World Mobile & Protelindo team up to launch drone-based network

Intella X Teams Up with Web3 Comm Protocol to Boost Game ExperienceSouth Korean gaming company Neowiz announced on Tuesday that its blockchain gaming platform, Intella X, has forged a partnership with DMTP, a developer of Web3 communication protocols.The partnership aims to bolster the capabilities of Intella X services and nurture a robust ecosystem around the platform.Photo by Andrey Metelev on UnsplashOn Polygon networkIntella X, currently under development by Neowiz, will operate on the Polygon network. The platform is designed to be user-centric, offering a range of services beyond gaming. These include its own decentralized exchange (DEX), an NFT launchpad, and an NFT exchange.Messages between wallet addressesDMTP has developed a communication tool named after itself, which enables message exchange between Web3 wallet addresses. Encrypted user messages are securely stored on the blockchain and managed in a decentralized, distributed manner. This ensures data preservation in case of unforeseen circumstances, such as service termination.The two companies will discuss introducing DMTP to the Intella X Wallet. Having recently soft launched the Android and web versions of Intella X Wallet, Neowiz plans to coordinate with DMTP to expedite technological development and marketing efforts to enrich user experience.

Triple-A Secures Series A Funding to Advance Crypto PaymentsTriple-A, the Singaporean digital currency payments firm founded by Eric Barbier, has announced the successful closure of its $10 million Series A funding round.Photo by Towfiqu barbhuiya on Unsplash$10 million raiseIn a statement on its website on Wednesday, the firm outlined that the raise had been led by Peak XV Partners (formerly known as Sequoia India & South East Asia), who had previously invested in the company. In addition, the round received support from Abu Dhabi-based venture firm Shorooq Partners, alongside other undisclosed repeat backers.The company offers white-label solutions for businesses, facilitating the seamless integration of cryptocurrency payments with quick conversion to fiat money in their bank accounts within just one day. Triple-A currently supports various cryptocurrencies, including Bitcoin, Ether, Tether, and USD Coin.According to Barbier, stablecoins are a game-changer in payments, as they enable real-time settlements, in contrast to traditional payment methods like SWIFT transfers, which may take several days to clear. He stated: “With stablecoins, individuals and businesses worldwide, even in emerging countries, can now easily own and use a USD-denominated currency.”Barbier is known for his earlier success in founding the cross-border payments platform Thunes. The idea for Triple-A was born while Barbier was working at Thunes and recognized the potential of cryptocurrencies in resolving chargeback fraud issues.Barbier saw cryptocurrencies as a more efficient payment method for businesses engaged in cross-border transactions. He explained:“Cryptocurrency payments not only shield businesses from chargeback fraud risks but also help to streamline B2B cross-border payments. With instant settlements and no middlemen required, I realized we could solve many pressing issues in the payments industry today.”Expanding operations globallyThis funding round follows Triple-A’s $4 million seed round, bringing the total funds raised to date to $14 million. The new capital injection will be directed towards expanding Triple-A’s operations in key regions, including the Middle East, North America, and South America.Moreover, the company plans to enhance its cryptocurrency solutions and offerings in its crypto payments and payout products. Currently headquartered in Singapore, Triple-A boasts a global presence with offices in Miami, Hong Kong, Paris, and Barcelona, supported by a team of over 70 professionals.Regulatory compliant pathTriple-A is trying to differentiate itself through adherence to regulation. The company holds licenses that permit it to operate globally, including one from the Monetary Authority of Singapore (MAS) as a payments institution and a payments institution license from the central bank of France, allowing it to execute payment transactions across all EU member states.The company is registered with the United States Financial Crimes Enforcement Network (FinCEN) and is actively looking to expand its regulatory footprint. In line with the regulatory path the business is treading, Triple-A’s target clientele primarily consists of enterprises that value compliance, regulation, and licensing and seek to engage in cryptocurrency payments without the associated risks and complexities.Triple-A has already gained traction, serving more than 20,000 businesses, including prominent names such as iStudio, Farfetch, Charles and Keith, Singapore Red Cross, Razer, and Reap, along with other large enterprises. In July, it partnered with universal payments platform Optty to enable crypto payments. The onboarding process is swift, with Triple-A completing the Know Your Customer (KYC) procedure and onboarding within one to two business days. The integration methods offered include API and no-code integration.

Hong Kong's financial watchdog, the Securities and Futures Commission (SFC), has issued a stern warning against two crypto investment schemes, namely the "Floki” and “TokenFi” staking programs. Offering high annual returnsThese programs, luring investors with enticing promises of annual returns ranging from 30% to over 100%, have triggered concerns within the regulatory authority due to their lack of authorization and questionable nature. In an update issued on Friday, the SFC emphasized that both Floki and TokenFi's staking offerings have not been granted approval for public offerings. Furthermore, the administrators of these programs have failed to provide convincing explanations about the feasibility of achieving such unusually high returns. The SFC cautioned that engaging in staking arrangements involving virtual assets without proper authorization may constitute unauthorized collective investment schemes.Photo by Sigmund on UnsplashUnsustainable yieldThe watchdog expressed its worry about the legitimacy of these staking programs, highlighting that neither has received the necessary authorization to provide services to the public in Hong Kong. Investors participating in these programs would not be protected under the SFC's regulations, potentially exposing them to significant financial losses. With the failure of many crypto platforms in 2022, a number of industry commentators began to question the sustainability of some public offerings. One such commentator, Allen Farrington, General Partner at bitcoin-native venture capital firm Axiom, repeatedly asked, “Where does the yield come from?” That appears to be the SFC’s concern in this instance. In its statement, it reaffirmed its commitment to upholding regulatory standards and safeguarding investors from fraudulent schemes. It warned that any breach of the law, including the promotion of unlicensed collective investment schemes, will result in appropriate legal action. Elon Musk-inspired meme coinFloki, initially conceived as a meme-coin inspired by Dogecoin, a project associated with Elon Musk, has evolved into a comprehensive Web3 project spanning decentralized finance, NFTs and the metaverse. TokenFi is a crypto and asset tokenization platform under the Floki umbrella, which aims to capitalize on the booming trillion-dollar tokenization industry. TokenFi, denoted by the ticker TOKEN, seeks to simplify the crypto and asset tokenization process with aspirations of becoming a leading platform globally. Launched last October, TokenFi operates as a multichain tokenization platform on both Ethereum and Binance Smart Chain. While both Floki and TokenFi offer distinct staking programs, they share a close integration. Stakers under the Floki scheme gain access to a significant portion of TokenFi's supply, while TokenFi stakers earn TOKEN rewards through a user-friendly interface. In the broader context of crypto staking, the practice allows users to earn rewards by contributing to a blockchain's security through the proof-of-stake mechanism. By staking cryptocurrency, users participate in a staking pool, similar to depositing money into a savings account. Staking rewards typically range from 5-20%, attracting investors seeking profitable opportunities. However, caution is advised against schemes promising unrealistic returns. The SFC, in collaboration with the Hong Kong Police Force, established a dedicated working group last year to enhance vigilance and enforcement in the evolving crypto sector.