Aevo Launches Novel Index Perpetual Contract

GSR Gets on Path Towards Full Regulatory Approval in SingaporeGSR Markets Pte. Ltd., the Singaporean subsidiary of the global crypto trading firm GSR, has reached a significant milestone in its quest to become a fully licensed entity within the city-state. On Monday, the Monetary Authority of Singapore (MAS) granted GSR in-principle approval for a Major Payment Institution (MPI) license.Photo by Mike Enerio on UnsplashTrading licenses filtering throughThis development mirrors similar approvals granted to other crypto firms in the region, solidifying Singapore’s status as a hub for crypto and Web3 innovations. The approval of GSR’s MPI license follows hot on the heels of Coinbase Singapore’s announcement of securing a full Major Payment Institution license from MAS.Other companies such as Circle, Blockchain.com, and Crypto.com have also obtained MPI licenses this year. These developments underscore the competitive yet regulated landscape of the cryptocurrency market in Singapore.In-principle approvalThe in-principle approval from MAS empowers GSR to provide crypto and fiat-related services to Singaporean residents and entities. This includes the ability to conduct payment services without the limitations of single transaction thresholds (SGD 3 million) and monthly limits (SGD 6 million). GSR’s CEO, Jakob Palmstierna, expressed gratitude for MAS’s constructive oversight, which has played a pivotal role in shaping the evolving digital asset landscape in Singapore. Palmstierna stated:“We are immensely grateful to MAS for their constructive oversight, which helps shape a growing digital asset ecosystem that we feel proud to be a substantial part of.”Meanwhile, GSR’s COO Xin Song, emphasized the importance of this approval, stating that it enables them to “deepen our local client partnerships and continue in our critical role as a liquidity provider within the ecosystem.”GSR’s presence in Singapore aligns with the country’s burgeoning crypto-friendly environment. Recent surveys indicate that 25% of Singaporeans view cryptocurrency as the future of finance, with 32% having some involvement in crypto ownership. Moreover, Singapore boasts over 700 Web3 companies, positioning itself as a pivotal market for the expansion of the crypto and Web3 economy.Company ambitionsGSR, established in 2013 in New Jersey, offers a diverse range of services, including over-the-counter crypto trading, derivatives trading, market making, and venture capital investments. The firm is no stranger to regulatory compliance, holding Money Service Business licenses across several US states.The company was founded by former Goldman Sachs Executives Rich Rosenblum and Cristian Gil. At the height of the last crypto bull run, the crypto market maker had plans “to add 100 hires every six months for the next few years.” No doubt that ambition has been scaled back since then, given the protracted bear market which has followed.Last month, Gil became embroiled in a spat with Andrei Grachev of rival market making firm, Singapore-based DWF Labs.GSR’s recent attainment of in-principle approval for a Major Payment Institution license from MAS reinforces Singapore’s position as a leader in the crypto space. The firm’s interest in pursuing a compliant route forward and its role as a liquidity provider bode well for both GSR and the broader crypto community in the Asia-Pacific region.

