Grab partners with Solana ecosystem DePIN project to enhance mapping

South Korea Launches Blockchain Project to Streamline Public ServicesThe South Korean Ministry of Science and ICT and the Korea Internet and Security Agency (KISA) have launched the 2023 blockchain application project to bolster the domestic industry and adapt to the rapidly evolving global blockchain landscape.Photo by Ping Onganankun on Unsplash$1.6 million projectAs part of the Korean government’s broader strategy to promote the blockchain industry, the project has received a budget of approximately 20.7 billion KRW ($1.6 million). The project participants are focused on exploring blockchain-based services that offer convenience to the public and have the potential to penetrate the global market. The digitization of drivers’ licenses is such a service that has been developed and has simplified the lives of Korean citizens.The project encompasses both the public and private sectors, each undertaking six programs. The public sector programs aim to explore blockchain-based services that the government can provide, while the private sector programs are dedicated to supporting the commercialization of business prototypes developed by companies.Public sector programsThe six public sector programs are the implementation of digital badges for national licenses, the development of an online voting system for residents, the establishment of a remote pension eligibility check system, the enhancement of the electronic authentication system, the streamlining of drone operation applications, and the creation of a performance tracking platform for athletes.For instance, the implementation of digital badges for national licenses will greatly streamline the process for individuals who need to present their licenses to relevant organizations as a means of verifying their credentials. Presently, license holders are required to physically visit issuers or navigate their websites to gather the necessary documentation. However, the introduction of this new technology eliminates the need for this cumbersome process.Private sector programsMeanwhile, the private sector programs focus on developing the following six platforms: the battery life authentication system for electric vehicles (EVs), the oil waste trading platform, the non-fungible token (NFT) issuer for digital identity authentication, the NFT concert ticket system, the fractional investment platform for power plants, and the corporate management planner for environmental, social, and governance (ESG) initiatives.For example, the introduction of a blockchain-based certificate system to assess the remaining life of EV batteries holds significant implications for both car insurance and the trading of used cars. Currently, the lack of comprehensive data to evaluate the exact value of EV batteries poses challenges to the efficient trade of both used cars and batteries. Establishing this certificate platform will not only promote battery recycling but also positively impact the industry as a whole.

In the ongoing legal tussle over cryptocurrency assets, the High Court of Singapore has rejected a plea by the bankrupt crypto hedge fund Three Arrows Capital (3AC) to dismiss a lawsuit filed by Arthur Cheong, the founder of Web3 investment firm DeFiance Capital. This ruling represents a pivotal moment in the $140 million dispute, shedding light on the ownership and control of assets, while building upon DeFiance Capital’s previous success back in August of last year in having its preference for jurisdiction in Singapore endorsed.Photo by Tingey Injury Law Firm on UnsplashRecognizing assets held in trustOn Jan. 26, a Singapore judge ruled against 3AC's request to have Cheong’s claim thrown out, stating that DeFiance Capital has adequately demonstrated the existence of a Singapore-based trust safeguarding its assets. This revelation could potentially shield DeFiance Capital from 3AC's liquidators, marking a crucial juncture in the legal battle. The dispute traces back to an agreement where Cheong was set to launch an independent fund on the 3AC Group platform, with ownership and control vested in DeFiance Capital. This fund, leveraging 3AC's infrastructure, faced disagreements over the transfer of certain assets, whose undisclosed value became a point of contention in court documents. The downfall of the $10 billion 3AC hedge fund, responsible for the "Super Cycle" thesis predicting perpetual crypto price increases, had widespread repercussions in the crypto industry. DeFiance Capital bore the brunt of this collapse and the recent court ruling brings the firm closer to resolving the aftermath favorably. The ongoing argument holds strategic importance for DeFiance Capital, as the investment firm challenges any legal obligation for its shareholders to compensate 3AC creditors. "Wassielawyer," a pseudonymous restructuring attorney advising DeFiance Capital's founder Arthur Cheong, highlighted the significance of this stance on social media. Positive signThe judge's acknowledgment of the trust, while not conclusive, is viewed as a positive sign for DeFiance Capital. In a series of posts on the X social media platform, Wassielawyer outlined on Thursday that he sees this as "much-needed vindication" for Cheong, signaling a potential turn in favor of the investment firm. Wassielawyer emphasized that DeFiance Capital merely utilized 3AC's legal structure, without commingling operations. This distinction becomes crucial as carefully drafted legal documents form the basis for 3AC creditors attempting to seize DeFiance Capital funds. The restructuring professional added:”[DeFiance Capital] have on the basis of the substantive facts, ran an argument that the assets of DCs should not be used to pay back 3AC creditors. This eventuality would be manifestly unjust, enriching the creditors of 3AC at the expense of innocent DC investors.” Once a major player in the crypto hedge fund arena, 3AC's demise resulted from exposure to Terra, staked Ethereum and Grayscale's Bitcoin Trust. The bankruptcy filing on June 30, 2022, marked the end of an era for the once-mighty fund. Established in 2020, DeFiance Capital specializes in crypto investments, focusing on decentralized finance and GameFi. It has supported projects such as dYdX, Aave and Lido. This decision establishes a precedent for similar cases, particularly in jurisdictions like Singapore, emerging as pivotal hubs for cryptocurrency and blockchain-related activities. The outcome holds implications for how such legal disputes will be handled in the future, shaping the landscape of crypto-related legal proceedings. 

