Thailand plans to enable tourists to spend crypto

U.S. crypto fund targets Asian investors for new $800M growth equity fundDan Tapiero, the New York-based founder of 1RoundTable Partners and 10T Holdings, is on a mission to raise between $700 million and $800 million for his upcoming fourth fund, with a recent focus on Asian investment interest.A recent report by Deal Street Asia pointed out that Tapiero has turned his attention to the potential of inward Asian investment, not least through his recent one-week business trip to the region in early December.Photo by Towfiqu barbhuiya on UnsplashInvestment vehicles1RoundTable Partners was Tapiero’s original investment vehicle, positioning itself as a growth equity fund building a portfolio focused exclusively on growth-stage blockchain and crypto projects. 10T Holdings was established more recently, targeting mid to late stage digital asset ecosystem (DAE) firms as part of its equity fund. Earlier this year, 10T was reported by Bloomberg to have $1.2 billion under management while seeking another $200 million in new funding.10T Holdings has fully deployed its three previous funds, forming a portfolio of 24 active DAE companies, including Gemini, Animoca Brands, Yuga Labs and Deribit. Tapiero’s cautious approach to valuations has been rewarded. He turned down opportunities in FTX and Celsius Network at their peaks prior to both entities failing spectacularly in 2022.Crypto equity fund resilienceThe crypto industry faced challenges, including the collapse of FTX, leading to tighter regulations and reputational damage. Venture investments in the sector saw a decline, with statistics from Galaxy Digital Holdings indicating that Q3 2023’s venture investments were below $2 billion, the lowest since Q4 2020.Tapiero is undeterred and is actively raising his fourth growth equity fund, focusing on “digital asset ecosystem (DAE) companies.” This fund, managed under 1RoundTable Partners, will primarily invest in mature DAE companies with $40–50 million in annual revenue and a market valuation exceeding $400 million. Tapiero’s strategy of targeting lower-risk, growth-stage opportunities aligns with his hedge fund legacy.Asian investor focusTapiero is actively seeking new investors in Asia for Fund IV, targeting a first close in Q1 2024. His efforts are focused on addressing the lack of growth-stage capital, particularly in Asia, where confidence in digital assets has strengthened due to crypto-friendly regulations.The veteran macro investor, who founded Gold Bullion International in 2009 prior to turning his attention to the digital assets space, sees a window of opportunity in the secondary market. Having already invested about $660 million through 10T Holdings, he notes that investors may have only a “six-month window” to capture discounted opportunities.In an interview with Bloomberg earlier this month, Tapiero outlined his view that Q4, 2023 will be the crypto sector’s “best quarter since the bull market.” He added:“We think that the bear market finished in Q4 2022. We had a sideways move for a while and then in July [2023] things sparked off with Larry Fink’s [BlackRock CEO] comments.”As Tapiero navigates the crypto landscape with a strategic focus on growth and risk management, his approach appeals to traditional investors, including major pension funds. Fund IV represents a step toward contributing to the ongoing evolution of the digital asset ecosystem. It’s on that basis that the investment industry veteran is targeting Asian limited partnerships (LPs).

