Thai SEC prepares launch of tokenized securities trading

Galaxia Moneytree Forms Aviation Asset Tokenization ConsortiumKorean financial platform services provider Galaxia Moneytree announced that it has signed a memorandum of understanding (MOU) to establish a consortium for the development of a security token offering (STO) platform that issues tokenized aviation assets — the first of its kind in the country. Shinhan Securities, Eugene Investment and Securities, VMIC Aviation, and Cirium have signed on as members.Photo by John McArthur on Unsplash“This consortium will be a significant step in our endeavors to become a leading entity for innovation in the field of the tokenization of aviation assets. Our agreement will promote the advancement of the Korean aviation industry and enhance global competitiveness, providing investors with new opportunities through alternative investments,” said Shin Dong-hoon, CEO of Galaxia Moneytree.Shaping the future of aviationThe consortium aims to issue security tokens for leasing core aviation equipment such as aircraft engines, which would secure private funding and ease the burden that is imparted by leasing fees. Also, given that the most important aspect of STOs is asset valuation, the consortium has committed to issuing reliable aviation token securities to investors based on the accurate valuation of aircraft engines as determined by Cirium. Cirium is a global aviation data analytics company with 114 years of experience that provides solutions such as the valuation of aircrafts and engines, risk analytics for carbon emission reduction, and flight schedule changes.Galaxia Moneytree said that the consortium recently applied for a financial regulatory sandbox — a program introduced by the Korean government that offers special and provisional regulatory exemptions for financial services that have been recognized for their innovativeness.Partners with varying attributesGalaxia Moneytree will be responsible for overseeing the consortium as well as developing and operating the STO platform, which Shinhan Securities and Eugene Investment and Securities have agreed to provide funding for. The two securities firms will also provide management services for related trusts and accounts.Meanwhile, VMIC will take over asset management for aircraft engines and contribute various insights based on its expertise in aviation finance. VMIC Aviation is a Korean startup that specializes in innovative aircraft engine technologies by leveraging its technical and financial expertise.Discussions are also underway for cooperation with relevant government agencies such as the Ministry of Land, Infrastructure and Transport and the Korea Civil Aviation Association.The company has been working with its partner companies and communicating with government entities to tokenize a wide range of assets, from certified emissions reductions to renewable energy and horse racing. It is also taking the initiative to position itself as an industry leader by investing in joint ventures.

Krafton and Naver Z Unveil a Metaverse Joint Venture ‘Overdare’Krafton, the developer behind the popular shooter game PlayerUnknown’s Battlegrounds (PUBG), made an announcement on Thursday regarding its collaboration with augmented reality company Naver Z for a metaverse platform project. The official name of their joint venture has been revealed as “Overdare.” Furthermore, its forthcoming metaverse service, previously referred to as Migaloo, will also be rebranded under the name Overdare.Photo by Tima Miroshnichenko on PexelsInvestment breakdownThe total investment in the joint venture amounts to KRW 48 billion (approximately $36 million), with Krafton’s anticipated purchase price standing at KRW 40.8 billion and Naver Z’s expected purchase price at KRW 7.2 billion. Following the acquisition, Krafton will hold an 85% stake in the joint venture, while Naver Z will possess the remaining 15%.Meaning behind ‘Overdare’The company has chosen the English word Overdare to convey two meanings–“dare too much” and “over there,” which has a phonetic resemblance. Through this name, the joint venture aspires to establish itself as a pioneer in the realm of interactive user-generated content (UGC) platforms. Simultaneously, its service aims to provide a place where users can freely and fearlessly express themselves.As a mobile UGC platform, Overdare offers users the ability to craft games of diverse genres, including action RPGs, sports games, and shooting games. Leveraging the power of generative artificial intelligence and the advanced capabilities of Unreal Engine 5, a renowned video game engine, the platform facilitates the streamlined creation of top-notch content. Beyond game development, users can immerse themselves in a wide array of social activities, ranging from personalizing their avatars to engaging in lively conversations.C2E systemOverdare has adopted a create-to-earn (C2E) system within the metaverse, empowering creators to produce their own content, which users can then purchase and own. The trading of these creations is facilitated through non-fungible tokens (NFTs) and blockchain technology. Every transaction that takes place within the metaverse is recorded on the blockchain, and creators are duly compensated based on these transaction records. This system enhances the transparency of transactions and settlements.Compensation in USDCIn pursuit of this vision, Overdare has selected Settlus, a Cosmos-based blockchain developed by Krafton’s subsidiary of the same name, as its mainnet. Settlus has been dedicated to licensing creators’ intellectual property through NFTs on Web2 platforms. As part of this ecosystem, creators have the flexibility to receive compensation in USDC, the US dollar-pegged stablecoin issued by crypto company Circle.Overdare has its sights set on a soft launch of its service in December, followed by the official global release planned for the first half of next year.

Bullish Emerges as a Bidder for Bankrupt FTX ExchangeBullish, a Gibraltar-based crypto exchange with strong ties to Asia, has emerged as a prominent bidder for the bankrupt trading platform FTX, which filed for bankruptcy protection in November last year.Photo by Kelly Sikkema on UnsplashValuable customer baseUp until that point, FTX was a thriving player in the cryptocurrency market. However, it is now in the process of seeking new ownership or financial restructuring to resurrect its operations. In a report published on Tuesday, The Block outlined that according to sources familiar with the situation, Bullish is eager to acquire FTX primarily for its valuable customer base.The news follows the filing of a stakeholder brief to the bankruptcy court in Delaware in the United States by the FTX Debtor on Monday. The brief outlined that the Debtor, led by new CEO John Ray, has reached out to more than 75 bidders to evaluate the potential relaunch of the FTX exchange business.Bullish aims to leverage FTX’s existing user network, intending to convert as many of them as possible into Bullish customers. However, it’s worth noting that this complex negotiation process may face challenges and uncertainties along the way.Asian connectionsAlthough it’s incorporated and registered in Gibraltar, only 4% of the company’s staff are Gibraltar-based. Meanwhile, the firm has offices in Singapore and Hong Kong with those locations accounting for 49% of the company’s overall workforce, according to LinkedIn data. Back in November the firm confirmed that it wasn’t one of the many crypto businesses with exposure to the FTX collapse.Bullish was founded by Brendan Blumer, with Bloomer currently acting as the exchange’s Chairman. Blumer previously founded Block.one, the developer behind the EOS blockchain. He also successfully founded and later exited Okay.com, Hong Kong’s largest digital property agency.Other Asia-centric players in the crypto sector had expressed interest in buying the FTX business (or parts of the business) earlier in the year. These included Singapore’s BSQ Capital and Gamepay, India’s CoinDCX, Japan’s 5G networks developer Docomo and e-commerce giant Rakuten, and Hong Kong’s OKC Holdings.Tribe Capital interestThe Block article also outlines that US-based Tribe Capital is another significant bidder in the running. Tribe Capital had FTX within its venture portfolio prior to the exchange’s downfall and subsequent bankruptcy at the close of the previous year. It had also appeared on the list of 363 sales parties back in June, and prior to that still, it had expressed its interest in buying the business.To establish a clear timeline for its business restructuring efforts, the estate has set a deadline for new bids, which falls on September 24. The FTX estate is still at an early stage in trying to resuscitate the business. Even if it’s successful in that endeavor, it’s not expected that a new business will emerge until Q2 2024 at the earliest.Separately, a criminal prosecution against FTX Founder Sam Bankman-Fried is progressing with a trial scheduled to take place in New York in October. Presently Bankman-Fried is incarcerated in a New York City jail while he awaits trial, having been found to have breached his bail conditions on the grounds of witness tampering.