Coinbase in talks about re-entering the Indian market

Strategic investment sees C1 Secondaries Fund target Animoca BrandsThe C1 Secondaries Fund, an investment fund focused on the digital assets space with a presence in Silicon Valley and Dubai, is poised to make strategic investments in crypto powerhouses like Hong Kong-based Animoca Brands.Photo by Towfiqu barbhuiya on UnsplashReady to deploy capitalThat’s according to details from a pitch deck disclosed by the Australian Financial Review on Sunday. The C1 Fund is ready to deploy substantial capital, ranging from $20 million to $50 million, to acquire private holdings in crypto companies. The fund is only interested in targeting companies that boast valuations of $300 million and above from their most recent funding rounds.The crypto venture capital fund was co-founded by former Coinbase executives. Off the back of recent bullish momentum within crypto markets, the C1 Fund is reportedly eyeing significant discounts of nearly 80% on its investments.Share purchase offerThe fund has extended an offer to purchase Animoca Brand shares at approximately $1.12, representing a 75% markdown from its last capital raise where shares were sold at around $4.50.A few years ago, Animoca Brands, a firm that concentrates on blockchain gaming, non-fungible tokens (NFTs) and the metaverse, had been listed on the Australian Stock Exchange (ASX). However, in 2020, the company listing was removed due to the swapping of stock for crypto tokens. It still has involvement with Australia through equity investment from Australian firms Koda Capital and KTM Ventures.In September, Hong Kong-based venture capital firm CMCC Global led a $20 million funding round into Animoca. At the time, it was suggested that funding would go towards further development of Mocaverse, an Animoca project involving the development of Web3-native tools geared towards the gaming and entertainment sectors.Following some market uncertainty regarding the financial health of the company earlier this year, Animoca provided an update on its financial position, clarifying that it held $3.4 billion in cash and assets.Chainalysis interestThe strategic move by the C1 Fund aligns with the recent uptick in the crypto space. Bitcoin (BTC), the market leader, surpassed the $40,000 price point in the first week of December, propelling the overall crypto market capitalization to over $1.6 trillion. At the time of writing, BTC hovers just over $40,000.Similarly, the fund is weighing up an investment in American blockchain analysis firm Chainalysis, offering to acquire its shares at a substantial 63% discount from its latest capital raise.Beyond traditional crypto assets, NFTs are experiencing a surge in market interest. A recent report by DappRadar revealed that NFT trading volume approached $1 billion in November, signaling a notable shift in user behavior. The average value of NFT transactions also witnessed a substantial increase from $126 to $270 in November.The C1 Secondaries Fund was established in March, targeting $500 million worth of investment in blockchain, crypto, Web3 and fintech. As the C1 Secondaries Fund strategically positions itself amid the crypto market boom, its pursuit of discounted investments in industry giants like Animoca Brands and Chainalysis reflects the fund’s confidence in the sustained growth and potential of the digital assets sector.

