Gemini Opening Engineering Center in India

Laser Digital Expands Global Presence with New Tokyo OfficeLaser Digital Asset Management, the digital asset subsidiary of Japanese financial giant Nomura, is taking significant steps in its global expansion strategy by opening a new office in Tokyo, Japan. That’s according to a statement published by the firm on Monday.Photo by Jaison Lin on UnsplashNomura executive appointmentTo lead this strategic move, Hideaki Kudo, a seasoned professional with a distinguished career at Nomura, has been appointed as the Representative Director and Head of Laser Digital’s Japanese operations.Kudo’s impressive journey within the Nomura Group began in 2007 when he joined Nomura Asset Management, where he later held the position of Senior Portfolio Manager. Over the years, he played a pivotal role in contributing to the group’s success. His expertise caught the attention of Nomura’s Digital Company, where he served as an Executive Director, responsible for shaping the group’s digital asset strategy. Kudo’s track record includes spearheading essential projects such as the development of security tokens and orchestrating Japan’s first-ever real estate security token offering.Commenting on his new role at Laser Digital, Kudo expressed his excitement, stating:“It’s exciting to join Laser as they expand operations to Japan. Since 2019, I have been managing Nomura’s advancements into the digital asset space, and I am delighted to now join the Laser team on their journey.”Earlier this year the firm strengthened its venture capital arm through the appointment of industry veteran Florent Jouanneau as a new partner.Zurich-headquartered Laser Digital, launched by Nomura last autumn, is led by Co-Founders Steven Ashley and Jez Mohideen. Ashley, a former leader of Nomura’s wholesale division, emphasized the importance of having 24/7 operational management to optimize support for their trading business.Setting their sights on Japan for expansion into the Far East, Kudo’s extensive experience at the Digital Company is expected to be invaluable for Laser Digital’s development and growth. Laser Digital uniquely combines the discipline and capabilities of global investment banking with the expertise of a crypto-native team.Broader expansion strategyLaser Digital’s expansion into Japan aligns with a broader trend of crypto companies seeking growth opportunities in Asia, as noted by Laser Digital CEO Jez Mohideen. In a recent interview, Mohideen expressed optimism about the crypto ecosystems in Japan and Hong Kong, highlighting the potential for significant growth in the region.He also emphasized the importance of regulatory clarity in Asia and the Middle East, suggesting that these factors would play a pivotal role in driving crypto adoption. In August, Laser Digital secured a crypto license from Dubai’s virtual asset regulatory authority, enabling the provision of virtual asset broker-dealer and investment services from its Dubai entity. Last month the company received in-principle approval from the Abu Dhabi Global Market (ADGM), further solidifying its presence in the Middle East.As Laser Digital continues to expand its global footprint, the appointment of Hideaki Kudo and the establishment of a new office in Tokyo mark significant milestones in the company’s journey to provide comprehensive digital asset solutions to clients worldwide. With Kudo’s leadership and Nomura’s backing, Laser Digital is attempting to position itself for further success in the burgeoning crypto industry.

