Bellyland.Aptos and Lotte Group have expressed their enthusiasm for venturing into Web3 initiatives throughout multiple business areas of the South Korean retail giant. Aptos noted that more updates will follow as this collaboration unfolds.Earlier partnership with PolygonThe momentum behind Daehong Communications’ Bellygom NFT initiatives for global expansion grew as it joined hands with blockchain company Polygon in February. This partnership led to the migration of Bellygom NFTs from the Klaytn blockchain to the Polygon blockchain in April.Lotte’s hospitality business and NFTsIn June, Daehong employed NFTs to attract customers to various Lotte entities. Through Korea’s largest NFT trading platform, Pala, the marketing affiliate sold Magic Ride NFTs, aiming to enhance customer engagement for the Lotte World amusement park, Lotte Duty Free, and Lotte Hotels.

Moomoo adds more cowbell with MAS license approvalMoomoo Financial Singapore has received in-principle approval for a major payment institution license from local regulator and central bank the Monetary Authority of Singapore.Photo by Zhu Hongzhi on UnsplashFirst stepThe milestone marks the firm’s first step on its journey towards full regulatory approval in the city-state. According to a report by The Straits Times, the company announced its licensing achievement on Wednesday, which makes it the first digital broker of its kind in Singapore to attain this initial licensing accreditation.With in-principle approval under its belt, Moomoo will work towards extending its crypto services to both retail and institutional investors within the country. The firm had been working towards licensing approval since May 2021 when it submitted its initial licensing application to the regulator.Currently, over a dozen firms covering various crypto-related trading activities, have obtained full licenses for digital payment token services in Singapore. In Moomoo’s case, the business markets itself as an all-in-one trading platform which includes a financial information app. Trading on the app is offered on a commission-free basis.Part of Moomoo’s strategy involves the promotion of financial inclusion, unlocking it through the use of innovative technologies. It’s with that intention that it is leaning heavily upon the use of artificial intelligence and big data, while incorporating a crypto trading product offering. Moomoo Singapore CEO Gavin Chia spoke to that approach recently, stating:“We will continue leveraging technology to deliver a unique investing experience, empowering investors to build their knowledge and refine their portfolios for a financially secure tomorrow, starting today.”Tencent backingIn light of this latest licensing success, Chia acknowledged the rising interest in digital payment token trading on their platform. Moomoo Singapore, a subsidiary of Nasdaq-listed Futu Holdings, was established in March 2021. Futu Holdings, in turn, is backed by Chinese tech giant Tencent, and it has positioned Moomoo Financial Singapore to play a significant role in the evolving cryptocurrency landscape within the region.Alongside Moomoo, Futu promotes its Futubull trading platform through its Chinese hub in Hong Kong. Last month, it emerged that subsidiary company PantherTrade, a Hong Kong-based entity, is in the process of preparing a license application in the Chinese autonomous territory.Singapore’s crypto potentialMoomoo Financial Singapore’s acquisition of in-principle approval is in anticipation of Singapore becoming a major cryptocurrency hub in Asia. This growth is attributed to the MAS’s efforts in establishing Singapore as a digital asset hub. Singapore’s crypto-friendly environment is demonstrated by a significant surge in cryptocurrency and blockchain investments, reaching $1.2 billion in 2022 compared to $109.75 million in 2020, according to Statista.In a survey conducted by Swiss crypto bank Sygnum involving more than 150 global institutional investors, those in Singapore showcased a tendency to view cryptocurrencies as a long-term investment. Additionally, Moomoo Financial Singapore highlighted a report by PwC Singapore and the Singapore Fintech Association, suggesting that the payments industry seems to be the most developed area within Singapore’s fintech landscape.As Singapore continues to embrace cryptocurrencies and blockchain, Moomoo Financial Singapore’s pending license adds to the expanding ecosystem, signaling a growing recognition of the importance of digital assets in the financial sector.

Digital identity and financial network Worldcoin, the cryptocurrency project co-founded by OpenAI CEO Sam Altman, has revealed its expansion into Singapore.Photo by Meriç Dağlı on UnsplashFive Orb-scanning locationsFollowing the successful launch of World ID 2.0 and the open-sourcing of the Worldcoin iris recognition pipeline in mid-December, the project now offers World ID verifications in Singapore through the Orb, its custom hardware device. The product launch in the Southeast Asian city-state comes hot on the heels of Worldcoin pausing its activities in India. According to a blog post published by the project on Wednesday, Singaporeans can now avail themselves of World ID verifications at five locations through the Orb, the iris-scanning device that forms a crucial part of the project's identity verification process. Adding to its presence in Singapore, Tools for Humanity (TFH), a Berlin-headquartered project contributor and the lead developer behind Worldcoin, has become a member of two prestigious startup and tech associations in Singapore: ACCESS and the Singapore Fintech Association (SFA). Through these associations the project’s developers are seeking to further embed Worldcoin within the region's technology ecosystem. Expanding global footprintExpanding its global footprint, World ID verifications are not limited to Singapore alone. The project has also extended its services to Seville and Bilbao in Spain. Moreover, in South America, World ID verifications in Chile have expanded to Concepcion, Curico and Viña del Mar, joining Santiago. Meanwhile, Argentina achieved a notable milestone, setting a national record with over 10,000 verifications in a single day. In Japan, Fukuoka on Kyushu Island now joins new locations in Tokyo for proof of personhood verification via World ID. Earlier in December, Worldcoin introduced World ID 2.0, an upgrade that builds upon its existing "proof of personhood" protocol. This upgrade introduces "Apps, Levels, and a series of core improvements" to the protocol launched earlier in the year. The accompanying apps enable World ID integration with various services, including Reddit, Discord and Shopify. Market challengesIt's worth noting that despite these positive steps being taken to expand the Worldcoin global footprint, the company has faced challenges in certain markets also. It emerged in recent days that it has temporarily halted its services in India, France and Brazil. Despite the temporary pause, World App continues to gain popularity in India, where thousands download the app each week. The Worldcoin Foundation explained that Orb-verified proof of personhood services has been scaled back temporarily as they work on developing a safe and orderly process to meet the increasing demand for World ID in India. Sources close to Worldcoin suggest a relaunch in India is anticipated in 2024. Despite its expansion, Worldcoin has faced criticism since its launch. Reports from August indicated that German regulators had been scrutinizing the project since 2022, while French officials raised concerns about the legality of collecting biometric data. The authorities in Kenya suspended the activities of Worldcoin within the country a few months ago, pending a review by public agencies in respect of security and data protection. Earlier this month, Tiago Sada, head of product for Tools for Humanity, tried to allay privacy concerns on the basis of the product’s anonymity. Sada stated:“You can use it completely anonymously; the only thing you’re doing is proving you’re unique.”