Bizplay Improves Payment Experiences for Foreign Tourists in South Korea

Cake Group co-founder files application to wind up company in SingaporeChua U-Zyn, the co-founder and Chief Technology Officer of crypto firm Cake Group, has officially applied to the Singapore High Court to initiate the winding-up process for the company.A winding-up notice appeared in Singapore’s The Straits Times on Thursday. U-Zyn is being represented by law firm Rajah & Tann on the matter. The court will now decide whether to grant this application, which was filed on Dec. 1.Photo by Kelvin Zyteng on UnsplashFinancial strugglesCake Group is the parent company of the crypto platform Bake, which made headlines last month for announcing significant staff reductions affecting 30% of its workforce. Bake is an automated market maker (AMM) and decentralized exchange (DEX) that revolves around Binance’s BNB Smart Chain (BSC).In existence for some five years, the platform claims to have over 1 million users worldwide, retaining over $1 billion in customer assets and having achieved reward payouts to date of $411 million.Cake Group’s financial struggles have been evident, with its revenue plummeting by over half to $266 million in 2022, while profits experienced a fivefold decrease to $23.5 million during the same period. The company generates income through transaction fees.A hearing for creditors or opposing parties is scheduled for Dec. 22, providing an opportunity for stakeholders to voice concerns or contest the winding-up process.Internal disputeWhile the specifics behind U-Zyn’s winding-up application remain unclear, the decline in financial performance and the recent layoffs are undoubtedly contributing factors.It’s understood that CEO Julian Hosp learned about the filing on Dec. 6 and has since emphasized that the company is actively working with legal counsel to challenge the application. Hosp will challenge this request in court, asserting that the company’s finances are strong and unrelated to the dispute.Taking to the X social media platform on Thursday, Hosp wrote:”Disappointed to see U-Zyn filing a request on December 1st” . . . “For me, it’s selfish that he’s prioritizing his own interests over those of our customers, employees, and partners, instead of resolving it internally.”Hosp added that U-Zyn’s application is unrelated to the company’s finances and that the firm is financially solvent.Former employees, speaking anonymously to Tech in Asia, expressed surprise at the escalating situation, describing the co-founders as emotionally charged and seemingly unable to safeguard their investment.U-Zyn opposed to layoffsThe court filing under Section 125(1)(i) of the Insolvency, Restructuring and Dissolution Act of 2018 adds an element of uncertainty. Unlike other sections that typically specify reasons for winding up, this particular section allows for liquidation if “the Court is of the opinion that it is just and equitable that the company be wound up.”Hosp clarified that the application is not based on Cake Group’s inability to pay its debts, emphasizing that day-to-day operations continue at full capacity.It’s understood that the ongoing dispute between U-Zyn and Hosp stems from internal disagreements, particularly related to cuts within the company’s engineering division. Chua claimed Hosp excluded him from decisions, especially concerning the recent layoffs.Despite the internal discord, Hosp stressed the company’s commitment to resolving the dispute swiftly and maintaining its operational capabilities. Undeterred by his fellow co-founder’s actions, he published a blog post on Thursday, outlining his vision for the Cake Group moving forward.

