Singapore takes gold on-chain as tokenized assets gain ground

OKX Ventures, the investment wing of the Seychelles-based cryptocurrency exchange OKX, has disclosed a strategic A-round investment in Polyhedra Network. Details of the investment have been outlined through a press release published via PRNewswire on Tuesday. Specializing in the creation of Web3 infrastructure, Polyhedra Network places a premium on interoperability, scalability and privacy, leveraging advanced zero-knowledge (ZK) proof technology.Photo by Precondo CA on UnsplashInteroperability with privacyA ZK proof provides the ability for one party to cryptographically prove to another party that it possesses a certain piece of information without having to reveal the actual underlying information to the other party. Central to Polyhedra Network's product offering is its zkBridge protocol, a system facilitating trustless and efficient cross-chain infrastructure for both layer-1 and layer-2 interoperability. The protocol empowers the receiving chain to verify specific state transitions on the sending chain. This approach ensures robust security without external assumptions, effectively reducing the costs associated with on-chain verification. Polyhedra Network made an initial impact in 2023 with the launch of the "zkBridge Mainnet Alpha." That product enabled interoperability over 20 layer-1 and layer-2 blockchains, including well-known networks such as Bitcoin, Ethereum, BNB Chain and Arbitrum. Distributed proof systemThe innovative strides of Polyhedra Network, which was founded in the United States by James Zhang, Tiancheng Xie and Nikhil Shah, continued in 2023 with the introduction of deVirgo, a novel distributed proof system expediting proof generation. The deVirgo protocol also incorporates recursive proofs which trim on-chain proof verification costs associated with zkBridge. Last month, Polyhedra Network unveiled its Bitcoin messaging protocol with zkBridge, ushering trustless interoperability into the Bitcoin ecosystem through the use of ZK-proof technology. Asian backingBy championing entrepreneurs contributing to the blockchain industry's advancement, OKX Ventures is helping to build innovative companies, bringing global resources and historical experience to the forefront of blockchain projects. It is one of many Asia-centric venture firms to do so. Polyhedra has secured backing from Hong Kong’s Animoca Brands and HashKey Group, Singapore’s UOB Venture Management, NGC Ventures, Signum Capital and Foresight Ventures, alongside KuCoin Ventures. In an initial funding round in February 2023, the UC Berkeley team attracted $10 million in funding. By April, a pre-Series A round had raised a further $15 million. Dora Yue, the founder of OKX Ventures, expressed their honor in participating in the investment in Polyhedra Network's interoperability infrastructure. Yue lauded the creativity demonstrated by Polyhedra Network's team in developing advanced ZK-proof mechanisms, emphasizing the balance achieved between ZK interoperability and scalability. OKX Ventures, with an initial capital commitment of $100 million, is committed to supporting Polyhedra Network's vision of seamlessly connecting the Web2 and Web3 worlds, aiming to attract a more extensive user base to the industry. As the investment arm of the global crypto exchange platform, it dedicates itself to exploring top-tier blockchain projects on a global scale. Its focus is on fostering cutting-edge blockchain technology innovation, aspiring to support the healthy development of the global blockchain space and investing in long-term structural value.

In a press release published by Business Wire on Nov. 20, American crypto custodian BitGo announced the launch of its Singaporean subsidiary company, BitGo Singapore Pte. Ltd. The company has set out the key features that the BitGo Singapore platform intends to offer going forward. These include secure, regulated cold storage. The platform is offering digital asset custody support in respect of over 1,100 digital assets. BitGo claims that the range of assets supported far exceeds that offered by competitors in the digital asset custodian space. Photo by Joshua Ang on UnsplashRegulatory complianceIn January, the company achieved in-principle approval (IPA) relative to a Major Payment Institution (MPI) license from local regulator the Monetary Authority of Singapore (MAS). By August the company had satisfied regulatory requirements sufficiently to be awarded a full MPI license. The company will also offer clients electronic and voice trading, allowing them to access deep liquidity directly through the digital assets held in cold storage. BitGo had deployed its Go Network to effect automated settlement. It claims that the Go Network mitigates counterparty risk through the use of delivery versus payment (DVP) settlement processes, while enabling access to exchange liquidity. Token management is another area that the firm identified in its press release as a feature of its overall service. Back in September, the company rolled out a streamlined token management service for crypto foundations. Broadening APAC service offeringThe crypto asset custodian has launched this separate subsidiary in Singapore with the purpose of broadening its service offering within the Asia-Pacific (APAC) region. BitGo Singapore CEO Youngro Lee stated that BitGo is “thrilled to launch BitGo Singapore and offer the APAC region a best-in-class suite of digital assets solutions and regulated infrastructure services.”  Lee added that the new regional entity is committed to providing its clients “with the highest quality products and services while maintaining strict regulatory standards,” while also looking forward to “further strengthening the APAC digital assets ecosystem.” In expanding the reach of its service offering, BitGo has engaged in a collaborative approach. It has partnered with companies such as Vancouver-headquartered Lightning Network infrastructure provider Neutron Pay, and crypto market maker Wintermute, who announced in July 2023 the planned establishment of a base in Singapore. Taking to X on Nov. 21, Neutron Pay stated: “We're excited to announce a strategic partnership with @BitGo Singapore, paving the way for expansion of our #Bitcoin and #LightningNetwork services across Asia-Pacific (APAC).” The firm’s CEO Albert Buu said that “by leveraging BitGo's robust custodial infrastructure, we aim to enhance our ability to serve businesses throughout Southeast Asia.”  Wintermute Co-Founder Yoann Turpin offered his own thoughts on the BitGo Singapore announcement, stating: “Having recently expanded our own footprint in the region, we see strong potential for collaboration in addressing the sophisticated needs of institutional players. By working together, we aim to build a more robust environment for institutions and drive meaningful growth across APAC’s digital asset markets.” At the time of writing, 29 crypto-sector firms, including the likes of Circle, Coinbase and Blockchain.com, have acquired full MPI licenses to trade in the city-state of Singapore. 

Bithumb to Launch Entrepreneurship Support ProgramSouth Korean cryptocurrency exchange Bithumb announced on Wednesday (local time) the launch of an entrepreneurship support program to commemorate its upcoming 10th anniversary. The initiative aims to discover and nurture promising young entrepreneurs with innovative ideas to grow the industry and drive business augmentation. It is divided into two parts: an entrepreneurship competition and an investment of KRW 30 billion (approximately $22 million) to support early-stage startups.“It is time for us to support startups and bring them one step closer to success,” said the exchange’s CEO Lee Jae-won.Photo by Hunters Race on UnsplashProgram detailsThe entrepreneurship competition is open to individuals, groups, and small and medium-sized enterprises (SMEs) based in Korea that are planning to start a business or have been in operation for less than three years. Participants in any and all fields of business are eligible to enter. It offers startup grants of KRW 100 million ($74,000) for one first-place winner, KRW 70 million for three second-place winners, and KRW 30 million for six third-place winners. Winners will also receive investor relations (IR) consultations and marketing opportunities to attract future investments.Meanwhile, the KRW 30 billion investment project is open to local startups in any field that have been in operation for less than three years. Evaluators will place emphasis on how innovative or profitable the businesses are deemed, Bithumb said.“Our entrepreneurship support program is not limited to one-time support. We will strive to contribute to society by supporting entrepreneurship in various fields — not just the crypto industry — for sustained mutual growth,” Lee added.Application process datesThe application period is from November 1 to 30, and the results of the first round of applications will be announced on January 4. Those who pass the first round will be called in for an on-site evaluation. The final pool of applicants chosen for participation and investment will be announced in February.