Remixpoint raises $215M to buy Bitcoin, CEO to receive salary in BTC

Singapore Takes Lead in Regulating StablecoinsSingapore has taken a proactive step by finalizing regulations for stablecoins, solidifying its position as one of the first jurisdictions to do so on a global scale.The Monetary Authority of Singapore (MAS) has established a comprehensive framework that outlines essential prerequisites for stablecoin operations, according to an announcement made by the central bank on Monday.Key highlights include:Reserve Backing: Stablecoins must be backed by reserves consisting of low-risk and highly liquid assets. The value of these reserves should equal or surpass the circulating stablecoin value at all times.Prompt Redemption: Stablecoin issuers are mandated to return the par value of the digital currency to holders within five business days upon redemption requests.Transparency: Issuers must furnish users with “appropriate disclosures,” including audit outcomes of the backing reserves.These regulations will be applicable to stablecoins issued in Singapore that mirror the value of the Singapore dollar or any G10 currency, such as the US dollar. Stablecoins meeting all the requirements outlined by the regulations will receive recognition from the regulator as “MAS-regulated stablecoins.” This distinct categorization will differentiate them from tokens lacking regulation.Photo by CoinWire Japan on UnsplashKey roleWith a market valuation of approximately $125 billion, stablecoins have rapidly emerged as a significant force within the crypto space. Leading the pack are Tether’s USDT and Circle’s USDC, which together command around 90% of the market’s total value.Stablecoins play a key role in the crypto trading market. They allow traders to move in and out of various cryptocurrencies and back into fiat. However, despite their immense influence, stablecoins have largely remained unregulated across the globe. While their primary use has been in trading, stablecoin proponents assert their versatility in various applications, including remittances.Digital currency hubSingapore has been actively positioning itself as a hub for digital currencies, striving to attract foreign companies seeking refuge from the crypto industry’s apprehensions surrounding the current unwelcoming US regulatory approach.Despite their prevalence, stablecoin issuers have faced criticism regarding the transparency of their reserve holdings. Singapore’s regulatory measures aim to bring increased clarity to this sector.Ho Hern Shin, Deputy Managing Director of Financial Supervision at MAS, expressed that the framework’s purpose is to enable stablecoins to serve as a credible digital medium of exchange and bridge the gap between fiat and digital asset ecosystems.Positive industry responseLeading stablecoin firms, Tether and Circle, have applauded Singapore’s new regulations. Yam Ki Chan, Vice President of Strategy and Policy for APAC at Circle, stated that MAS is at the forefront of forward-looking regulators globally, establishing a transparent regulatory framework for stablecoins and digital assets. Paolo Ardoino, CTO of Tether, hailed the framework for providing a clear structure, accountability, and transparency in stablecoin operations within Singapore.The collapse of algorithmic stablecoin UST last year drew regulatory attention to this category of stablecoins. Unlike traditional stablecoins like USDT and USDC, UST was governed by an algorithm and lacked real-world assets as reserves.Singapore’s stablecoin regulations have placed it in a select group of jurisdictions pioneering such rules. Hong Kong is presently undergoing public consultation on stablecoins and plans to introduce regulations in the coming year.

