First Toyota vehicle in Bolivia purchased with USDT as inflation bites

MANTRA, a real-world asset (RWA) tokenization blockchain project headquartered in Hong Kong, has announced that it has been awarded a Virtual Asset Service Provider (VASP) license in the United Arab Emirates (UAE). In a community update published on its website, MANTRA co-founder and CEO John Patrick Mullin outlined that Dubai regulator, the Virtual Assets Regulatory Authority (VARA), had awarded the company the VASP license, meaning that the project is now entitled to act as a virtual asset exchange. Additionally, it is authorized to offer broker-dealer and investment management services. Photo by Aleksandar Pasaric on PexelsMullin claimed that the milestone is huge for both the company and the broader industry. He stated:”It’s a major step in our objective to bring the world’s financial ecosystem onchain by being the preferred ledger of record for real world assets. It’s a validation of our purpose,which is to provide developers and institutions with a purpose-built RWA Layer 1 Blockchain, that’s capable of adhering to real world regulatory requirements.” Scaling operations in the Middle EastThe project sees the license as a key step in broadening MANTRA’s global footprint and scaling its operations within the Middle East. Mullin outlined that both the UAE and broader Middle East & North Africa (MENA) have become “a progressive global hub and thriving ecosystem for Web3 and virtual assets owing to their regulatory initiatives and frameworks.” Mullin added that the license not only strengthens the project’s presence regionally, but it also “positions us internationally to deliver unique DeFi products that bridge the gap between decentralized finance and traditional finance.”  Shorooq Partners, a Dubai-based venture capital firm and investor in the project, commented on the announcement on X. It said that the license would mean that MANTRA would set a new standard for compliant and secure DeFi solutions. It emphasized the importance of regulatory compliance in enabling institutional DeFi adoption on a global scale. The venture capital firm was the lead investor in an $11 million funding round completed by MANTRA in March 2024. At the time, Shane Shin, founding partner at Shorooq, said that he liked MANTRA’s strategic focus on key markets like Hong Kong and Dubai, adding that the investment implicated a future where digital and traditional assets converge seamlessly. The project intends to launch DeFi-based products that have been formulated to meet investors' needs by combining the benefits of DeFi with the structure and security provided by conventional finance. Token's price performanceThe OM token is a utility and governance token within the MANTRA decentralized autonomous organization (DAO). It was the best-performing layer-1 token as of Feb. 17. At the time of writing, it’s trading at $7.59, according to CoinMarketCap data. The project also announced a $1 billion deal with UAE-based DAMAC Group, a property development company, last month.

Param Labs, a modular gaming ecosystem, has announced the successful completion of a $7 million investment round, with Animoca Brands, a prominent crypto venture capital firm, leading the charge.Photo by Precondo CA on UnsplashOversubscribed funding roundJoining Hong Kong-headquartered Animoca Brands in this oversubscribed round were Delphi Ventures, Cypher Capital, P2 Ventures (formerly Polygon Ventures), Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group and MH Ventures. Anthony Anderson, CEO of Param Labs and Kiraverse, highlighted the significance of modular gaming ecosystems like Param in laying the groundwork for the next era of Web3 games. In an exchange with Cointelegraph, Anderson stated: “Unlike most Web3 studios that focus on developing single game titles, modular ecosystems offer a variety of products and components. This allows developers to build their own games from these modules and provides essential tools for other developers to utilize and integrate into their projects.” The timing of this funding round coincides with significant growth milestones for the Param Gaming Platform, which recently surpassed 300,000 daily active users. Additionally, the platform's X page boasts over 2.5 million followers, underscoring its growing popularity. Strategic investments from luminaries such as Yat Siu, co-founder of Animoca Labs, and Banks, founder of Face Clan, further underscore the potential of Param Labs, which is based in the United Arab Emirates (UAE), in realizing the vision of an open metaverse. In a statement published to the Animoca Brands website, Yat Siu expressed enthusiasm about the collaboration, stating: "This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets." Focusing on infrastructureThis injection of capital is poised to address a critical deficiency in the realm of Web3 gaming: the lack of foundational infrastructure. Addressing precisely that challenge which is hindering mainstream adoption, Anderson emphasized the pivotal role of infrastructure: “Focusing on infrastructure is crucial, as it not only addresses the challenges in the games we’re developing but also has the potential to be applied to hundreds, if not thousands, of other experiences. This will significantly contribute to the adoption of blockchain gaming.” The UAE-based company is currently working on producing a number of products. These include its Game Launcher and Pixel to Poly, an offering that converts 2D images into 3D assets within games. While those are in the product pipeline, it has already launched Kiraverse, an online multiplayer game where the gameplay incorporates players competing to earn digital assets.  Param Labs has also sought to broaden the technical expertise available to it, with the hiring of Steve Young, a former head of consumer products at renowned American video gaming firm Activision Blizzard. Young has come in as a strategic advisor at Param. The company plans to launch its native token, PARAM, shortly to enable governance of the ecosystem that it is putting together.

