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

Founders Exit Following Overhaul of NFT Startup RarioPolygon-based NFT platform Rario, specializing in cricket-related non-fungible tokens (NFTs), is experiencing a major transformation, with its founders, CEO Ankit Wadhwa and CTO Sunny Bhanot, departing the company after a two-year tenure.Investors in the startup are taking on a more prominent role in steering the direction of the Indian startup, according to a report from TechCrunch on Friday.Photo by Alessandro Bogliari on UnsplashDream11Dream11, a prominent Mumbai-based fantasy sports platform and one of Rario’s primary backers, alongside other investors, is said to be exerting pressure to gain greater control, resulting in the ousting of the firm’s founders. The development comes amid other significant shifts in Dream11’s leadership.Additionally, Rario is undergoing a broader restructuring effort that includes the elimination of various roles, according to sources who were cited by TechCrunch as being familiar with the matter.This recent upheaval coincides with reports of Dream11’s parent company, Dream Sports, taking measures to reduce operational costs. TechCrunch noted that Dream Sports is actively renegotiating several licensing agreements previously inked by Rario as part of cost-cutting measures.High profile investorsRario boasts a roster of high-profile investors, including global investment company Alpha Wave Global and cricket icon Sachin Tendulkar. In April 2022, the cricket NFT platform made waves by securing $120 million in a Series A funding round, asserting its dominance in the cricket NFT rights arena with over 900 cricketers on board at that time. It’s not clear what valuation the firm had at the time of the Series A funding round but in a prior round, Rario had been valued at $250 million.Founded in 2021, Rario set out with a mission to create digital cricket collectibles and foster an online community for passionate fans. By April 2021, the company had successfully sold 50,000 NFTs to sports enthusiasts spanning 20 countries.Cricket world partnershipsCricket is the second largest sport in the world with in excess of 1.5 billion fans worldwide. That leaves a lot of scope for Rario to harness NFTs to bring about new forms of engagement.Among Rario’s notable partnerships are agreements with cricket leagues such as Cricket Australia, the Australian Cricketers’ Association, the Caribbean Premier League, the Lanka Premier League, and the Abu Dhabi T10 League Legends League Cricket.Polygon changesPolygon Labs, the developer of the Ethereum-centric layer two scaling network upon which the Rario platform runs, also features India in its origin story. It too has seen upheaval at a managerial level recently. In July, the firm announced a number of senior positional changes. Its former Chief Legal Officer (CLO) was elevated to the position of CEO. Those changes saw Polygon Labs’ Indian Co-Founder Sandeep Naiwal transition to the role of Executive Chairman.Rario’s ongoing evolution reflects the dynamic nature of the NFT space, where startups must adapt to changing investor interests and market conditions. With its investors taking the reins, Rario faces a pivotal juncture in its journey to redefine how cricket fans engage with the sport through the exciting world of NFTs.

Major Korean Crypto Exchanges Strengthen on NFT Projects Despite Crypto WinterDespite crypto winter, major Korean cryptocurrency exchanges Upbit and Bithumb strengthened on staff and included new non-fungible token (NFT) projects.US Tightening Policy Effects on Crypto MarketAccording to the electronic disclosure system operated by the Financial Supervisory Service, Upbit’s operator Dunamu saw a net income of 130.8 billion won last year, down by 94% from 2.21 trillion won. Bithumb also experienced a decline of 85% from 648.4 billion won to 95.4 billion won. This downturn is reportedly attributed to the tightening monetary policy by the US and weaker market sentiment on risky assets.Insights on Korean NFT MarketBoth exchanges, Upbit and Bithumb, having seen meager profitability in crypto trading, recruited more talent to embark on NFT projects. However, the picture is not so rosy for these new endeavors, considering the tepid NFT trade volume. According to The Block, the NFT trade volume last month reached $983.4 billion, which is lower than $1.4 trillion, the previous month’s record.The NFT trade volume on Upbit last month also experienced year-on-year and month-on-month decreases of 48.6% and 14.5%, respectively.Last week, Dunamu CEO Sirgoo Lee said in a shareholders’ meeting that its NFT projects are underachieving and that he is reconsidering the new projects from scratch. He added that Dunamu will build a solid foundation in Korea while promoting global businesses starting from the US through Levvels, a blockchain-based platform jointly established by Dunamu and the entertainment company HYBE.Outlook on the Korean MarketBithumb, on the other hand, will bolster new projects through Bithumb Meta and Rotonda. Bithumb Meta recently launched the beta service of its original metaverse Naemo Market where users can use NFTs to decorate their own personal digital space. Rotonda released Burrito Wallet last February to allow waller holders to store NFTs, cryptocurrencies, and fiat currencies.Meanwhile, there was a mixed outlook on the Korean crypto market. One person said in an interview with Hankooki that greater workforces in the country’s leading crypto exchanges could suggest the market’s growth, but also pointed out that their bigger sizes might hinder them from maneuvering when faced with other unexpected risks.

