DLD partners with regulator in Dubai to integrate tokenized property

Thailand’s KBank Furthers Crypto Business Through Satang AcquisitionKasikornbank (KBank), Thailand’s second largest bank, is expanding its involvement in the digital assets sector through the acquisition of a majority stake in the local crypto exchange Satang.Photo by Lisheng Chang on UnsplashTradFi embracing cryptoThe acquisition, involving a purchase of 97% of Satang’s shares, is a significant move in the context of an ongoing trend of traditional financial institutions embracing digital assets. The deal was officially announced on Monday, as disclosed on KBank’s official website.KBank executed the acquisition through its newly established subsidiary, Unita Capital, whose registered capital is valued at 3.7 billion Thai baht (approximately $103 million). Unita Capital specializes in investments within the digital asset sector. This move underlines the bank’s commitment to stay ahead in the dynamic world of digital finance.Subsidiary formationIn light of the acquisition, Satang Corporation is set to undergo a name change and will soon be known as Orbix Trade Company Limited. Unita Capital has established a number of other subsidiary companies as a consequence of the buy-out.KBank’s cryptocurrency venture will be structured into three distinct divisions. Orbix Custodian has been formed, focusing on secure digital asset storage and management. There is a growing demand for reliable digital asset custody services. KBank will use Orbix Custodian as a vehicle to capitalize on that growth opportunity.Orbix Invest has been established to act as the venture arm of the business relative to the digital assets space. It will focus on fund management in meeting the needs of clients looking for exposure to the digital assets sector. Lastly, Orbix Technology has been established to concentrate on blockchain technology development.Satang, a prominent player in the Thai cryptocurrency scene, operates a cryptocurrency exchange alongside a range of digital asset services. Notably, Poramin Insom, the founder of Satang, is recognized for his role in launching Firo (formerly Zcoin), a privacy-centric cryptocurrency. Insom confirmed the acquisition via a Facebook post on Monday, acknowledging the evolution of Satang as it transitions under KBank’s ownership.Insom stated: “I’ve been at Satang since 2017 until now, six years have passed. Currently, Satang on the trading board has already exited according to the news. And there should be an official announcement soon.” He also highlighted Satang’s diversified ventures, including Satang Technology, a blockchain service platform, and Satang Space, focusing on space-related endeavors.This strategic move by KBank follows its recent launch of a $100 million fund, introduced in September, targeting investments in Web3, fintech, and artificial intelligence (AI). In 2022, KBank launched Bigfin, a digital asset investment analysis platform. Bigfin has since been integrated with the Binance platform.Last year the bank backed Thai digital asset and blockchain startup Forward, a project that is working on developing a decentralized derivative platform.KBank is recognized as the second largest lender in Thailand based on assets, trailing behind Bangkok Bank. Thai NVDR Company Limited is the largest shareholder of KBank, as per data from the Stock Exchange of Thailand (SET), with the SET itself owning 99.9% of NVDR’s shares.

