Web3 Fashion Platform doDRESS Opens Pop-up Store in Seoul

Mitsui & Co. and Animoca Brands to Drive Web3 Innovation in Japan’s Digital LandscapeTokyo-based trading and investment company Mitsui & Co. (Mitsui) has announced today a strategic partnership with Hong Kong-based Web3 gaming firm Animoca Brands. This new partnership aims to utilize Mitsui’s extensive business network to foster new ventures that contribute to the distribution and advancement of Web3 technology in Japan. The companies will particularly focus on utilizing blockchain technology to address issues such as wellness and carbon credits.Mitsui expects this collaboration to strengthen its presence in the blockchain and digital assets space. The goal is to promote the development of a digital society and improve the lives of Mitsui’s customers.Photo by Shubham’s Web3 on UnsplashAnimoca Brands’ Web3 expertiseAnimoca Brands, a well-known company specializing in digital entertainment, blockchain, and gamification, has an impressive portfolio of over 450 Web3 investments. This includes popular non-fungible token (NFT) based online video game Axie Infinity and NFT marketplace OpenSea. Animoca Brands actively promotes digital property rights and the establishment of the open metaverse, a blockchain-based virtual space that ensures permissionless access and user ownership of data.Mitsui’s blockchain initiativeMitsui also initiated a blockchain-related project through its affiliate Mitsui & Co. Digital Asset Management (MDM). Just last month, MDM launched Alterna, a security token platform that grants retail investors access to previously inaccessible real-world assets (RWAs), such as large-scale real estate properties and infrastructure. To expand the reach of Alterna, MDM has partnered with Sony Bank, a member of the Sony Financial Group, to introduce the platform to the Tokyo-based online bank’s clients.

Crypto fund manager secures capital markets license in SingaporeDigital asset fund manager HashKey Capital Singapore celebrated a significant milestone on Tuesday as it secured a regulatory license from the local regulator and central bank, the Monetary Authority of Singapore (MAS).Photo by Mike Enerio on Unsplash‘Pivotal development’HashKey announced its regulatory success by way of a press release published to its website. This achievement, described by the company as a “pivotal development,” positions the firm to offer regulated fund management services primarily in connection with capital markets products from its Singapore base.Deng Chao, Chief Executive of HashKey Capital Singapore and Head of HashKey Singapore, expressed the company’s commitment to the local blockchain community, stating:“As a licensed fund management company, we are committed to contributing to the local blockchain community and playing our part in shaping its future.”Enabling product launchHaving initiated the licensing process in late 2021, HashKey Capital Singapore now plans to leverage its new status to launch a regulated fund and provide capital market products to local customers. The company envisions connecting blockchain experts and global capital to the local market, contributing to the advancement of the blockchain community in the region.Chao emphasized the company’s excitement about propelling blockchain-related capital markets products and investments further into the mainstream. This move is expected to open new possibilities for institutional and accredited investors in Singapore.Hong Kong presenceHashKey Capital falls under the overarching umbrella of Hong Kong-headquartered parent company HashKey Group. Company colleagues in Hong Kong have been busy in 2023, with a number of milestones having been achieved during the year.HashKey and OSL became the first digital asset exchange platforms to be licensed by the Hong Kong Securities and Futures Commission (SFC) as part of a new regulatory approach that allowed such platforms to offer their services to retail investors from June 1 onwards.A few months on from that and the company has been working towards increasing platform liquidity and trading volumes through a token rewards program and partnerships with market makers.At the end of October, the firm launched an exchange app, having received approval for the product from the local regulator. The firm has also bolstered customer deposit protection by way of a deal struck with fintech firm OneDegree to provide insurance cover for digital assets held on the platform.In April, a separate entity, HashKey Wealth, was formed, offering a wealth management service to both institutional and individual investors looking for exposure to digital assets.HashKey Singapore, inclusive of HashKey Capital Singapore, boasts a team of approximately 40 professionals covering various areas such as venture capital investment, fund management and over-the-counter trading of digital assets. The development follows HashKey Capital’s successful conclusion of a $500 million funding round, reinforcing its position as one of the largest crypto asset managers.Founded in 2015, HashKey Capital has played a pioneering role as an institutional investor in Ethereum, managing over $1 billion in client assets and making investments in more than 500 projects across infrastructure, tools and applications.During a funding round which the HashKey Group pursued earlier this year, it emerged that the company was being valued at $1 billion.

Over Half of Leading Korean Conglomerates Are Venturing Into Web3 and BlockchainMore than half of South Korea’s conglomerates are ushering in the emerging era of Web3 in an attempt to seize new business opportunities presented by a decentralized internet that permits open access and sharing of resources as well as ownership of personal data.Photo by Abbe Sublett on UnsplashSurging interest among Korea’s biggest enterprisesAccording to a survey conducted by local news outlet E Today, 46 of Korea’s top 82 corporations as designated by the Fair Trade Commission (FTC) are pursuing ventures in Web3 and blockchain this year, including those related to non-fungible tokens (NFTs), security tokens, and logistics chains. The survey examined whether the corporations had issued coins, tokens, or NFTs; whether they had corporate divisions or subsidiaries dedicated to blockchain-related projects; and whether they had made investments in blockchain or digital asset-related companies as well as coin and token issuance projects. It was conducted remotely using publicly disclosed information and press releases.Of the 82 total companies, 48 are under the mutual investment restriction system, which prohibits independent corporations from investing their capital in the form of an exchange. Commercial law prohibits mutual stock holdings between parent companies and their subsidiaries in order to prevent a processive increase in company assets through mutual investments. Of those 48, the survey revealed that 32 are engaged in blockchain and Web3-related projects.Nearly 60.42% of the mutual investment restriction group and 48.78% of the total survey group were found to have become involved in the field by signing business deals with blockchain and digital asset-related companies or utilizing blockchain technology themselves.On the other hand, only seven corporations, or 8.54%, had directly issued digital assets or invested in related companies. On the other hand, 26 firms, or 31.71%, invested in NFT-related businesses.Navigating the path to Web3 adoptionHowever, although Web3 is gaining traction as the next generation of future innovation, it has not yet become the dominant trend as Web3 platforms have yet to attract a significant user base. This hindrance can be attributed to the ongoing crypto winter and strict financial regulations.Woo Jong-soo, Director of the Pohang University of Science and Technology’s (POSTECH) Blockchain Research Center and a professor at POSTECH’s Graduate School of Information and Communication, also pointed out that in order for blockchain to exert its influence as an innovative technology, it should be open to the public like Bitcoin. There will be limitations in implementing centralized private blockchains into corporate businesses, he said.But despite these challenges, major leading companies are still pushing their own Web3 and blockchain projects. “The current situation is not an ideal time for diving into Web3 and blockchain businesses, but everyone is quietly preparing while waiting for regulatory uncertainties to be resolved,” said an anonymous developer working at a major corporation.Notably, Park Hye-jin, a professor at the Seoul School of Integrated Sciences and Technologies, revealed that she had received separate Web3 business consultation requests from several teams under the same division of a particular corporation and that these teams were essentially unaware of each others’ ventures into the field. The corporation, which ostensibly announced that it had closed its business, also continues to request consultations, she claimed, highlighting the corporate world’s acknowledgment of Web3’s potential.“Individuals can now monetize and have control over their data, which big tech companies like Facebook and Instagram used to own,” Park explained. “The essence of Web3 is that it is ushering in an era where users have the ability to take initiative.”