China’s Jiangsu Province Integrates Digital Yuan Into Education System

Major investment entities linked to the Abu Dhabi government increased their exposure to Bitcoin in the third quarter, according to newly released data. These moves came ahead of a broader decline in the digital asset market amid shifting macroeconomic conditions in the U.S.Photo by Kanchanara on UnsplashInstitutional accumulationThe Abu Dhabi Investment Council (ADIC), a subsidiary of Mubadala Investment Company, more than tripled its holdings in BlackRock’s iShares Bitcoin Trust ETF (IBIT) during the third quarter, increasing its position from 2.4 million to nearly 8 million shares, Bloomberg reported. An ADIC spokesperson told Bloomberg that the organization views Bitcoin as “a store of value similar to gold,” and described the allocation as “part of a long-term diversification strategy.” Other UAE-based conglomerates are also maintaining sizable Bitcoin positions. The Royal Group, which is linked to the Abu Dhabi royal family, holds around 6,450 BTC, according to a Crypto Briefing report citing Arkham data. The assets were accumulated through the group’s majority-owned subsidiary, Citadel Mining. Regulatory and infrastructure developmentsThe UAE’s efforts to position digital assets as a driver of economic growth are also reflected in its regulatory framework. A recent Global Digital Assets Report by the Global Finance & Technology Network (GFTN) identified the UAE as one of seven jurisdictions worldwide whose crypto-exchange rules meet all three key standards for AML/CFT compliance: know-your-customer (KYC) and ID verification, suspicious transaction reporting, and implementation of the Financial Action Task Force (FATF) Travel Rule. The report characterized the UAE’s approach as “federated oversight with zone-specific AML regimes.” Responsibilities are divided among the Securities and Commodities Authority (SCA) at the federal level, the Virtual Assets Regulatory Authority (VARA) in Dubai, and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). In decentralized finance (DeFi), VARA has issued specific rulebooks covering activities such as lending and borrowing. ADGM has introduced DLT Foundations Regulations to provide legal structures for decentralized autonomous organizations (DAOs), while DeFi operations within the jurisdiction still require authorization from the FSRA. In addition to regulatory developments, the UAE is also advancing the practical deployment of digital asset technologies. In the payments sector, Abu Dhabi Airport has signed a memorandum of understanding (MOU) with Al Hail Holding to pilot stablecoin payment options and digital wallets for travelers, according to Cryptopolitan. Bitcoin declining below $87KThe buildup in institutional exposure has occurred against a backdrop of declining market prices. Bitcoin (BTC) reached a peak of $126,080.00 on Oct. 6 before dropping to roughly $87,000 as of Nov. 21, its lowest level since April 21. Technical indicators show that Bitcoin has fallen below both its 50-day and 200-day moving averages. IBIT has followed a similar trajectory. After closing the third quarter at $65 per share, the ETF rose to $71 on Oct. 6 before falling to $48.96 by Nov. 20. Two days before that, the fund recorded a net outflow of $513.47 million, the largest in its history, according to data from Trader T. Reuters reported that the recent weakness in Bitcoin and other risk assets is tied to the U.S. Federal Reserve’s cautious stance on rate cuts amid persistent inflation pressures. That concern was reinforced on Nov. 20 when the U.S. Bureau of Labor Statistics released September nonfarm payrolls data that had been delayed by the federal government shutdown, showing a figure of 119,000 against the market forecast of 53,000. The stronger-than-expected labor reading has reduced expectations for a rate cut next month, adding pressure to both equities and Bitcoin. 