Gemini to Invest $24M as Part of India Expansion PlansUS-headquartered crypto exchange platform Gemini is exploring further operational expansion abroad, turning its attention specifically right now to India.The company first forayed into the world’s most populous country back in April with the announcement of the imminent launch of an engineering center.Having tested the waters in the South Asian country, the crypto exchange has decided to broaden its presence in the nation, according to a blog post published to the firm’s website on Tuesday. With a capital influx of Rs. 200 crore ($24 million), the exchange will be growing its development center in Gurgaon, a city that serves as an integral part of India’s National Capital Region (NCR).Photo by Naveed Ahmed on Unsplash70-member Gurgaon teamGemini has already onboarded over 70 staff members to its Gurgaon team. The company is actively hiring for more roles to fill its internal verticals, including tech development, finance, and compliance. In the next two years, the exchange plans to invest up to Rs. 200 crore ($24 million) in its Gurgaon facility, demonstrating a significant commitment where the Indian market is concerned.In an official statement, the company stated:“India has long been regarded as a hub for bar-raising talent by the world’s top technology companies, and we are thrilled to share that we are deepening our investment in the country. We are delighted to build on that announcement and reveal that we have opened our office within the Cyber Hub at Campus Cyber Greens.”The business is looking to tap into India’s rich pool of engineering talent to bolster its ecosystem with fresh Web3 solutions, inclusive of resource allocation towards optimized platform security.Singapore expansionPravjit Tiwana had previously been welcomed on board as the CEO of Gemini’s Asia-Pacific (APAC) operations earlier this year. He was previously the global chief technology officer (CTO) at the crypto exchange. Alongside this expansion, the company’s previous announcement in June to expand operations in Singapore is a task that also falls within Tiwana’s remit. At the time, the firm expressed the view that the APAC market will be crucial in securing the next phase of growth for the enterprise.Gemini signaled back in June that it intended to expand its reach in the Middle East also by pursuing a trading license in the United Arab Emirates.“India is undoubtedly a leading global hub for entrepreneurship and technological development. We are thrilled to build Gemini’s presence in India as we continue on our mission to unlock the next era of financial, creative, and personal freedom with crypto and Web3 innovation,” Gemini’s blog added, praising the ‘Startup India’ initiative.Growing interest in Indian marketPreviously, other crypto platforms like Coinbase and Algorand have also shown interest in onboarding software talent from India onto their teams. Amid the backdrop of India coming closer to possibly getting a concrete set of crypto rules around December this year, other crypto firms have also stepped into the market.In June, Gibraltar-based crypto-friendly bank Xapo announced its entrance into the Indian market. The OKX crypto exchange based in Seychelles is also scheduling a full-fledged expansion into the country.

Maple Finance Secures $5 Million to Fund Asia ExpansionMaple Finance, a crypto capital network focused on institutional business, has recently concluded a funding round that raised $5 million, with a view towards using the funds to finance an expansion into the Asian market.Maple Finance operates as a platform that empowers lending pool delegates and credit professionals to establish their own credit facilities on the blockchain. These facilities cater to different borrowers who can draw from these pools.Notably, Icebreaker Finance initiated a $300 million lending pool on Maple to assist Bitcoin miners in 2022. Maple Finance functions as the infrastructure atop which these lending pools are built, with pool delegates and lenders independently evaluating and verifying their risk.Photo by Monstera on PexelsMaple Direct lendingThe capital infusion was led by Blocktower Capital and Tioga Capital, with participation from supporters including GSR Ventures, Cherry Crypto, Veris Ventures, and Spartan Capital. This funding will not only facilitate Maple Finance’s expansion endeavors but will also fuel the growth of its newly introduced pure-play lending division, Maple Direct.Maple Finance has spotted an opportunity that has opened up due to the collapse of lending giants like Genesis Lending, BlockFi, Voyager, and Celsius in the institutional lending space. In addition to its role as a platform for facilitating third-party pool creation, Maple Direct was launched in June. It offers overcollateralized loans secured by Bitcoin, Ethereum, and staked Ethereum as collateral.Sydney Powell, the firm’s Co-Founder and CEO explained that Maple Direct is designed to offer an over-collateralized lending product transparently on-chain, providing a differentiated approach in the market. Unlike other platforms, borrowed collateral isn’t rehypothecated for yield generation; instead, it is securely held with a qualified custodian. This strategy positions Maple Finance to cater to market demand while minimizing risk.Strategic expansionPowell told TechCrunch: “I think now is the time to do that because all the other competition exited, and so that’s created this opportunity for us to step in and offer a product.” He expanded further on how the company is thinking strategically, relative to the expansion of the services it is now offering: “Other players try to focus on just trying to build the technology, kind of like Uber and Airbnb. What we’ve tried to do is to act as an underwriter so we need to show credit expertise. I think it gives us a little bit more control over the outcome and it’s a little bit closer to Apple in that it’s more vertically integrated.”Pushing into AsiaThe newly raised funds are earmarked for global expansion, with a particular focus on the Asia-Pacific (APAC) region. This is a strategic move, considering that several jurisdictions in APAC, such as Singapore and Hong Kong, have adopted pro-crypto regulations.“In Asia, you have regulatory clarity, or rather, regulatory support, both coming out of Hong Kong and Singapore in terms of new legislation that’s come through, and you already have a very heavy trading focus over there,” Powell stated.Maple’s product development is ongoing. Earlier this month, the company launched a Treasury Bill Pool that provides accredited investors with access to US Treasury Bills with what it claims is a “risk-free rate” of return, given that the pool generates a yield of 4.67%.