UAE Accelerates Cross-Border Payments with JPMorgan’s Onyx

Zodia Custody to Commence Yield Offering on StablecoinsIn a play that’s designed to entice institutional investors, Zodia Custody, a portfolio company of Japanese financial services conglomerate SBI, is gearing up to offer a yield on digital assets.Photo by CoinWire Japan on UnsplashIntroducing “Zodia Custody Yield”The crypto startup has introduced “Zodia Custody Yield,” a crypto staking option designed to reward holders of crypto assets stored within its platform. The initiative has been launched in partnership with Singapore-based DeFi platform OpenEden. It promises returns on stablecoins although full details on the offering remain undisclosed.Jeremy Ng, Co-Founder of OpenEden, expressed his belief in the potential of cryptocurrencies to generate substantial passive income for their holders. Ng stated:“There are billions of dollars worth of stablecoins sitting on the sidelines when they could easily be generating yields for investors.”TradFi embracing digital assetsZodia’s move aligns with a growing trend in the financial industry. Yesterday, a leading US bank, Citi, disclosed its collaboration with Maersk to facilitate services that convert funds into digital assets. The primary goal is to enable the bank’s customers to execute nearly instantaneous payments, unrestricted by traditional business hours.Simultaneously, several prominent asset management firms are awaiting a pivotal decision from the Securities and Exchange Commission (SEC) regarding their applications to launch a spot Bitcoin exchange-traded fund (ETF). This list includes major players such as BlackRock, Invesco, WisdomTree, ARK Invest, Valkyrie, and Franklin Templeton. BlackRock, the frontrunner in the efforts being expended towards ETF approval, submitted its application for a spot Bitcoin ETF on June 16.In a recent interview, Bloomberg analyst Eric Balchunas said that he expects $150 billion in capital to flow into the Bitcoin market within two years of a spot Bitcoin ETF approval in the US.The financial strategies of these entities now prominently feature blockchain and crypto-based products, once considered niche but now integral to their operations. Nonetheless, even with widespread anticipation of the approval of BlackRock’s ETF, the firm faces substantial obstacles. US regulators have subjected BlackRock to intense scrutiny due to concerns regarding its ties to China. Additionally, political figures have criticized the asset manager for prioritizing environmental, social, and governance (ESG) criteria over investor returns.Zodia was spun out of British multinational banking firm Standard Chartered. The bank has a positive outlook relative to crypto. In a bold prediction made in June, the UK-based bank forecasted that the value of Bitcoin could potentially surge to $50,000 by the end of the year, with an even more optimistic projection of $120,000 for 2024.In 2021 Standard Chartered, in collaboration with Northern Trust, a leading asset servicing firm, founded Zodia Custody. Since its inception, the venture has garnered a respectable level of success. It successfully secured $36 million in investments and solidified a partnership with SBI Digital Asset Holdings, enabling its expansion into the Japanese market.In May, the firm launched its crypto custodian service in Dubai, having signed a memorandum of understanding (MOU) with the Dubai International Financial Center (DIFC). In June, Zodia partnered with blockchain infrastructure provider Blockdaemon, in an effort to further its crypto staking offering. Earlier this month, the company announced its arrival in Singapore, with a view towards expanding its digital asset custody service there.

SKYPLAY Secures $10M from LDA Capital to Promote Growth of P2E GamingSKYPLAY, a blockchain gaming platform based in South Korea, has announced securing a $10 million commitment from American-based investment group LDA Capital, as stated in a press release. This funding will be utilized to launch additional games and attract new users, thereby accelerating the platform’s growth trajectory.Photo by blurrystock on UnsplashP2E gamesWith an active monthly user base of 300,000, SKYPLAY aims to expand its virtual space and motivate play-to-earn (P2E) gamers to contribute to the excitement within its ecosystem. P2E games enable players to earn cryptocurrency tokens as rewards for activities such as completing tasks and meeting goals.Various genresSKYPLAY is known for offering a diverse range of game genres, ranging from casual games like CoinGrid to strategy games like ClashRow. Users have the opportunity to earn in-game rewards that can be exchanged for SKP, the platform’s governance token. SKP will also serve as a medium of exchange in forthcoming NFT marketplaces. At present, SKP is listed on cryptocurrency exchanges ProBit Global and MEXC, according to CoinMarketCap.Expansion plansSKYPLAY currently provides its services in 170 countries worldwide, catering to a global gaming community. The company is also developing artificial intelligence-based (AI) avatars within a metaverse platform, with the target of exceeding 10 million users by the close of 2024.Anthony Romano, Managing Partner at LDA Capital Ltd, commented on this investment opportunity, stating, “SKYPLAY’s expansive ecosystem offers users a variety entertainment across sports, arts and crafts, appealing to the different preferences amongst the gaming community. This multifaceted approach, along with a forum-oriented community they’ve built is extremely difficult to replicate and gives them a leg up as they publish more games and diversify their entertainment offerings.”SKYPLAY CEO Richard Chang expressed his confidence in the partnership with LDA Capital. He said, “The investment from LDA Capital will serve as a significant driving force for the future growth of SKYPLAY. I am confident that together, we will pioneer the future and become invaluable partners in our journey of growth.”

Fair Square Lab to Develop Blockchain-Based Shareholder Meeting PlatformSouth Korean Web3 technology company Fair Square Lab announced on Friday that it is in the process of developing a blockchain-based platform for holding electronic shareholder general meetings. The firm said that it has applied for two patents for technologies related to blockchain-based electronic shareholder meetings. One is related to their operation methods and systems, and the other is associated with the utilization of voting rights tokens.Photo by Benjamin Child on UnsplashEmpowering shareholdersIn shareholder general meetings, many minority shareholders are often unable to attend in person, thereby finding it difficult to effectively exercise their opinions or rights during the decision-making process of a company. Fair Square Lab’s pending patents aim to address this issue by enabling more shareholders to easily participate in shareholder meetings through an electronic medium. Utilizing blockchain technology would also ensure the integrity and security of voting processes.Fair Square Lab’s growing portfolioWith this latest development, Fair Square Lab is now poised to possess a total of eight blockchain-related patents. Its other patents encompass areas like managing wallets in the blockchain network, generating wallet addresses for security token platforms, and preventing erroneous transfers of security tokens on a blockchain network. The company said that it is continuously working to secure intellectual property rights for its blockchain business, including design patents and its own trademark.“We have been consistently striving to secure intellectual property rights by linking research and development with the core blockchain technologies that we have accumulated over the years. We plan to obtain a total of 12 core technology patents by the end of this year,” said Jake Kim, CEO of Fair Square Lab.