Me2on launches P2E game ‘Solitaire Crypto War’ with crypto integrationMe2on, a Seoul-based game developer, revealed the launch of its new game, Solitaire Crypto War, a play-to-earn (P2E) tournament game developed internally and published by its subsidiary, Memoriki. This Android game will be available globally, excluding South Korea and China. Memoriki, established in 2009 and originally based in Hong Kong, was acquired by Me2on earlier this year, broadening Me2on’s reach in the gaming market.Photo by Erik Mclean on UnsplashPVP card gameSolitaire Crypto War, developed from Me2on Group’s Solitaire IP, is a card puzzle player-versus-player (PVP) game that has amassed over 130 million global downloads. Players can engage in the classic Solitaire game against multiple opponents, competing to achieve the fastest clear times. The game ensures fair competition by matching players under identical conditions, with the highest scorer emerging as the winner. Designed for fast-paced gameplay, it pairs players of similar skill levels. Additionally, each season introduces unique events like puzzle piece collecting, Monopoly, and Powerball games, offering various rewards.Available in both free and paid optionsSolitaire Crypto War is a free game, but it also offers a feature where users can opt to use cryptocurrencies like ETH, USDT, USDC, UNI, LINK, MATIC and MEV to participate in competitions against other players and win prizes. The game boasts a variety of modes, including PVP battles, challenges and tournaments, enhancing its appeal. Additionally, its integration with Face Wallet enables users to log in using their social accounts, eliminating the need for a separate wallet installation, thus simplifying the gaming experience.Event running until Dec 28In celebration of the official launch of Solitaire Crypto War, Me2on has planned an opening event running until Dec. 28, providing various benefits to its users. Everyone accessing the game during this event period will receive a welcome package. Additionally, players can engage in various activities such as the game review challenge, ticket triumph challenge, and community quest takedown to receive items daily, enhancing their gaming experience and rewarding their participation.Cho Choong-hyeon, who leads Me2on’s Blockchain Game Division, expressed that the company has integrated blockchain technology to bring the classic card game Solitaire into the Web3 realm. He emphasized that this move allows Solitaire to evolve into a play-to-own (P2O) game, where users can directly own their gameplay achievements. Cho also highlighted Me2on’s dedication to being at the forefront of the Web3 market, which he believes is set to transform the paradigm of the gaming industry.

Ninety Eight launches web3 startup fundNinety Eight, a dynamic ecosystem of Web3 innovators, has unveiled its latest venture, a $25 million ecosystem fund.The company is headquartered in Ho Chi Minh City, Vietnam, with the objective of founding and funding blockchain companies that make Web3 accessible to everyone. The firm was founded by Le Thanh, alongside co-founder and CEO Nguyen Vinh.Photo by Markus Winkler on UnsplashFocus on AsiaThe announcement, made via a blog post to the company’s website on Tuesday, indicates that the fund will support the development of Web3 startups within the Asian region.The project’s primary objective is to nurture the growth and advancement of Web3 startups within a crypto and blockchain sector in Asia that continues to progress and evolve. Ninety Eight takes an approach that encompasses both financial backing and strategic guidance for handpicked startups, with a dedicated team working in tandem to provide insights and facilitate access to its extensive network of industry collaborators.Leveraging ecosystem infrastructureNinety Eight maintains that entrepreneurs can harness its infrastructure and draw upon the depth of its ecosystem. One of the key components of that ecosystem is Viction, formerly known as Tomochain.Viction is a layer-1 blockchain boasting zero-gas transactions and cutting-edge security features. The project claims that Viction creates the ideal conditions for projects to broaden their horizons and enhance their prospects of success.C98 tokenA defining feature of the ecosystem fund is its emphasis on promoting the utility of its native token, C98. Originally conceived as a wallet token, C98 has since transformed into an instrument for propelling Web3 innovation. With its versatile applications, Ninety Eight claims C98 holds the potential to revolutionize the way Web3 applications are conceived, deployed and utilized. Through the ecosystem fund, the company mission is to bolster startups capable of harnessing C98 to craft inventive and impactful solutions.Ninety Eight has incorporated Arche Fund within its offering, with it assuming the role of fund custodian. It also plays a part in overseeing the fund and closely collaborating with selected startups to unlock their full potential. Arche Fund offers value-added programs while equipping partnering businesses with essential tools, resources and invaluable networks.By propelling their pioneering vision, we empower our partners to transform their aspirations into reality. CEO Thanh Le articulated the firm’s mission, stating:“Our path forward is guided by one principle — we are builders backing builders. Thanks to the incredible community that has brought us to where we are today, we are determined to give back. We believe that by supporting talented builders and providing them with the necessary resources, we can drive the adoption of Web3 technologies and shape the future of the decentralized internet.”The firm previously launched its Vietnam Future Fund earlier this year, with a view towards concentrating on propelling Vietnamese Web3 startups forward.Prospective startups considering applying for funding from the Ninety Eight ecosystem fund are being encouraged to submit their applications via the Arch Fund’s submission form.