Cryptocurrency exchange Backpack has recently forged a strategic partnership with Banxa, a global crypto on-ramp provider, to introduce a comprehensive digital asset on- and off-ramp solution. Onboarding into cryptoThis collaboration, announced by Banxa on Monday, marks a significant milestone for Backpack users globally. If crypto and Web3 are to live up to their promise, then on-ramping and onboarding people from conventional financial services is key to broadening out adoption. Given the service provided by Banxa, the partnership has great importance. Notably, Backpack Exchange, which recently secured a virtual asset service provider (VASP) from the Virtual Asset Regulatory Authority (VARA) in Dubai, emerged from the minds behind Solana's renowned Mad Lads NFT collection, adding a layer of credibility to this venture. Since then, the platform has been steadily expanding its operational footprint. Throughout the latter half of 2023, the exchange acquired several operational licenses across various jurisdictions worldwide, further solidifying its regulatory compliance and global presence. The platform’s user base spans across more than 130 countries. Banxa hit the headlines in the crypto sector earlier this month when it emerged that the firm’s UK affiliate had become the first entity in 2024 to take its place on the Financial Conduct Authority’s (FCA) crypto register.Photo by Shubham Dhage on UnsplashIndustry responseAnndy Lian, a Singaporean intergovernmental blockchain expert and the author of the book "NFT: From Zero to Hero," views this partnership as a game-changer for Backpack users. Lian told Cointelegraph that this link-up will add to the ease with which users can now engage in buying and selling cryptocurrencies using fiat currencies through various payment methods like credit cards, bank transfers and e-wallets. He emphasizes that such convenience will undoubtedly drive up the adoption and liquidity of Backpack and its associated tokens, thereby enhancing the overall user experience. Trading volume high pointThe announcement of this partnership comes on the heels of Backpack's achievement of surpassing $1 billion in 24-hour trading volume on Sunday, merely four days into the launch of its trading preseason. The exchange had already exceeded $300 million in daily trading volume within the first 24 hours of trading on Feb. 15. In light of this exponential growth in trading volume, Armani Ferrante, the founder and CEO of Backpack, took to the X social media platform to issue a word of caution to traders. Ferrante warned against potential overexcitement that might lead to unfavorable trading outcomes. Ferrante stressed the long-term vision of the platform and urged users to trade responsibly, emphasizing that Backpack has extensive development plans in store, with the preseason serving as just the beginning. Ferrante previously worked for bankrupt exchange platform FTX, which was seen as being at the center of the Solana ecosystem prior to its collapse. The Solana-based Backpack appears to be going some way in filling that void within the Solana community. With that, Solana-based trading pairs feature strongly in Backpack’s overall trading volume statistics. At the time of writing, SOL was trading at $109, down 1.7% over the course of the past 24 hours.  

Strategic investment sees C1 Secondaries Fund target Animoca BrandsThe C1 Secondaries Fund, an investment fund focused on the digital assets space with a presence in Silicon Valley and Dubai, is poised to make strategic investments in crypto powerhouses like Hong Kong-based Animoca Brands.Photo by Towfiqu barbhuiya on UnsplashReady to deploy capitalThat’s according to details from a pitch deck disclosed by the Australian Financial Review on Sunday. The C1 Fund is ready to deploy substantial capital, ranging from $20 million to $50 million, to acquire private holdings in crypto companies. The fund is only interested in targeting companies that boast valuations of $300 million and above from their most recent funding rounds.The crypto venture capital fund was co-founded by former Coinbase executives. Off the back of recent bullish momentum within crypto markets, the C1 Fund is reportedly eyeing significant discounts of nearly 80% on its investments.Share purchase offerThe fund has extended an offer to purchase Animoca Brand shares at approximately $1.12, representing a 75% markdown from its last capital raise where shares were sold at around $4.50.A few years ago, Animoca Brands, a firm that concentrates on blockchain gaming, non-fungible tokens (NFTs) and the metaverse, had been listed on the Australian Stock Exchange (ASX). However, in 2020, the company listing was removed due to the swapping of stock for crypto tokens. It still has involvement with Australia through equity investment from Australian firms Koda Capital and KTM Ventures.In September, Hong Kong-based venture capital firm CMCC Global led a $20 million funding round into Animoca. At the time, it was suggested that funding would go towards further development of Mocaverse, an Animoca project involving the development of Web3-native tools geared towards the gaming and entertainment sectors.Following some market uncertainty regarding the financial health of the company earlier this year, Animoca provided an update on its financial position, clarifying that it held $3.4 billion in cash and assets.Chainalysis interestThe strategic move by the C1 Fund aligns with the recent uptick in the crypto space. Bitcoin (BTC), the market leader, surpassed the $40,000 price point in the first week of December, propelling the overall crypto market capitalization to over $1.6 trillion. At the time of writing, BTC hovers just over $40,000.Similarly, the fund is weighing up an investment in American blockchain analysis firm Chainalysis, offering to acquire its shares at a substantial 63% discount from its latest capital raise.Beyond traditional crypto assets, NFTs are experiencing a surge in market interest. A recent report by DappRadar revealed that NFT trading volume approached $1 billion in November, signaling a notable shift in user behavior. The average value of NFT transactions also witnessed a substantial increase from $126 to $270 in November.The C1 Secondaries Fund was established in March, targeting $500 million worth of investment in blockchain, crypto, Web3 and fintech. As the C1 Secondaries Fund strategically positions itself amid the crypto market boom, its pursuit of discounted investments in industry giants like Animoca Brands and Chainalysis reflects the fund’s confidence in the sustained growth and potential of the digital assets sector.