Japan’s PM holds off on supporting Bitcoin as reserve asset

Nibiru Chain, a layer-1 blockchain and smart contract ecosystem, is venturing into the Asian market with key appointments poised to drive growth in gaming, DeFi, NFTs and real-world assets (RWAs). Crypto sector expertiseYura Nam and Nicholas Lo have been appointed to lead growth and business development efforts in the region. Seoul, South Korea-based Nam is a former Head of StarkNet Asia. She has extensive experience hosting conferences, meetups and other events. The crypto sector professional has been an active member of the Korean blockchain community Nonce, a distributed network of independent businesses and individuals dedicated to blockchain. Lo previously served as Asia Pacific (APAC) Growth Manager at Yuga Labs, the creator of the Bored Apes Yacht Club NFTs.  Based in Hong Kong, he brings with him a diverse background, having worked as an analyst at JPMorgan and spearheaded Asia expansion for various exchanges. He has a wealth of expertise and insight into the Asian Web3 landscape.  Jonathan Chang, Nibiru Chain's COO, expressed excitement about the new additions to the team, highlighting their deep understanding of the Asian markets and Web3 ecosystem. He emphasized their role in fortifying Nibiru's foothold in the region, particularly through their proven track record in relationship building and execution of growth strategies.Photo by Shubham Dhage on UnsplashMultifaceted expansion strategyThe expansion strategy is multifaceted, incorporating marketing, community engagement and business development initiatives to establish a strong local presence and drive adoption. Nibiru's focus extends to key markets such as Korea, Japan, India, Southeast Asia (SEA) and Chinese-speaking countries. Plans include hiring local community leads and nurturing relationships with regional stakeholders and businesses. Nicholas Lo will concentrate on solidifying Nibiru's presence in pivotal APAC markets. His role at Nibiru involves cultivating relationships with major protocols, ecosystem dApps, gaming entities, financial institutions and local partners. Lo will also collaborate with Asian media outlets to enhance exposure for Nibiru's layer-1 offerings, targeting verticals spanning gaming, DeFi, NFTs and RWAs. Meanwhile Yura Nam will leverage her partnership and event planning experience to bolster the platform's expansion efforts. Her seven years in the financial services sector equip her with a nuanced understanding of partnerships, sponsorships and event management within Asia, serving to strengthen Nibiru's ties in the region. VC FundingThe company's ambitious growth plans received a significant boost with a successful $12 million funding round earlier this year, attracting investments from prominent venture capital firms such as Kraken Ventures, ArkStream, NGC Ventures, Master Ventures, Tribe Capital and Banter Capital. This funding follows a previous seed round in April 2023, which raised $8.5 million, valuing the project at $100 million at the time. In a further effort to bootstrap growth in April, the project announced $15 million in developer grants to incentivize ecosystem growth. $5 million of that is being ring-fenced for the Asian region. Silicon Valley-headquartered Nibiru Chain officially unveiled its public mainnet in March. With a focus on a robust smart contract ecosystem offering high throughput and top-tier security, the project aspires to position itself as the preferred platform for builders in several blockchain sectors, particularly blockchain-based gaming. At the time of writing, the project’s native NIBI token was trading at $0.2932, according to data from crypto project data aggregator CoinMarketCap.