Laser Digital, the crypto arm of Nomura, Japan’s largest investment bank and brokerage group, in collaboration with WebN Group, has unveiled Libre, an institutional Web3 protocol powered by Polygon technology. WebN Group is an incubation hub for fintech and Web3 innovators. It’s backed by Laser Digital and Alan Howard, the co-founder of alternative investment management platform, Brevan Howard.Photo by Shubham's Web3 on UnsplashFocusing on asset tokenizationLibre leverages asset tokenization and smart contracts, aiming for regulatory-compliant issuance and management of alternative investments. According to a statement, the protocol is built using the Polygon Chain Development Kit (CDK), facilitating the development of purpose-built, zero knowledge-powered Layer 2 blockchains on Ethereum. Dr. Avtar Sehra, the founder of Libre, has been actively involved in real-world asset (RWA) tokenization since 2014. His previous experience includes founding the UK FCA-licensed tokenization platform Nivaura. The protocol's applications extend beyond primary issuance services, with additional use cases such as collateralized lending and automated rebalancing of private investment portfolios. In a press release which was published on Wednesday, Sehra commented on the project:”While our MVP objective is to increase AUM by launching the primary issuance service and driving distributor integrations, we are also working closely with our partners and clients on our 2024 product roadmap, which includes collateralized lending and automated portfolio rebalancing — building the future of wealth APIs.” Libre's anticipated launch is in Q1 2024, with investment management firms Brevan Howard and Hamilton Lane poised to become the first issuers on the platform. The industry has shown growing interest in leveraging blockchain technology to revolutionize the distribution and accessibility of alternative asset funds. Making blockchains ‘mainstay financial rails’Polygon’s Indian co-founder Sandeep Nailwal outlined on a social media post on Wednesday the relevance of a dedicated network relative to real-world assets. He wrote:”RWAs have the potential to make blockchains mainstay financial rails at a global scale. I have always believed that RWAs would need their own regulated, compliant environment. Public shared chains like Ethereum mainnet, or L2 mainnets are intrinsically permissionless and not the perfect for many types of RWAs.” With that outlook in mind, Nailwal believes that Libre showcases the potential of blockchain technology to unlock new opportunities for investors globally. Natalie Smith, Head of Strategy at Brevan Howard, said, “the tokenization of funds allows us to offer investors a new way to access our strategies, providing them with optionality, and further develops our platform to serve client needs.” Competing projectsLibre is not the sole project exploring the tokenization of funds. In November, JPMorgan's Onyx collaborated with asset and wealth managers WisdomTree and Apollo, along with various blockchain technology providers, on a blockchain interoperability proof-of-concept for investment portfolio management. SC Ventures, the Singapore-based investment and innovation arm of Standard Chartered, also entered the tokenization space by launching Libeara, its tokenization platform. The SGD Delta Fund, a tokenized Singapore-dollar government bond fund, recently received an AA rating from Moody's after becoming the first fund to use Libeara. The first tokenization platforms have tended to be run on private blockchains. It will be interesting to watch the development of Libre as it’s the first time a financial institution-focused layer 2 network is being built, with final settlement on the Ethereum blockchain.