Japan’s Biggest Bank Explores Global Stablecoin IssuanceMitsubishi UFJ Financial Group Inc. (MUFG), the largest bank in Japan, is currently engaged in discussions with companies involved in popular global stablecoins, as well as other firms, to explore the possibility of issuing these tokens using MUFG’s blockchain platform.That’s according to a report published by Bloomberg on Thursday. The stablecoin law in Japan, which recently went into effect on June 1, has established that only licensed banks, registered money transfer agents, and trust companies within the country are authorized to issue stablecoins.Photo by CoinWire Japan on UnsplashProgmat platformMUFG is actively in talks with various parties regarding the utilization of its blockchain platform, Progmat, to mint stablecoins linked to foreign currencies, including the US dollar, with the intention of facilitating their global use.Tatsuya Saito, the Vice President of Product at MUFG, emphasized that the implementation of the legislation provides issuers and users with a sense of security when it comes to engaging with stablecoins. However, he refrained from disclosing the specific stablecoin parties that MUFG is currently in discussions with.Stablecoins play a pivotal role within the cryptocurrency sector, serving as a reliable asset for investors to hold between trades involving more volatile tokens. These tokens are designed to maintain a consistent value, often pegged to $1, and are typically backed by reserves such as cash and bonds. CoinGecko data indicates that approximately $130 billion worth of stablecoins are presently in circulation.Stablecoin stabilityNevertheless, stablecoins have faced challenges in the past when it comes to maintaining their pegs, resulting in disruptions within crypto markets. Notably, TerraUSD, a token reliant on algorithms and trader incentives, experienced a significant crash in May 2022, leading to losses of at least $40 billion. In response to such incidents, regulators have intensified their scrutiny of stablecoins. The stablecoin law in Japan encourages the issuance of stablecoins that are fully backed by fiat cash in a corresponding currency.MUFG envisions leveraging its Progmat blockchain platform to issue security tokens on behalf of third parties, with no immediate plans to develop its own stablecoin, according to Saito. He further revealed that the bank is actively exploring stablecoin projects with entertainment firms, non-financial businesses, and a consortium of Japanese financial institutions. Furthermore, overseas financial groups have shown keen interest, and Saito believes that Japan has the potential to become a global hub for stablecoin issuance.Tether dominanceTether ($USDT) holds the position of the top global stablecoin, accounting for more than 60% of the sector’s market value, while Circle Internet Financial Ltd.’s USD Coin ($USDC) occupies the second spot. Any party intending to produce stablecoins within Japan would need to comply with the country’s legislation.Saito highlighted that the regulation’s provision allowing stablecoins to be denominated in various currencies, including the US dollar, opens up opportunities for the issuance of tokens intended for global use. He expressed his belief that this presents a significant opportunity for Japan.Prime Minister Fumio Kishida’s economic agenda, known as “New Capitalism,” includes a focus on supporting the growth of Web3 firms. While Japan has taken steps to relax certain cryptocurrency regulations, such as those pertaining to token listing and taxation, it continues to be perceived as a country with relatively strict regulations.

BingX Enhances Automated Trading via AstraBit PartnershipBingX, a Singapore-based crypto platform that offers spot, derivatives, and grid trading services, has announced a strategic partnership with AstraBit, an automated algorithmic trading and portfolio management tool, to enhance the efficiency and success of automated crypto trading for its users.Photo by Wance Paleri on UnsplashRevolutionizing user experienceThe collaboration, announced via a blog post published by BingX on Monday, aims to revolutionize the crypto trading experience by combining BingX’s robust platform with AstraBit’s cutting-edge technology.AstraBit empowers BingX users with total control over risk and exposure in their trades through automated trading strategies powered by artificial intelligence and machine learning. Users can leverage AstraBit’s technology to customize and hyper-personalize their trading strategies, maximizing their trading potential in the dynamic crypto market. AstraBit-powered bots follow preset instructions, but users have the flexibility to adjust parameters such as stop loss and take profit at any time, even in the middle of a trade.Security measuresTo ensure the highest level of security, AstraBit operates 24/7, utilizing two-factor authentication (2FA) and implementing advanced security measures such as machine learning intrusion detection systems and anti-ransomware software. Importantly, AstraBit cannot withdraw funds from users’ wallets, providing an additional layer of protection.Elvisco Carrington, PR and Communications Director at BingX, expressed excitement about the partnership, stating: “The integration with AstraBit helps revolutionize the crypto trading experience. By combining BingX’s robust platform with AstraBit’s cutting-edge technology, we are empowering our users to maximize their trading potential and achieve greater success in the dynamic crypto market. This partnership aligns perfectly with our commitment to delivering excellence and driving the industry forward.”MT5 integrationIn addition to the collaboration with AstraBit, BingX made headlines earlier this year by announcing its direct integration with MetaTrader 5 (MT5), making it one of the first crypto platforms to connect with the world’s most popular trading platform. MT5 offers advanced features, including a wide range of technical indicators, depth of market (DOM) functionality, and support for trading on multiple exchanges. It is known for its versatility, supporting various asset classes, including stocks and futures.The integration with MT5 allows BingX users to activate their BingX MT5 accounts and trade futures directly from MT5’s user-friendly interface. This seamless connection optimizes the trading process, leveraging cutting-edge innovations from the world of traditional finance. Users can expect a safe and stable trading experience on cryptocurrencies like BTC and ETH, accompanied by advanced analysis tools for quantitative trading and customized functions.By tapping into the MT5 platform, BingX not only enhances the trading experience for its existing user base but also opens the door for forex traders on MT5 to easily enter the world of cryptocurrencies. This integration provides a smooth transition for forex traders, allowing them to explore the crypto market with ease.The partnership with AstraBit and the integration with MT5 demonstrate BingX's efforts in driving the business forward. Those efforts are further evidenced by a decision taken by the firm earlier this month to expand outside of its Southeast Asia base market into the Middle East and North Africa (MENA).