Ripple APAC executive predicts institutional adoption surge in 2024

India’s NPCI Looks to Recruit Blockchain TalentIndia’s National Payments Corporation of India (NPCI), a collaborative initiative led by the Reserve Bank of India (RBI) in partnership with 247 Indian financial services companies, is actively seeking an experienced blockchain technologist to spearhead efforts in exploring the potential applications of blockchain technology within contemporary payment systems.The NPCI, responsible for operating India’s Unified Payments Interface (UPI), a domestically developed instant payment system, plays a pivotal role in facilitating inter-bank peer-to-peer and person-to-merchant transactions across the country. The organization has recently posted a job listing for a Head of Blockchain on LinkedIn, demonstrating its interest in harnessing the power of blockchain technology.Photo by Siddharth K Rao on UnsplashIdentifying blockchain use casesThe ideal candidate for this critical role should be a seasoned technologist with a minimum of six years of hands-on experience in the development and implementation of blockchain solutions. Their primary responsibility will be to identify and evaluate potential use cases for blockchain-driven solutions within the payments ecosystem.Additionally, the senior leadership position demands a profound technical grasp of various blockchain platforms and a track record of involvement in at least two pilot blockchain projects.UPI has been a remarkable success in bolstering India’s payment infrastructure, so much so that other countries such as Singapore, Malaysia, the United Arab Emirates (UAE), France, Nepal, and the UK have expressed interest in adopting the UPI payment system to varying degrees.Potential blockchain integrationDespite UPI's runaway success, it’s likely that the NCPI foresees more change coming down the tracks with a need to respond appropriately. Recently, Indian billionaire businessman Mukesh Ambani suggested that his company, multinational conglomerate Reliance Industries (RIL), would delve further into the use of blockchain technology, particularly where central bank digital currency (CBDC) is concerned.V Subramanian, Managing Director of one of Ambani’s companies, Reliance Retail, stated that India’s digital rupee CBDC would eventually outperform UPI. Incorporating blockchain elements into UPI could potentially introduce blockchain technology to millions of users, instantly validating its transformative capabilities.The NPCI’s job posting for a blockchain leader has already garnered significant attention, with over 600 applicants expressing their interest at the time of publication. It is anticipated that the NPCI’s recruitment drive for blockchain expertise will expand in the near future as promising blockchain use cases are uncovered and developed.The NPCI has been paying attention to the development of blockchain technology over a number of years already. In 2020, it launched a project to build a blockchain-based payments platform called Vajra, albeit that it looked to implement a permissioned blockchain model to ensure that only authorized parties could access the network. Truly decentralized networks can’t control who chooses to use such networks.The blockchain is designed such that the NPCI acts as a Clearing House Node, with overall admin rights over the network. Its Notary Node level features Aadhaar authentication, with a view to securing the network. Participant Nodes feature authorized banks and payment services providers, who have the requisite permissions to read and write transactions on the blockchain.