Tether, the issuer of the USDT stablecoin, has teamed up with local partners in the United Arab Emirates (UAE) in order to launch a dirham (AED)-backed stablecoin. In a statement published to the firm’s website on Aug. 21, Tether outlined that the stablecoin is being launched in partnership with Dubai-based technology conglomerate Phoenix Group and Green Acorn Investments, a company that describes itself as “a socially responsible investment firm dedicated to supporting critical sectors and supporting the generation of sustainable wealth and financial literacy.”Photo by DrawKit Illustrations on UnsplashFully backed by AED reservesThe stablecoin issuer outlined that each token will be “fully backed by liquid UAE-based reserves.” Tether further maintained that the back-end management of the new token will adhere to the firm’s “transparent and robust reserve standards,” and that “every Dirham-pegged token is tied to the value of the AED, providing stability and confidence in its value.”  Tether dominates the stablecoin market where USDT accounts for $117 billion, against a backdrop of an overall stablecoin market valued at $169 billion.  Perennial skepticsThe company has perennially faced criticism for a lack of transparency relative to the backing of its USDT stablecoin, given its policy of providing attestation reports instead of fully comprehensive audits from a top-tier auditing firm. One of the firm’s critics, the pseudonymous X account @OccamiCrypto took to the social media platform to provide its reaction to this most recent development, stating: "This Tether UAE stablecoin 'launch' will likely be as real as Tether’s promised audit and real time reserve reporting." The Tether critic went on to claim that the announcement is nothing more than "Tether spin," and that Tether has never attempted to become regulated in any market and that nothing would come of it. Another Tether critic, freelance journalist Jacob Silverman, commented on the development on X, stating:”Russian businessmen in UAE must be rejoicing.” His comment is suggestive of a common assertion that Tether is being used to facilitate the circumvention of sanctions. According to the firm’s press release, it believes that the product will enable users locally to access the benefits of the AED in digital form. The company claims that it will “streamline international trade and remittances, reduce transaction fees, and provide a hedge against currency fluctuations, thus playing a crucial role in the financial ecosystem of the UAE and beyond.” Tether’s partner Phoenix Group has been active in the crypto-sphere in recent times through mining. In December of last year, the company sealed a $380 million deal with Chinese mining equipment manufacturer MicroBT. Earlier that month, the company went public on the Abu Dhabi Securities Exchange (ADX). On face value, this development appears positive. However, UAE-based crypto and blockchain lawyer Irina Heaver recently warned that tightening regulations within the UAE may shut down crypto payments within the country. Heaver specifically cited the use of USDT as being under threat, with the potential for stablecoin-based transactions to be prohibited as new rules are ushered in.  

NEOPIN and Sevenline Labs collaborate to boost Web3 gaming expansionCentralized decentralized finance (CeDeFi) protocol NEOPIN has entered into a partnership with Sevenline Labs, a Korea-based company specializing in blockchain solutions. This collaboration is aimed at fostering expansion in the Web3 gaming ecosystem.Photo by Alicia Christin Gerald on UnsplashGames of different genres and platformsSevenline Labs is currently operating a Web3-powered esports tournament platform called Miracle Play. Leveraging application programming interfaces (APIs), the platform offers games of different platforms of genres on blockchain networks. It enables mobile, desktop, console and Web3 gamers to engage in diverse tournaments and earn rewards from competitions.Sevenline’s inaugural service, operating on the Polygon Network, has successfully completed a closed beta test specifically targeted at Indonesian communities. Currently, the company is in the process of conducting an open beta test. Looking ahead, Sevenline is planning to extend its support to various chains compatible with Ethereum virtual machines (EVMs). This expansion includes notable blockchain platforms such as Avalanche, Binance Smart Chain, Oasys, Solana and Klaytn. The ultimate objective of Sevenline is to orchestrate large-scale tournaments between different mainnets, with each of them representing a distinct faction.Through the collaboration between NEOPIN and Sevenline Labs, NEOPIN’s global partners will introduce their Web3 games to the Miracle Play platform. This move allows users to voluntarily host and participate in various tournaments, thereby enhancing the visibility and popularity of these games. Concurrently, Web3 gaming companies that have formed partnerships with Sevenline will be incorporated into the NEOPIN ecosystem.Native tokens to be supportedThe integration of the NEOPIN wallet with Miracle Play is a strategic move that aims to attract a global user base, particularly those who have completed Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. This strategy presents a win-win scenario for both NEOPIN and Miracle Play. NEOPIN benefits by gaining access to a dedicated community of Web3 gamers who will actively organize and partake in tournaments on the Miracle Play platform. In return, Miracle Play taps into the decentralized finance (DeFi) user base associated with NEOPIN. Furthermore, both platforms plan to support their native tokens — the NEOPIN (NPT) token and the Miracle Play (MPT) token in the future.Ethan Kim, CEO of NEOPIN, expressed that the partnership will be beneficial in three aspects: attracting Web3 gaming partners, acquiring mutual users and expediting the adoption of the Web3 gaming ecosystem. He emphasized NEOPIN’s commitment to accelerating the global expansion of the NEOPIN ecosystem through these strategic efforts in promoting the Web3 gaming sector.