Hana Bank to Establish Joint Digital Asset Custody Venture with BitGo

Shanghai’s Blockchain Development Plan Paves the Way for Web3 InnovationShanghai has set its sights on a global leadership role in blockchain technology by 2025. This commitment comes following the recent unveiling of an action plan by the Shanghai municipal government, designed to accelerate the city’s blockchain technical development.The plan, published on Wednesday, places emphasis on several critical aspects of the blockchain ecosystem, reaffirming Shanghai’s dedication to advancing Web3 technologies.Photo by Vin Jack on UnsplashTargeting key areas in blockchainUnder this comprehensive plan, Shanghai aims to achieve significant breakthroughs in multiple key areas within the blockchain realm. These include enhancing blockchain system security, advancing cryptographic algorithms, developing specialized blockchain processors, refining smart contract capabilities, achieving cross-chain interoperability, optimizing storage solutions, enhancing privacy computing, and establishing robust regulatory frameworks.These advancements will serve as pillars supporting the city’s digital transformation across various sectors, such as government affairs, cross-border trade, supply chain management, finance, the metaverse, and data element circulation.Human capital development stands as a central pillar of Shanghai’s blockchain strategy. To ensure a well-rounded and skilled workforce in the blockchain industry, the plan encourages research institutes and companies to leverage China’s foreign talent recognition standards to attract blockchain professionals.Furthermore, the city aims to guide educational institutions and businesses in nurturing young talents within the blockchain sector. Interdisciplinary and cross-industry platforms will be created to facilitate talent exchange and provide opportunities for growth and leadership.Zeroing in on ZK proofsOne notable objective within the plan is the advancement of zero-knowledge proofs, a cryptographic technique enabling parties to validate the authenticity of statements without disclosing specific information. Shanghai is committed to improving the efficiency and usability of zero-knowledge proof protocols, with a clear target of doubling efficiency by 2025.Major Chinese tech giants, including Alibaba and Tencent, have been actively developing their consortium blockchains while contributing significantly to the country’s leadership in blockchain innovation. Additionally, Beijing released a white paper in May with a strong emphasis on fostering growth and innovation in the Web3 industry. This positions the city as a global hub for digital economic advancements.Building upon 3-year action planShanghai’s determination to excel in blockchain development is not a recent occurrence. In June, the city unveiled a comprehensive document outlining its ambitious plans to enhance blockchain infrastructure by 2025. It also explored potential collaborations with international cities like Hong Kong and Singapore to test cross-chain applications. Despite China’s strict measures against cryptocurrency transactions in September 2021, the country remains optimistic about the potential of domestic blockchain technology.Shanghai’s ambitious blockchain development plan underscores China’s determination to lead in the blockchain space and reinforces its commitment to technological innovation and digital transformation. Leveraging its strengths in research, talent cultivation, and strategic partnerships, the city “on the sea” is positioning itself to make substantial contributions to the evolving landscape of Web3 technologies. By 2025, it aims to emerge as a global leader in blockchain innovation, setting a precedent for other cities worldwide.

Sygnum Bank, a digital asset bank based in Switzerland and Singapore, has conducted a survey which has identified that investors in Singapore are more interested in increasing their allocation to crypto than their international peers. The bank’s 2024 Future Finance survey states that while a global average of institutional investors of 47% plan to increase their exposure to crypto next year, in the case of Singapore-based institutional investors, 57% of them expressed the view that they would increase their crypto holdings in 2025.Photo by Precondo CA on UnsplashThe report states:  "Singapore investors exhibit a higher risk appetite and motivation to invest on average than respondents from other countries.” The annual survey, which was published on Nov. 14, collated insights garnered from more than 400 institutional and professional investors, distributed across 27 countries, with average investor experience of in excess of 10 years. 121 of the survey’s participants were based in Singapore, with the survey having been conducted during Q3 2024. Long-term confidenceSingaporean respondents suggested that they were confident in the long-term potential and outlook where cryptocurrencies are concerned. While the main reason for investing in crypto was to gain exposure to digital assets in line with a global trend (56%), 41% of respondents from the city-state cited portfolio diversification as their reason for investing in the emerging asset class.  75% of investors expressed the belief that regulatory clarity has improved recently. Growing confidence among institutional investors generally is likely to be developing due to increasing certainty relative to digital asset regulation. While Donald Trump had not been elected in the United States at the time that survey participants responded, it was looking increasingly likely that he would win the election.  That’s likely to have had a bearing on investor outlook, not just within the United States but internationally, given the implications in terms of positive regulation and an overall positive approach to crypto. 39% of Singaporean respondents cited yield-generation opportunities as their motivation in investing in digital assets. The recent advent of spot crypto exchange-traded funds (ETFs) stood out as another motivation for investors.  Breaking down specific areas of interest within the crypto sector, 71% of Singaporean respondents were interested in investment in layer-1 blockchain networks. Meanwhile, 56% expressed an interest in Web3 infrastructure investment options, with 41% showing an interest in layer-2 blockchain networks. Interest in asset tokenizationIn relation to tokenization, 47% of those surveyed in Singapore indicated an interest in tokenizing mutual funds and corporate bonds over and above other financial assets and products. When first proposed, real estate was considered the most obvious asset primed for tokenization but mutual funds and corporate bonds now appear to be gaining more traction. Asset tokenization has been garnering considerable attention in mainstream finance but especially so in Singapore. Local regulator, the Monetary Authority of Singapore, (MAS) has been running Project Guardian, a collaboration between MAS and the financial services industry with an emphasis on asset tokenization. The project recently brought in the German central bank, the World Bank, HSBC and markets infrastructure firm Euroclear as participants. 

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.