Asian fund acquires majority stake in The BlockIn the wake of certain difficulties experienced following the FTX collapse, prominent crypto publication The Block has secured its future through a strategic sale to Singapore-based venture capital group Foresight Ventures.Taking to the X platform on Monday, The Block’s CEO Larry Cermak announced the acquisition, with Foresight Ventures taking a majority stake in the publication. The deal results in a valuation of the US media group at $70 million. Cermak stated:”This [transaction] gives The Block a fresh start ahead of the bull market and provides us with more capital to build out new exciting products and expand our footprint into Asia and the Middle East.”Cermak also thanked New York-based investment bank Moelis & Company for its help in running the process.Photo by Kelly Sikkema on UnsplashFTX controversyThe sale should allow the firm to move on from a difficult situation which saw it implicated in the activities of convicted fraudster and former FTX CEO Sam Bankman-Fried (SBF). The fallout from the collapse of the FTX exchange in November of last year included the revelation that The Block had relied on undisclosed loans from SBF to sustain its operations.Michael McCaffrey, the former CEO of The Block, resigned last December after it was disclosed that he had borrowed $43 million from SBF’s Alameda Research, a crypto trading company. This financial arrangement was allegedly aimed at supporting the media company and facilitating property acquisitions.Following the conviction of SBF on charges of fraud and money laundering in New York earlier this month, The Block faced challenges and turned its focus towards building a more robust institutional customer base. The media group has been actively engaged in compiling industry deals and offering subscription-based news services.McCaffrey had taken loans totaling $27 million to buy out shareholders and support the media group, with an additional $16 million used for property acquisition in the Bahamas. The financial arrangement with Alameda was undisclosed to the broader team at The Block, as revealed by Bobby Moran, the company’s chief revenue officer at the time.It’s still unclear if McCaffrey has repaid these loans to the FTX Debtor that is currently managing the FTX business. FTX filed for Chapter 11 bankruptcy in November 2022 and with that, it is in the process of being restructured.$56 million investmentAs part of the deal, Foresight Ventures will invest $56 million, securing an 80 percent stake in The Block, according to a source cited by the Financial Times (FT). The investment is a strategic move, especially considering the recent slowdown in venture capital investment in the crypto market.While investors injected approximately $30 billion into crypto projects in both 2021 and 2022, the figure plummeted to $7 billion by the end of September of this year, according to PitchBook.Foresight Ventures CEO Forest Bai confirmed to the FT that The Block will continue to operate as an independent business. Bai stated: “We think The Block is one of the crown assets in the crypto media space. Our view is that the media aspect will continue to drive education and adoption in the space.”

Huobi Co-Founder Acquires 10 Million CRV TokensJun Du, Chinese Co-Founder of Seychelles-headquartered global crypto exchange Huobi, has recently completed the purchase of 10 million curve tokens (CRV) from Curve founder Michael Egorov.Photo by Growtika on UnsplashCurve protocol loan exposureThe transaction amounted to $4 million and is part of Egorov’s ongoing efforts to mitigate his at-risk loan exposure, a further consequence of last week’s $52 million hack of the Curve DeFi protocol.Initially, Du expressed his interest in acquiring 10 million CRV tokens at the prevailing rate of $0.40. This price aligned with multiple over-the-counter (OTC) agreements between Egorov and various cryptocurrency individuals. According to a report by The Block, Du later confirmed the purchase through a Twitter direct message, revealing that he had chosen to lock up the acquired tokens as veCRV. This lock-up mechanism grants voting rights within the Curve platform while requiring the tokens to remain locked for a specified duration.“I intend to uphold this lock-up for at least a year, with optimism for continuous improvements within the Curve ecosystem,” Du stated, highlighting his commitment to the project’s long-term growth.On his Twitter account, Du emphasized his unwavering support for Curve, drawing parallels to his past backing of BendDAO during a liquidity crisis. He clarified: “Challenges faced now are transient, and collective support will foster a stronger industry.”Alongside being a Co-Founder at Huobi, Du holds the positions of CEO at New Huo Tech, a digital asset service platform, and Co-Founder and General Partner (GP) at the Web3 fund ABCDE.Ongoing token sell-offIn actively managing liquidation risk, Egorov is persistently offloading CRV tokens to bolster his loan position, given his significant exposure. He has utilized multiple DeFi lending platforms to secure loans, predominantly employing CRV tokens as collateral to borrow stablecoins. His borrowing activity on platforms like Aave alone has involved $56 million in stablecoins against $149 million worth of CRV collateral.Egorov’s health ratings on these platforms have improved recently, hovering around 1.67 or higher. Nonetheless, there remains a lingering risk associated with potential liquidation of his positions if CRV’s price were to dip substantially. This could potentially lead to bad debt scenarios for the platforms, particularly due to the substantial proportion of CRV supply involved.Sales of 72 million CRVEgorov’s token sales have amounted to 72 million CRV, according to Nansen analyst Sandra Leow. Notable recipients of these tokens include Tron Founder Justin Sun, crypto trader “DCFGod,” and Andrew Kang, Co-Founder of Mechanism Capital.Aave Chan Initiative, an entity tied to the Aave protocol, has proposed that the Aave treasury allocate funds to purchase up to $2 million worth of CRV tokens. The intention is to lock up these tokens as veCRV for an extended period, potentially up to four years. This move is aimed at further reinforcing the stability of CRV’s market dynamics.