HashKey secures $30M in funding from Chinese VC firm

Japanese investment firm Metaplanet has increased its Bitcoin holdings, purchasing an additional 20.195 BTC for approximately 200 million yen ($1.2 million), as announced after the Tokyo Stock Exchange closed on Monday. This acquisition brings the firm's total holdings to 161.2677 BTC, valued at over $10.1 million. According to The Block, the recent purchase is part of a broader strategy, initiated with the company's decision to allocate 1 billion yen ($6.3 million) for Bitcoin acquisitions funded by an upcoming bond issuance. This move follows a previous buy in June worth 250 million yen.Photo by Traxer on UnsplashStrategic investment responseMetaplanet's investment strategy mirrors that of U.S.-based MicroStrategy, which has significantly integrated Bitcoin into its treasury assets. MicroStrategy currently holds 226,331 BTC, amounting to more than 1% of the total Bitcoin supply. Citing economic challenges like high government debt and the depreciating yen, Metaplanet views Bitcoin as a hedge against economic instability. Following Metaplanet’s latest acquisition, its stock saw a 1% rise on Monday, with an overall increase of 233% since it began investing in Bitcoin. 

Web3 entertainment platform Playbux is set to embark on a public token sale in a departure from the more established initial coin offering (ICO) model favored by many crypto and Web3 platforms in the past.Photo by Mackenzie Marco on UnsplashFair community offering (FCO)Aiming to raise $150,000 later this month Playbux, a blockchain-based e-commerce metaverse platform that runs on the BNB chain, has opted for a fair community offering (FCO). As part of the FCO, it will provide pre-listing access exclusively to engaged users through Dubai-headquartered crypto investing platform Raiser, backed by Visa. In a series of posts on social media platform X on Monday, Raiser set out what it plans to bring to market by way of the FCO model.  According to the startup, FCO involves ranking project users based on on-chain activity, referrals, participation in educational quizzes and following the platform's X profile.  As the company puts it, “engagement is the king. The more interactive challenges you complete - the higher you climb on the Raiser.co leaderboard.” Users, depending on their ranking, gain the opportunity to invest in the project's token before its official listing on centralized exchanges. Raiser is being supported in its FCO model offering by market maker Kairon Labs. An alternative to ICOsThis community fundraising mechanism emerges as an alternative to ICOs, which, in the earlier days of crypto, became associated with fraudulent activities. The surge in ICOs between 2017 and 2018 led to a mix of success stories, like Ethereum raising $18 million in 2014. However, the funding mechanism was sharply criticized as it also attracted unsavory actors due to the lack of reporting requirements and accounting standards. In the aftermath of the ICO era, centralized crypto exchanges now mandate projects to lock a portion of their token supply at launch and vest some supply to prevent excessive dumping by investors. Raiser co-founder Kori Leon, who previously worked on the listings team at Binance, notes that Raiser's FCO process aligns with these stricter listing requirements while offering community members pre-listing token access, potentially reducing the urge to sell tokens immediately upon listing. Leon stated:”Our goal is to effectively support both the community and centralized exchanges, who show belief in the potential success of new projects through initial listings. Our unique platform rewards active community members and so assists exchanges in their strategic decisions.” Playbux's PBUX token, part of Binance Labs' incubation program and included in Visa's Asia Pacific 2023 accelerator program, will undergo a public FCO in late January, according to Leon. The metaverse-focused platform is known for its shop-to-earn experiences and customizable avatars. Playbux was founded by Thai entrepreneurs Tay Sitthisaktanakul and CEO Sarun Vichayabhai in 2022. This move by the firm through the utilization of FCOs signifies a shift away from the tarnished ICO model, acknowledging the importance of community engagement and responsible token distribution. 

Hong Kong’s GSBN Takes Lead in Blockchain LogisticsIn recent years, the logistics industry has seen an increase in the use of blockchain technology to streamline supply chains and provide greater transparency to customers. While some major players, like Danish firm Maersk, have terminated their blockchain-based platforms, others are bullish on the long-term potential of the technology.©Pexels/Ben CheungA blockchain-based shipping platformOne such player is the Hong Kong-based Global Shipping Business Network (GSBN), a nonprofit consortium focused on blockchain trade applications. According to a report by the South China Morning Post, GSBN operates one of the world’s largest platforms as an alternative to Maersk’s TradeLens tool. Since launching its blockchain-based shipping platform in 2021, GSBN has partnered with major shipping companies and terminal operators such as Cosco, Orient Overseas Container Line, Hapag-Lloyd, Hutchison Ports, SPG Qingdao Port, PSA International, Shanghai International Port Group, and Cosco Shipping Ports.The platform, based on a permissioned blockchain with strong data governance, allows only authorized parties to contribute and consume shipping-related data. The organization believes that blockchain is a crucial logistics tool in the long term, and its adoption may take another decade.Blockchain inevitable amid continued digitizationGSBN CEO Bertrand Chen is confident in the potential of blockchain technology, saying that global trade will not continue to rely on “pen and paper” by 2032. He believes that blockchain has the potential to help the industry transform in response to supply issues triggered by events such as COVID-19.“Because of COVID-19, because you have to change the process, I think this is one of the regular use cases of blockchain” . . . “Probably that’s better than NFTs of digital art. NFTs of documents for global trade — this will be the real killer use case.”While Chen acknowledges that China has taken the lead in blockchain logistics due to its significant investment in the industry, he believes that GSBN has global ambitions and is working to attract more European shipping lines. The nonprofit even hopes to onboard Maersk one day, but Chen admits that such a scenario “may be slightly challenging.”Emerging Web3 hubHong Kong has also emerged as a major hub for Web3 and cryptocurrency, with the local government taking action to adopt clear industry regulations. Despite a blanket ban on crypto in China, some Chinese government-related firms have reportedly been growing interested in crypto investment, with state-owned firms like insurer CPIC launching crypto-related funds in early April.Blockchain technology has the potential to revolutionize global trade and supply chain management, providing greater transparency and efficiency. However, widespread adoption may still be years away, and companies will need to navigate regulatory and technical challenges to fully leverage the benefits of blockchain.While some logistics firms may have terminated their blockchain-based projects, others like GSBN remain optimistic about the potential of blockchain technology in global trade. With major shipping partners and terminal operators already onboard, GSBN has a solid foundation to build on as it continues to attract more players to its platform. As the world becomes increasingly digitized, blockchain may be a crucial tool for the logistics industry to transform and adapt to new challenges.