Former Coinbase Japan CEO Joins Fidelity-Backed VCWell-known investment firm Eight Roads Ventures has recruited the former CEO of Coinbase Japan to join them as a partner within the firm.Eight Roads Ventures, a prominent investment firm backed by Fidelity with assets worth over $11 billion, has announced the hiring of Nao Kitazawa as a venture partner. Kitazawa brings a wealth of expertise and experience garnered at Coinbase Japan and elsewhere in the digital assets industry to the firm.In a recent LinkedIn post, Kitazawa expressed his excitement about joining Eight Roads Ventures to pursue his passion for fintech and Web3. He acknowledged the firm’s successful track record of supporting innovative and disruptive companies and considered it an honor to be part of such an organization.Photo by Marten Bjork on UnsplashCoinbase exited JapanKitazawa’s tenure at Coinbase Japan came to an end earlier this year, coinciding with Coinbase’s decision to exit the Japanese market due to prevailing “market conditions.” His appointment at Eight Roads Ventures indicates the increasing interest and involvement of Fidelity, the firm’s backer, in the cryptocurrency space.Fidelity has been making significant strides in the crypto industry. EDX Markets, a crypto exchange backed by Fidelity, recently announced its launch despite regulatory challenges from the United States Securities and Exchange Commission (SEC) and a bearish market environment.TradFi heavyweight in cryptoFidelity is probably the standout heavyweight firm from traditional finance which has stepped foot in the crypto space from early on. It has done so through Fidelity Digital Assets, its crypto arm. The subsidiary company quietly rolled out its trading platform this year, providing millions of users with commission-free trading of bitcoin and ether. Additionally, Fidelity has been expanding its crypto research team, demonstrating its commitment to the industry.Headquartered in Bermuda, Eight Road Ventures positions itself as a global venture capital firm that helps entrepreneurs scale. It backs and partners with game-changing technology and healthcare companies, with a presence in China, Europe, India, and Japan.Eight Roads has also been actively investing in various crypto startups, including Fireblocks and Kaiko. Kitazawa’s appointment is expected to bring significant value to the firm’s portfolio, leveraging his knowledge and insights gained from working in the cryptocurrency sector.Originally known as Fidelity Ventures, Eight Roads Ventures has been involved in investments since 1969, initially operating out of Boston. Recently, it launched a $350 million technology investment fund in China and a $250 million healthcare and life sciences fund in India, demonstrating an interest in pursuing emerging opportunities in Asia.Shifting strategic focus overseasWith the addition of Nao Kitazawa as a venture partner, Eight Roads Ventures reinforces its position as a leading investment firm with a keen interest in the evolving landscape of fintech, Web3, and cryptocurrencies. It’s likely that the firm recognizes what way the regulatory winds are blowing, and with that, it’s bringing on board someone of Kitazawa’s caliber, with expertise outside of the US.Against the backdrop of a currently adverse regulatory environment in the US, earlier this month US VC giant Andreessen Horowitz (a16z) opened its first international office in London, in what many perceived to be a move towards a more regulatory progressive environment relative to the emerging digital assets sector.

OKX Strengthens Partnership with Manchester City Football ClubSeychelles-based crypto exchange OKX has announced the expansion of its sponsorship deal with Manchester City Football Club, the treble-winning English Premier League soccer champions.The announcement was made through a virtual reveal video featuring player avatars, presented at Manchester City’s Etihad Stadium. News of the deal was also posted on the English club’s website on Friday.While the valuation of the deal remains undisclosed, the collaboration signifies a significant milestone for both parties. The new agreement, which spans multiple years, establishes OKX as the official sleeve partner on both the men’s and women’s first-team playing kits.Photo by Giero Saaski on UnsplashExtended partnershipUnder this extended partnership, the OKX logo will be prominently displayed on the sleeves of Manchester City’s playing kits, solidifying its position as a key sponsor. Additionally, OKX will retain its presence on the club’s training kit sleeve.City Football Group, the holding company that owns Manchester City and other soccer teams like New York City FC and Melbourne City FC, oversees the management and operations of the club.OKX initially became Manchester City’s official cryptocurrency exchange partner in March 2022. Subsequently, in July of the same year, the exchange secured a sponsorship deal to feature its logo on the front of the club’s training kit throughout the 2022/2023 season. At the time, the agreement was reported to be valued at over $12 million.OKX CollectiveIn February, OKX launched the “OKX Collective” alongside Manchester City players Jack Grealish, Rúben Dias, Ilkay Gündoğan, and Alex Greenwood. This immersive metaverse fan experience offered exclusive content and rewards, allowing fans to engage with the club in a unique way.OKX’s CMO Haider Rafique expressed satisfaction with the evolving partnership, stating: “Manchester City was our first official global brand partnership, and in just a year and a half, we have come a long way. We always intended to integrate with the sport and help the club lead on leaning into Web3. Fast forward fifteen months, we now have a metaverse, an NFT initiative, and a number of other new projects that we are excited about.”Additional sports sponsorshipsBesides Manchester City, OKX has also established partnerships with other prominent sports brands and athletes, including McLaren Formula 1, the Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.While OKX’s partnership with Manchester City strengthens its global fan base, it’s worth noting that the sale of crypto derivatives, a product offered by OKX, was effectively banned by the UK’s financial regulator in January 2021. Consequently, OKX and other crypto exchanges have refrained from advertising such services in the country.As the Premier League clubs have collectively agreed to restrict gambling sponsorships on team shirts, there are concerns that similar restrictions may be imposed on crypto company sponsorships. However, any such developments are expected to be some years away, as the changes regarding gambling sponsorships are scheduled to take effect in the 2026/2027 soccer season.Marketing spend by crypto firms has sobered up quite a bit since the heady heights of the last bull run. However, OKX remains one entity which has been fairly consistent in continuing its marketing efforts regardless of market conditions.