Coin Oasis Founder Thinks UAE Set Up For Crypto Success

Terraform Money Trail Leads to Swiss BankAuthorities in both South Korea and the United States continue to advance their investigations into Terraform Labs, the Singapore-based company behind collapsed algorithmic stablecoin Terra USD (TUSD) and its South Korean CEO, Do Kwon, with the latest developments involving transfers made to a Swiss bank.©Pexels/Robert StokoeFollowing the moneyIn a lawsuit filed by the Securities and Exchange Commission (SEC) in the United States in February, the Commission claimed that Do Kwon and his company Terraform Labs transferred 10,000 Bitcoin to a Swiss bank. It now appears that the bank in question is digital asset banking specialist, Sygnum Bank.It’s understood that Do Kwon converted a large proportion of that Bitcoin into cash. According to Finbold, the Financial Securities Crime Joint Investigation Division at the Seoul Southern District Prosecutor’s Office has disclosed that it is following the digital asset trail to Switzerland in an effort to secure associated funds.LFG fundsThe funds are believed to have belonged to the LUNA Foundation Guard (LFG), an entity that was established with the objective of building reserves and safeguarding the USD peg of the Terra USD algorithmic stablecoin during volatile market conditions.Roughly 130 billion won, or $100 million, is being pursued, between digital assets and cash held within various Sygnum accounts. South Korean authorities had previously indicated that they were investigating transfers made by Do Kwon to a prominent Korean law firm. Earlier this week, they charged ten individuals connected to Terraform Labs with various offenses.During the press conference in which those charges were brought, the Seoul Southern District Prosecutor’s Office stated:”We have also confirmed that $100 million has been used in several places, not left in the Sygnum account as it is, and some transfers have been made to the Kim & Chang law firm account (at the attorney’s expense) and the remaining amount is about billions of won.”International complexityThis recent phase in the investigation is revealing the international nature of the case and the complexity that brings with it. Authorities in the United States and South Korea have submitted requests to have certain Sygnum Bank accounts frozen. Do Kwon and Terraform Labs are trying through the courts to have the SECs involvement dismissed on the basis that Terraform was a Singaporean company and Do Kwon a South Korean national, and on that basis they claim that the SEC lacks jurisdiction.Sygnum, being a Swiss entity will have to abide by what Swiss authorities instruct it to do relative to the Terraform-related funds held in accounts with the bank. Sygnum told Finbold that it couldn’t comment on whether it had received requests to freeze assets.The bank stated: “We can communicate that after the collapse of Terra in May 2022, on the basis of an official court order, Sygnum transferred more than 70% of the Bitcoin-sale FIAT proceeds into the escrow account of an international and to other reputable law firms.” It added that no Swiss or foreign authority has accused Sygnum of any wrongdoing.

