Litigation set to fuel Bitcoin accumulation at Genius Group

Real-World Asset Investment Platform Alterna Launches in JapanMitsui & Co. Digital Asset Management (Mitsui & Co. DAM) has unveiled Alterna, a novel platform designed to offer retail investors the chance to invest in real-world assets (RWAs). The service launched on Monday following receipt of the necessary regulatory approvals.Photo by Louie Martinez on UnsplashRWA-backed security tokensAlterna enables users to conveniently invest in RWAs that generate stable rental income and other returns. RWAs encompass a wide range of assets, including large-scale real estate properties and infrastructure such as logistics facilities and power plants. By offering security tokens, Alterna opens the door to previously out-of-reach investment opportunities, allowing individuals to invest with a minimum of 100,000 yen. This new service represents an exciting alternative for individuals traditionally more comfortable with cash savings.The first investment opportunity on the platform will be “Stage Grand Nihonbashi Ningyocho,” a residential building located in the Nihonbashi district. The application begins on June 2.The platform’s name, Alterna, emphasizes its role as an alternative investment service, offering a fresh approach distinct from conventional options such as bank deposits, stocks, and investment trusts.More effective portfolio managementCompared to traditional investment types like stocks and bonds, RWAs offer unique risk-return characteristics. With RWA-backed investments, investors can potentially achieve more effective portfolio management. These alternative assets have been garnering interest from institutional investors as well.The Japanese Government Pension Investment Fund (GPIF), the world’s largest institutional investor, has been investing in alternative assets since 2014. To pursue yields, the GPIF has been expanding its investment portfolio in real assets like real estate and infrastructure.Easy investment with smartphonesTraditionally, retail investors encountered difficulties investing in large-scale real estate and infrastructure assets. Mitsui & Co. DAM aims to establish an environment where such investments can be made easily via security tokens using smartphones.Interest in Alterna has been substantial even before its official launch, with over 10,000 pre-registrations recorded earlier this month.

Coins.ph partners with Paxos to further PYUSD adoptionCoins.ph, the Philippines’ leading cryptocurrency exchange, has forged a strategic alliance with Paxos Trust Company, a New York-based institution specializing in blockchain, aiming to propel the adoption of PayPal USD (PYUSD) for seamless cross-border remittances.Photo by C Bueza on UnsplashTargeting fourth largest remittance marketThe Southeast Asian firm outlined details of the partnership via a blog post published to its website on Tuesday. The integration of PYUSD into Coins.ph marks a significant milestone, providing Filipinos with a secure and convenient avenue for transferring funds across borders to their loved ones. Wei Zhou, CEO of Coins.ph, emphasized the foresight in prioritizing the growth of USD stablecoins, particularly PYUSD, acknowledging the Philippines as the fourth largest remittance-receiving country globally, with over 40% of these remittances originating from the United States. Zhou stated:“With PayPal behind it and its availability on platforms such as Venmo and Xoom, PYUSD is set to become one of the most widely used stablecoins in the world.”PYUSD is a U.S. dollar stablecoin promoted by American multinational payment system PayPal and issued by Paxos.Nick Robnett, Senior Director of Customer Success at Paxos, echoed Zhou’s sentiment, stating that PYUSD stands as the safest dollar-backed stablecoin accessible to global institutions and consumers. This regulated digital asset enables Coins.ph users to send U.S. dollars swiftly and affordably, challenging conventional remittance networks and providing enhanced access and economic freedom.Asian expansionThis latest collaboration in the Philippines comes hot on the heels of similar in-roads made elsewhere in Southeast Asia. In Singapore, Paxos has partnered with Crypto.com, an entity that is headquartered in the city-state. The local regulator, the Monetary Authority of Singapore (MAS), had outlined a new regulatory framework for stablecoins in August, making conditions right for Paxos to further develop its PYUSD offering from that location.It got a further boost last week when MAS awarded its local subsidiary, Paxos Digital Singapore Pte. Ltd., in-principle approval to trade within Singapore. The relatively new stablecoin has already been listed on international crypto exchanges such as Bitstamp, Coinbase and Kraken.Philippine potentialThe Philippines is shaping up to have a lot of potential for Paxos and its PYUSD stablecoin. The country has been working on the publication of a regulatory framework for crypto. Coins.ph Head of Legal Compliance, Robert De Guzman, stated in April that the Southeast Asian country was shaping a progressive crypto regulatory framework. Earlier this year, Donald Lim, the Founder of the Blockchain Council of the Philippines (BCP), said that the country was poised for crypto adoption.For users keen on employing PYUSD for remittances, the process is streamlined. Senders transmit PYUSD to the designated Coins.ph wallet address of recipients, from where easy conversion to the Philippine peso (PHP) on the app and subsequent cash-out becomes possible. This can be facilitated through InstaPay or PESONet fund transfers to banks and other e-wallets or through various supported over-the-counter remittance centers endorsed by Coins.ph.

3AC Co-Founder Disputes US Jurisdiction Citing Singaporean CitizenshipKyle Davies, the Co-Founder of the failed Singaporean crypto hedge fund Three Arrows Capital (3AC), has asserted that he is solely a citizen of Singapore and not of the United States.Photo by Towfiqu barbhuiya on PexelsEvading pursuit of damagesThe assertion may have relevance as it may mean that Davies can evade actions taken against him in a US court on the basis of a lack of jurisdiction. In a recent filing with the US Bankruptcy Court for the Southern District of New York (SDNY), Davies presented documents demonstrating that he had renounced his US citizenship in December 2020. He emphasized that he obtained citizenship in Singapore after being issued a passport in early 2021 and that he does not subject himself to the jurisdiction of US courts.$3.5 billion owedIn June it emerged that liquidators appointed for 3AC were seeking to recover $1.3 billion from the fund’s co-founders, Davies and Su Zhu. The firm reportedly owes creditors a staggering $3.5 billion.In the midst of public criticism surrounding the events leading to 3AC’s collapse, Zhu and Davies launched a platform called Open Exchange (OPNX), allowing trading claims against bankrupt crypto firms. Despite a deficit of goodwill for the duo in the crypto sector, they have been putting all their energies into the new venture.Last month, they outlined that they would donate future earnings from OPNX to 3AC creditors. It’s difficult to reconcile that claim when with this action, Davies is trying to evade contributing to creditors via the 3AC bankruptcy process and this legal action taken by the liquidator.Renounced citizenshipAccording to court documents, Davies officially renounced his US citizenship at the US Embassy in Singapore, citing his decision to reside in the country on a long-term basis. He revealed that he got married to a Singaporean national in 2017 and subsequently gained permanent residency in Singapore. Because Singapore does not permit dual nationality, Davies chose to renounce his US citizenship to establish himself fully as a Singaporean citizen.The submission of these documents came after 3AC’s liquidators requested a subpoena to gather information on the crypto hedge fund’s collapse. Both Kyle Davies and Zhu, were subpoenaed on Twitter, as their whereabouts were unknown. However, while Zhu, being a Singaporean national, might not be subject to the subpoena while residing outside the United States, Davies’ refusal to comply with the order led to discussions about holding him in contempt of court.In response to the subpoena controversy, Davies’ legal representatives claimed that he cannot be validly served with process as a non-party in the case, as he has not been a US citizen or resident since well before the case was initiated. They stated that the court lacks personal jurisdiction over him due to his renunciation of US citizenship. Accordingly, they requested that the Service Order and Compel Order, which were based on the assumption that Davies was a US citizen, be vacated.