Stables Money, an Australian platform that claims to be on a mission “to make stablecoins usable for everyday use,” has partnered with Philippines-based digital assets platform Coins.ph to use the latter’s peso-pegged stablecoin (PHPC) for remittances. Peso-denominated stablecoinIn a press release published to the Coins.ph website on Aug. 28, the firm laid out details of the deal. PHPC is a retail stablecoin which is backed by Philippine peso-denominated cash reserves and pegged to the peso on a 1:1 basis. The stablecoin was launched by Coins.ph in July.  It’s an ERC-20 token which runs on the Ethereum virtual machine (EVM)-compatible Ronin blockchain network. The stablecoin was accepted into the Bangko Sentral ng Pilipinas’ regulatory sandbox in May.Photo by Aeron Oracion on Unsplash$35 billion in remittancesThe Philippines has always been seen as a lucrative remittance market due to the high number of Filipinos who work outside of the country, sending funds home to family on a regular basis. In 2020, remittances back to the Philippines from overseas were just shy of $35 billion, according to data from the World Bank. It appears that Australia’s Stables Money has identified this opportunity, with the company entering the Philippine market back in March. The Philippine peso already accounts for over 25% of all outward transactions sent via the platform. Stables Money CEO Bernardo Bilotta spoke to the opportunity that the company is trying to exploit. He stated: "Recognizing the Philippines as a key player in global remittances, we expanded to deliver smooth PHP transactions. With 28.44% of our send transactions now in PHP, this move highlights our commitment to making cross-border payments hassle-free for those sending money to the Philippines.” Coins.ph has the intention of engaging in further industry partnerships in an effort to expand the reach of PHPC. That will mean additional collaborations with crypto exchanges, digital asset wallet providers and those financial institutions who are increasingly delving into the world of stablecoins. Commenting on this latest development, Wei Zhou, Coins.ph CEO, stated:”We’re encouraged to see growing adoption of PHPC among our user base. Our partnerships with Stables and Ronin underscore the vast potential of PHPC in cross-border transactions, trading and other financial activities.” Stables has also made efforts to expand through the use of Circle’s USDC stablecoin. Last month, it partnered with global payments card platform Mastercard in a collaboration which facilitates Stables users in purchasing goods using USDC at locations across 27 European countries where Mastercard is accepted. The firm’s partnership with Mastercard dates back to March 2023 when it entered into a similar collaboration relative to the Asia-Pacific region. Previous peso-based stablecoin projectsCoins.ph is not the first entity to try and drive adoption of a Philippine peso-based stablecoin. The Southeast Asian country’s UnionBank launched a similar product back in 2019. However, the product failed to find product-market fit and ultimately, it was withdrawn from the market. The company tried once again in 2022, attempting to launch a similar product through its digital bank subsidiary UnionDigital, in an effort that seems to have failed. More recently still, UnionBank subsidiary company UBX launched a peso-based stablecoin on Polygon back in March.