Datachain Secures Funding from Japan’s MUFG to Advance Blockchain Interoperability InitiativesDatachain, a Japanese blockchain interoperability solution provider, has secured funding from Mitsubishi UFJ Financial Group (MUFJ), one of Japan’s largest banking institutions, according to a press release. This investment will boost their collaboration as they work together to advance ongoing initiatives involving stablecoins, security tokens, and cross-chain technology.Photo by Shubham Dhage on UnsplashGrowing token marketIn a joint report by the Boston Consulting Group (BCG) and Singapore-based investment platform ADDX, it is projected that the market for illiquid asset tokenization could reach $16.1 trillion by 2030 (as a conservative estimate) or potentially $68 trillion in a best-case scenario. This growth in the illiquid asset tokenization market, coupled with the expanding stablecoins and cryptocurrencies market, is expected to drive the overall digital asset market’s expansion.Cross-chain techDatachain will collaborate with MUFG and other partners to develop an infrastructure that enables the transfer of digital assets across different blockchains. Boasting prowess in cross-chain technology, Datachain has been conducting tests and collaborative research with numerous companies in Japan and abroad. Notably, Datachain has been working closely with MUFG to drive initiatives utilizing stablecoins scheduled for issuance and distribution through the Progmat Coin stablecoin platform.Moreover, Datachain, MUFG, and cross-chain bridge provider TOKI will form a three-way partnership aimed at commercializing the issuance and distribution of stablecoins on public blockchains like Ethereum between April and June 2024.Datachain is also collaborating with MUFG to promote cross-chain settlements involving security tokens based on stablecoins. Their goal is to realize this initiative in cooperation with securities firms by 2024.Starting with this new funding, Datachain plans to expedite its business expansion by seeking investments from other companies that can create synergies.Tomohiro Kimura, Director and Managing Executive Officer at MUFG, commented on the investment, emphasizing MUFG’s commitment to the digital asset market’s anticipated growth. According to Kimura, MUFG has established and promoted Progmat Coin in preparation for the expanding digital asset market. Highlighting that multi-chain and cross-chain transactions are essential to the future of digital assets, Kimura expressed delight over MUFG’s investment in Datachain, citing the blockchain company’s unparalleled expertise in key technology areas such as multichains and cross-chain transactions. He also highlighted MUFG’s increased involvement as a shareholder in Datachain, underlining its dedication to making a substantial impact in the digital asset market.

CMCC Global Launches $100 Million Fund for Asian Blockchain StartupsCMCC Global, a crypto-focused venture capital firm based in Hong Kong, has successfully raised $100 million for its newly established Titan Fund.That’s according to a report on Wednesday (local time) published by the South China Morning Post (SCMP). The fund is dedicated to providing crucial support to startups operating in Asia’s developing blockchain sector.Photo by Shubham Dhage on UnsplashProminent backersOver 30 prominent investors, including Winklevoss Capital and Animoca Brands Founder Yat Siu, have eagerly backed the initiative. Last month, CMCC led a funding round into Animoca. Among the notable investors joining this venture are EOS blockchain developer Block.one, Richard Li’s Pacific Century Group, and Hong Kong-based growth equity investment firm Jebsen Capital.The Titan Fund is structured to channel its capital into three primary investment categories: blockchain infrastructure, consumer applications, and crypto financial services. Martin Baumann, Co-Founder of CMCC Global, emphasized the fund’s commitment to fostering innovation in the blockchain space. He stated:“If Hong Kong continues on its route of embracing Web3, there will naturally be more and more entrepreneurs starting companies in that space. And we can be their first capital.”Exploiting Asia’s Web3 opportunityBased on commentary by Baumann earlier this year, the CMCC Global Co-Founder certainly believes that an opportunity has opened up in Asia where Web3 is concerned. In May Baumann told Bloomberg TV that regulatory issues unfolding in the United States represented an opportunity for Asia.In criticizing the US, Baumann stated:“The US has been quite negative from the regulatory perspective and it really seems to us that the US is shooting itself in the foot with a machine gun.”Developing upon the inherent opportunity implicated in that difficulty in the US, he said: “We see places like Hong Kong having a real opportunity at this point in time to bring those firms and entrepreneurs to the city.”There’s plenty of capital sitting on the sidelines waiting for the right entry valuations to pull the trigger,” he added.Hong Kong’s crypto ascendencyThe venture capitalist may have been right on both counts. This funding announcement coincides with Hong Kong’s resurgence in the crypto arena. Historically, the city had been home to industry giants like BitMEX and Alameda Research.Recent developments indicate that Hong Kong is actively collaborating with China to establish itself as a thriving hub for crypto innovation. The Chinese autonomous territory has been encouraging crypto start-ups on the Mainland to relocate to Hong Kong. In August, it granted licenses to HashKey Exchange and OSL to offer crypto trading services to retail traders.The Titan Fund’s successful capitalization demonstrates the growing interest and confidence in Asia’s blockchain ecosystem. CMCC Global, with its pool of investors, is aiming to play a pivotal role in supporting and nurturing the next wave of blockchain startups in the region.