Paxos launches USDG stablecoin in Singapore

SynFutures Completes Series B Funding Round and V3 LaunchSynFutures, the Singapore-based project behind the SynFutures Protocol and decentralized derivatives exchange (DEX) specializing in crypto perpetual futures, has successfully completed its Series B funding round of $22 million.In a big week for the DEX project, SynFutures also launched V3 of the protocol on public testnet, incorporating its updated automated market maker (AMM) model, Oyster AMM.Photo by micheile henderson on UnsplashPotential token launchThe Series B funding round was spearheaded by Pantera Capital, with participation from Singapore’s HashKey Capital, SIG DT Investments (a unit of the Susquehanna International Group), and other investors.Co-founder and CEO of SynFutures, Rachel Lin, stated that while the company is excited about its recent funding success, it is also open to the idea of launching a native token in the future. However, any such decision would be contingent on market conditions and regulatory considerations.Enabling decentralized crypto derivatives tradingThis Series B funding, which was initiated in 2022, marks a significant milestone for SynFutures, coming to a close nearly two and a half years after its Series A round that raised $14 million in June 2021. In total, the company has now secured approximately $38 million in funding to date. In an interview with The Block, Lin declined to indicate the company valuation associated with the recent funding round.SynFutures, established in 2021, serves as a decentralized exchange catering to the trading of crypto perpetual futures, a derivative product that allows traders to speculate on the future price of cryptocurrencies with leverage and without fixed expiration dates. This approach enables traders to rapidly profit or incur losses based on market price movements.While SynFutures operates on various blockchain networks, it currently ranks as the second-largest derivatives protocol on Polygon, with a total value locked (TVL) of over $6 million, according to data from DeFi Llama. The platform has facilitated over $22 billion in cumulative trading volume since its inception.Notably, SynFutures has introduced its latest platform public testnet version, V3, on the Ethereum testnet. The company aims to extend its support for multiple blockchains, including Polygon and zkSync Era, an Ethereum Layer 2 network, when the mainnet version goes live, scheduled for late this year to early next year. Previous iterations of the platform, such as SynFutures V2 and SynFutures V1, have been deployed on Ethereum, Polygon, Arbitrum, and BNB Chain.V3 FeaturesOne of the standout features of SynFutures’ V3 platform is its proprietary AMM model called Oyster. Lin clarified that Oyster AMM combines concentrated liquidity AMM (offering up to 26,666x boost) with the traditional order book model (providing unlimited liquidity boost).With Oyster AMM, SynFutures aims to compete directly with centralized exchanges. The project’s Chief Marketing Officer (CMO) Mark Lee maintains that the offering provides advantages over other decentralized platforms also. “While several projects, including dYdX, opt for a hybrid approach — integrating off-chain orders with on-chain settlements — the full on-chain methodology stands out for its inherent transparency and trustworthiness,” Lee told Blockworks.SynFutures currently maintains a team of approximately 20 individuals. With the latest funding infusion, the company plans to expand its workforce, particularly in engineering and business development roles, to further its mission of advancing decentralized derivatives trading.

Ripple Expands in Asia-Pacific with Full License to Operate in SingaporeEnterprise blockchain firm Ripple announced on Wednesday (UTC) that it has secured a full license to operate in Singapore, where it has established its Asia-Pacific headquarters since 2017.Photo by Sergio Sala on UnsplashFrom outline to full approval in 4 monthsThis development marks another step in Ripple’s strategic expansion within the Asia-Pacific region, known for its rapidly growing cryptocurrency market. Ripple’s journey to obtaining this full license began less than four months ago when the Monetary Authority of Singapore (MAS) granted it an initial in-principle approval in June. With the newly acquired full license, Ripple is now authorized to offer regulated cryptocurrency payment services in Singapore, a key financial hub in the region.Brad Garlinghouse, the CEO of Ripple, expressed his enthusiasm for the company’s continued growth in Singapore, stating:“We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore.”Global expansion strategyThe company also highlighted the fact that over 90% of Ripple’s business occurs outside the United States, making the Asia-Pacific region, and Singapore in particular, a vital part of its global expansion strategy.Monica Long, President of Ripple, explained in a recent interview with CNBC that the Singapore office has seen substantial growth in the past year due to the booming business opportunities in the Asia-Pacific region. This expansion aligns with Singapore’s leadership in crypto regulation in the region. The introduction of the Payment Services Act, which has been in effect since January 2020, has played a large part in that, regulating payment services and crypto services to the public.Singapore’s regulatory framework also includes requirements for crypto service providers to safeguard customer assets in statutory trusts by the end of 2023 and restrictions on facilitating lending or staking of retail customers’ assets. These measures ensure consumer protection and responsible growth in the crypto industry.Praising SingaporeGarlinghouse commended Singapore’s regulatory approach, stating, “Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs, striking the balance between innovation, consumer protection and responsible growth.” Ripple’s experience in Singapore differs entirely from the ongoing legal battle it has found itself in in the United States with the Securities and Exchange Commission (SEC).Both Ripple and Coinbase have found themselves embroiled in lawsuits with the regulator in the US. In Ripple’s case, the firm and its founders have been accused of unlawfully selling their native cryptocurrency XRP without registering it with the SEC. However, a landmark ruling in July determined that XRP, as a token, may not necessarily be classified as a security.Long spoke to the contrasting experiences the firm has encountered between the United States and Singapore. Long stated:”Being in Singapore a couple weeks ago felt like night and day compared to the US in terms of open dialogue with regulators, and thus being able to build innovative *and* compliant products.”Ripple, along with Coinbase and several other crypto firms, has criticized the lack of regulatory clarity in the US and has even considered relocating operations due to the SEC’s stringent regulatory stance. Notably, Coinbase also recently announced its successful acquisition of a major payment institution license in Singapore, following its in-principle approval obtained about a year ago.

Intella X Joins Hands with Chainlink Labs to Enhance SecuritySouth Korean gaming company Neowiz announced Wednesday that its blockchain gaming platform, Intella X, has forged a partnership with Chainlink Labs, the founder of the Chainlink blockchain oracle network, to further solidify its position as a secure and transparent blockchain gaming platform.Chainlink’s decentralized oracle network connects data both within and outside of the blockchain — also referred to as on-chain and off-chain — which enables developers to build Web3 applications with access to real-world data and off-chain computation across any blockchain.Photo by Shubham Dhage on UnsplashEnhancing security and transparencyThe joint collaboration aims to apply Chainlink Labs’ on-chain and off-chain data connection technology to Intella X. By doing so, they plan to enhance the security of Intella X’s various services, including blockchain games and non-fungible tokens (NFTs).To ensure transparency within its blockchain gaming platform, Intella X will utilize Chainlink Labs’ verifiable random function technology to generate random values during game operations without compromising security or usability, supporting fair gameplay for all users.Scaling the platformAdditionally, they are considering technical collaborations to increase the platform’s scalability by using Chainlink Labs’ Cross-Chain Interoperability Protocol, which enables connectivity between different blockchain networks through a single interface.Operating on the Polygon blockchain platform, Intella X offers various in-house platform services, such as its decentralized exchange (DEX) and its NFT launchpad and marketplace. The platform has also soft-launched the Android and web versions of its IntellaX Wallet — a Web3 wallet for Web2 and Web3 gamers — and is ready to expand its ecosystem.