The Philippines' central bank has confirmed it has no plans to issue a retail version of a central bank digital currency (CBDC) but that it has definite plans to introduce a wholesale-level CBDC, albeit without using blockchain as the underlying technology. Avoiding retail-level bank run riskThe bank expressed concerns that a retail CBDC could potentially trigger bank runs, given the velocity at which digital currency can be transacted. However, in an interview with local media outlet, the Inquirer, the central bank governor Eli Remolona clarified that within the next two years, the country has definite plans to roll out a wholesale CBDC. CBDCs come in retail and wholesale forms, with the former accessible to the general public and the latter exclusively for institutional use. While the Philippines central bank initiated an exploratory study previously relative to CBDC use, concerns have been raised by the Bank for International Settlements (BIS) about the readiness of institutions to handle the risks associated with CBDCs.Photo by Krisia on PexelsDismissing blockchainDespite this move, the bank does not intend to utilize blockchain or digital ledger technology, which are fundamental to many virtual assets. Remolona stated: "Other central banks have tried blockchain, but it didn’t go well." Instead, the CBDC will operate on a payment and settlement system owned by the central bank, with a focus on wholesale transactions mediated by banks. This marks a shift in the central bank's approach to underlying technology where a CBDC is concerned. The Bangko Sentral ng Pilipinas (BSP) initially embarked on an exploratory study regarding CBDCs in 2022, known as Project CBDCPh. Upon completion of that study, it followed up with a pilot project called Project Agila, concentrating on a wholesale CBDC. Project Agila leaned on the use of the Hyperledger Fabric blockchain, considering it for use on the first wholesale CBDC.  Hyperledger Fabric is an open-source blockchain framework hosted by the Linux Foundation. Companies like IBM, SAP and Intel have all contributed to the development of the enterprise-grade permissioned blockchain network. However, it appears that the BSP is shying away from using any type of blockchain-based solution in establishing its CBDC. Regional steps towards CBDC useThe central bank of the Philippines is among several in the Asia-Pacific (APAC) region that are working towards the introduction of a CBDC. Earlier this month an official from the Reserve Bank of India (RBI) outlined that the central bank will move forward with CBDC development while working towards addressing privacy concerns that citizens may have with a digital rupee. Towards the end of last month, the Japanese government, in collaboration with the Bank of Japan, appeared to be gearing up for the rollout of a CBDC. In a recent meeting between both parties, several legislative matters were identified as key to ensuring a smooth path to the unobstructed launch of a digital currency. There has also been a lot of activity relative to attempts to utilize CBDCs for cross-border trade over the course of the past year. In the United Arab Emirates (UAE), the country announced the first-ever use of its CBDC or digital dirham in a trade deal with China using mBridge, a multi-CBDC platform that supports peer-to-peer, cross-border payments in real time.