Indonesian Food Industry Conglomerate Embraces Blockchain TechIndonesia’s ID Food, a prominent state-owned food industry holding company, is embracing blockchain technology to revolutionize its fisheries operations.Photo by R Eris Prayatama on UnsplashD3 Labs CollaborationIn a strategic collaboration with Singapore-headquartered D3 Labs, a blockchain-based fintech startup, ID Food is set to usher in a new digitized fish trading process. The move leverages the power of blockchain to enhance traceability and transparency throughout the value chain while adhering to stringent fishing standards.With the backing and support of PT Perikanan Indonesia, a subsidiary specializing in the fisheries sector, ID Food will harness D3 Labs’ innovative blockchain-based solution to create a real-time fish exchange platform known as the Indonesia Fishery eXchange (IFX).Indonesia Fishery eXchange (IFX)IFX promises an array of advantages, including transparent stock monitoring and auctions, the facilitation of digital payments for seamless transactions, robust Know Your Customer (KYC) measures, and stringent account management protocols to safeguard against fictitious buyers.Furthermore, it will integrate seamlessly with digital sales markets abroad. The recent collaboration was signed by ID Food and D3 Labs in the presence of fisheries industry stakeholders from 29 countries earlier this month.Dirgayuza Setiawan, the Director of Development and Business Control at ID Food, expressed enthusiasm for the collaboration, noting the positive implications it holds for fishermen, producers, and consumers. He stated:“We recognize the importance of sustainability in the fisheries industry, especially in Indonesia, which is one of the world’s largest fish producers. In addition to improving efficiency and transparency, the use of blockchain technology can enhance productivity, the well-being of our fishing partners, and sustainability in the fisheries sector.”He added that the collaboration with D3 Labs is a commitment to drive innovation in the fisheries industry, with the goal of improving efficiency, productivity, well-being, and sustainability in this sector.Trian Yunanda, Indonesia’s Secretary of the Directorate General of Wild-Catch Fisheries at the Ministry of Maritime Affairs and Fisheries, praised the partnership as a pivotal step towards building a robust fisheries ecosystem for the future. With blockchain technology at its core, this collaboration is aiming to revolutionize Indonesia’s fisheries industry, fortifying its position as a global leader in responsible and efficient fish trade.ID Food, the corporate brand of the state-owned food giant PT Rajawali Nusantara Indonesia (Persero), boasts a diversified portfolio spanning agriculture, livestock, fisheries, and trade and logistics.Indonesia’s digital rupiahThis is not D3 Labs’ first Indonesian blockchain-related collaboration. In August, the Singaporean blockchain technology firm partnered with the Indonesian Blockchain Association with the objective of supporting the first phase of development of Indonesia’s digital rupiah.The initiative, titled Project Garuda, is being overseen by Bank Indonesia, the Southeast Asian country’s central bank. While cryptocurrency is not deemed to be legal tender in Indonesia and is not permitted for use when it comes to payments for goods and services, the Indonesian authorities permit trading of digital assets. In June, the Indonesian government published a document that set out a list of cryptocurrencies which are eligible for trading within the country.

Having made significant strides in undertaking testing of the digital yuan in recent times, Hong Kong is expanding its e-CNY pilot testing while at the same time crafting its own central bank digital currency (CBDC), dubbed the e-HKD.Photo by Simon Zhu on UnsplashIntegrating e-CNY with FPSDuring a recent budget speech Hong Kong’s Financial Secretary Paul Chan unveiled plans to empower Hong Kong residents to bolster their digital yuan wallets through the local “Faster Payment System” (FPS), marking another move forward in bolstering cross-border payment efficiency.FPS is a real-time payment settlement system which enables the user to complete payments across banks through the use of recipient mobile phone numbers and email addresses. The move dovetails with the Hong Kong Monetary Authority's (HKMA) successful completion of the inaugural phase of its e-HKD pilot, propelling it into the second phase. The e-HKD pilot is focusing on retail applications such as programmable payments, offline transactions and tokenized deposits. At the same time as the e-CNY garners momentum, the HKMA is progressing the e-HKD in terms of unlocking the full potential of CBDCs in everyday financial transactions. This consists of the exploration of retail applications in the initial phase, coupled with the transition towards more intricate functionalities in the subsequent phase, underscoring Hong Kong's intent towards driving ever greater CBDC innovation within the Chinese autonomous territory. Streamlining transactionsThe integration of the e-CNY with Hong Kong's FPS promises to streamline transactions and elevate the fluidity of cross-border payments between Hong Kong and mainland China. This initiative follows on from an announcement back in September of last year to expand the e-CNY pilot program in Hong Kong. Financial Secretary Paul Chan aims to forge a bridge between mainland China and international markets, potentially setting a global precedent for CBDC interoperability and utilization. Furthermore, Hong Kong's issuance of the world's premier multi-currency tokenized bond, followed by a subsequent batch of tokenized green bonds, signifies the city's leadership in fusing digital finance with sustainable investment strategies, drawing significant interest from global institutional investors. mBridge initiativeThe collaborative efforts of the HKMA with the Bank for International Settlements and other central banks on the mBridge CBDC project further demonstrate Hong Kong's proactive stance in shaping the trajectory of international finance. Last month, authorities in China outlined yet another initiative that is designed to bring about cross-border use of the e-CNY with Hong Kong. The mBridge initiative, a multi-CBDC platform to support cross-border payments is being harnessed to bring about greater trade using digital currency across various jurisdictions. The project involves the central banks of China, Hong Kong, the United Arab Emirates (UAE) and Thailand. This concerted endeavor, coupled with Hong Kong’s array of digital currency ventures, positions the city at the forefront of CBDC innovation. All of this development comes as China has established new milestones recently, with the completion of an international oil deal using the digital yuan together with similar deals involving gold and iron ore.