NEOPIN Strengthens Japanese Market Strategy for Its Global ExpansionNEOPIN, the global CeDeFi platform of South Korean investment holding company Neowiz Holdings, announced the strengthening of its strategy to enter the Japanese market as part of its global expansion plan.Photo by Aditya Anjagi on UnsplashThree key initiativesTo achieve this goal, NEOPIN has devised three key initiatives. Firstly, it will make investments in Japanese partners and provide support for their entry into other markets such as Korea, the Middle East, and Africa. Secondly, NEOPIN aims to facilitate the entry of its existing partners into Japan. Lastly, the Korean platform plans to collaborate closely with the Finschia Foundation and its members to effectively drive its expansion efforts in Japan.Web3 landscape in JapanSince the Mt. Gox incident in 2014, wherein the major Tokyo-based cryptocurrency exchange went bankrupt due to hacking attacks, Japan has responded by implementing stricter regulations. However, in recent times, the Japanese government has displayed a more positive stance towards Web3 technology, aiming to attain dominance in this sector. Illustrating this commitment, the Web3 project team, operating under the ruling Liberal Democratic Party’s (LDP) Working Group for Digital Society Promotion, released the Web3 White Paper in April. The document underscores Japan’s determination to lead the global market by fostering a business-friendly environment for Web3 innovation.Moreover, Prime Minister Fumio Kishida recently delivered a keynote speech at Japan’s annual Web3 conference, WebX, reaffirming the government’s dedication to establishing a Web3-friendly ecosystem. These initiatives signal Japan’s potential to contribute to the growth of the cryptocurrency and decentralized finance (DeFi) industry.Adaptation to regulationsNEOPIN’s operator Neowiz Partners, formerly known as NEOPLY, became part of the Innovation Programme of the Abu Dhabi Investment Office (ADIO) in the United Arab Emirates (UAE), with an aim to become the world’s first regulated DeFi platform. It is also working with the Abu Dhabi Global Market (ADGM) to develop a DeFi regulatory framework for the Gulf nation. In a similar vein, NEOPIN strives to respond quickly to the changing regulatory landscape in Japan to ensure the Korean CeDeFi protocol firmly establishes its presence in the Japanese market.In addition to providing direct and indirect service offerings in Japan, NEOPIN will also invest in and partner with local Web3 projects. One significant step taken by NEOPIN was its participation in IVS Crypto 2023, a high-profile Web3 startup event held in Kyoto in June. At this event, NEOPIN engaged with various Japanese businesses, initiating important connections. Since then, the Korean platform has been making progress in advancing communication and collaborations with Japanese enterprises.NEOPIN as blockchain validatorCollaboration with the Finschia Foundation will also be strengthened to achieve success in the Japanese market. In July, the blockchain mainnet Finschia launched its governance consortium and revealed its members. Within just four hours of the consortium’s launch, NEOPIN, as a governance member, received more than 1 million delegated votes, maintaining its position at the top spot in terms of voting power ever since. The Finschia mainnet was established by Line Tech Plus, a blockchain subsidiary of Tokyo-based messaging app giant Line Corporation.Serving as validators on various blockchains, including Ethereum, Tron, Cardano, and Cosmos, since 2017, NEOPIN has acquired blockchain and technical expertise. Last month, NEOPIN launched liquid staking products for ETH and KLAY, making it Korea’s first blockchain project to introduce an ETH liquid staking product. Liquid staking is a mechanism that allows users to deposit their cryptocurrencies into a staking pool, where they receive liquidity provider tokens in exchange. By holding these tokens, users can further redeposit them to earn additional yield.In light of this development, NEOPIN CEO Kim Yong-ki emphasized the CeDeFi protocol’s global expansion strategy, establishing its bases in the UAE, Japan, and Indonesia. These locations will serve as hubs for NEOPIN’s expansion efforts in the Middle East and Africa, Northeast Asia, and Southeast Asia. Kim added that NEOPIN will leverage its physical and human resources to achieve notable outcomes in the Japanese market.

Aptos and Lotte Group Collaborate on Pink Bear NFTs to Drive Web3 ExpansionLayer-1 blockchain network Aptos took to X (formerly Twitter) to announce a partnership with Lotte Group, an industrial conglomerate based in South Korea with a specialization in the retail business. This strategic collaboration aims to propel Lotte’s expansion into the dynamic Web3 landscape.Photo by 김 대정 on PexelsPink bear NFTsThe initial focus of their collaboration will center around Bellygom, the pink teddy bear mascot of Lotte Home Shopping — a major player in the Korean media commerce industry. NFT projects associated with Bellygom, including the Bellyland universe, are under the stewardship of Daehong Communications, a marketing solutions company affiliated with Lotte. Aptos will play a pivotal role by providing the backend support for the development of Super Jelly, a reward system within Bellyland. These Super Jelly rewards, slated to be launched on the Aptos mainnet, will be attainable through engaging in Jelly Adventures — a collection of diverse games and missions within Bellyland.Aptos and Lotte Group have expressed their enthusiasm for venturing into Web3 initiatives throughout multiple business areas of the South Korean retail giant. Aptos noted that more updates will follow as this collaboration unfolds.Earlier partnership with PolygonThe momentum behind Daehong Communications’ Bellygom NFT initiatives for global expansion grew as it joined hands with blockchain company Polygon in February. This partnership led to the migration of Bellygom NFTs from the Klaytn blockchain to the Polygon blockchain in April.Lotte’s hospitality business and NFTsIn June, Daehong employed NFTs to attract customers to various Lotte entities. Through Korea’s largest NFT trading platform, Pala, the marketing affiliate sold Magic Ride NFTs, aiming to enhance customer engagement for the Lotte World amusement park, Lotte Duty Free, and Lotte Hotels.