SEC Lawsuit Stalls Binance’s Gopax Acquisition Deal in South KoreaNothing exists in a vacuum, and on that basis, it appears that ripples emanating from the recent lawsuit filed by the Securities and Exchange Commission (SEC) in the United States against global crypto exchange Binance have resulted in the company struggling to complete the acquisition of South Korea’s Gopax.Photo by Daniel Bernard on UnsplashSuspended pending reviewThe acquisition deal between Binance and South Korean crypto trading platform Gopax has hit a roadblock as a direct consequence of the lawsuit. The Financial Services Commission (FSC), the financial watchdog in South Korea, has put the acquisition on hold as it reviews the situation.Binance had acquired a majority stake in Gopax in February, with plans to re-enter the South Korean crypto market after a two-year absence. Gopax is a top five cryptocurrency exchange in South Korea, alongside Upbit, Bithumb, Coinone, and Korbit. However, according to a report by local news media, the FSC has suspended Gopax’s executive change report filed on Tuesday in light of the SEC lawsuit. The report outlined the nomination of three Binance members, including Leon Singh Poong, as inside directors of Gopax.The FSC cited the allegations of securities law violations against Binance and the SEC’s request to freeze Binance.US assets as the reasons for its cautious approach.Gopax revivalThe significance of Binance’s acquisition of Gopax goes beyond its re-entry into the South Korean market. It also aimed to revive the struggling local crypto trading platform. In November 2022, Gopax faced challenges when it suspended withdrawals of principal and interest payments from its decentralized finance service, GoFi, following the collapse of the Bahamas-based FTX crypto exchange and the bankruptcy of Genesis, a US digital assets financial services firm.Digital Currency Group, the parent company of Genesis, was reportedly the second-largest shareholder of Gopax and a key business partner providing the GoFi product. Binance’s acquisition deal intended to inject new capital into Gopax to facilitate customer withdrawals and interest payments for GoFi.The SEC lawsuit against Binance alleges the exchange’s commingling of customers’ funds and violations of various securities laws. The SEC has filed 13 charges against Binance, its subsidiaries, and its CEO, Changpeng Zhao.Acquisition strategyBinance appears to have been pursuing an acquisition strategy in attempting to carve out a greater market share in Asian markets. Binance entered the Japanese market via acquisition in November 2022 when it purchased local crypto platform, Sakura Exchange BitCoin. At the end of last month, Binance announced that it was rebranding the business as Binance Japan and launching it as a stand alone bespoke platform dedicated to the Japanese market.In Thailand, the global crypto exchange has varied its approach, entering into a joint venture rather than a full acquisition. It has partnered with Gulf Innova, with the new entity, Gulf Binance, recently having been awarded a trading license by the Thai regulator.The outcome of the SEC lawsuit and its impact on Binance’s operations in South Korea remains uncertain. The FSC’s review process will consider the allegations against Binance and the implications of the SEC’s actions before making a decision on the Gopax acquisition. The crypto industry will closely monitor the developments as they unfold, as no doubt the saga will have broader implications for Binance and its expansion plans.

Komainu Secures FCA Approval in Boost For Crypto Custody in the UKKomainu, a digital asset storage firm backed by Tokyo-based global financial services group Nomura, has received approval from the UK’s Financial Conduct Authority (FCA) to operate as a crypto custodian wallet provider.Photo by Robert Tudor on UnsplashPaving the way for broader service offeringThe Jersey-headquartered Nomura portfolio company outlined details of its regulatory success in a blog post published on Friday. This regulatory milestone marks a pivotal moment for Komainu’s expansion within the UK market, allowing the firm to amplify its crypto service offering in the UK.The approval paves the way for the firm to offer collateral management services through its platform, Komainu Connect. Sebastian Widmann, Head of Strategy at Komainu, expressed the company’s intention to furnish institutional custody services, a fundamental aspect of the swiftly advancing cryptocurrency market. He also underscored Komainu Connect’s role as a premier collateral management solution within the UK.Komainu’s CEO, Nicolas Bertrand, spoke to the United Kingdom’s pivotal role in the global financial technology sector. He accentuated the UK’s position as a critical hub for fintech, bridging the realms of traditional finance and decentralized finance. The FCA’s endorsement underscores Komainu’s efforts in attempting to deliver secure and compliant cryptocurrency custody services.“This is a key regulatory milestone as the UK remains one of the most important hubs for financial technology and innovation that will spur the convergence of traditional and decentralized finance,” stated Bertrand.This recent approval is not an isolated achievement for Komainu. The firm has been building up recognition for its adherence to regulatory compliance. In August, it secured a full operating license from Dubai’s Virtual Asset Regulatory Authority, reinforcing its dedication to adhering to global regulatory standards.Additionally, being headquartered in Jersey, Komainu falls under the jurisdiction of the Jersey Financial Services Commission, ensuring that the firm also adheres to those local financial regulations.The company previously unveiled an agreement with local authorities, focusing on secure digital asset storage during investigations. This partnership is demonstrative of efforts made by the firm in fostering transparency and security within the cryptocurrency ecosystem, aligning with the broader regulatory objectives of the UK government.Further ambitionsHowever, Komainu’s presence is expected to reach beyond the shores of the UK and Dubai. Coinshares, one of Komainu’s parent companies, recently introduced its hedge fund division, Coinshares Hedge Fund Solutions, signaling its intent to venture into the US market. This strategic maneuver will provide eligible American investors with access to Coinshares’ array of private investment products, further cementing its global presence in the cryptocurrency sector.In June the firm partnered with Seychelles-based global crypto platform OKX. As part of that deal, the digital assets custodian will store and custody digital assets on behalf of OKX's institutional clients.With a positive track record thus far where regulatory compliance is concerned, Komainu is positioning itself for further growth and innovation relative to a fast-developing crypto sector.