Indonesian Food Industry Conglomerate Embraces Blockchain Tech

Lillius and Crypto.com Team Up for NFT Collaboration and Global MarketingLillius, a Korean artificial intelligence (AI) sports challenge app, has signed a business deal with global crypto trading platform Crypto.com to collaborate on a non-fungible token (NFT) project and global marketing strategies. The two companies will work together to promote Lillius’ platform mainly by issuing and distributing NFT rewards within the app.Elevating fitness with AILillius, set to launch its open beta service this month, is a mobile app where users can participate in exercise challenges that use AI motion detection technology to analyze their form while doing the movements. After they complete a given challenge, they can receive rewards based on the score they earn. Some of these challenges feature lessons from Korean Olympic medalists like taekwondo athlete Lee Dae-hoon, fencer Nam Hyun-hee, and wrestler Jung Ji-hyun.Photo by Huckster on UnsplashTo grow its platform, Lillius has also minted NFT figurines for iconic athletes such as table tennis player Ryu Seung-min, swimmer Park Tae-hwan, and archer Joo Hyun-jung, among others.Unlocking global Web3 sports experiencesUnder the new partnership, Crypto.com will be responsible for leveraging its global infrastructure to support Lillius’ broader global expansion and various marketing endeavors.“Our partnership with Crypto.com will expand access to Web3-based sports experiences for users around the world and serve as an important milestone in advancing our Web3 sports ecosystem,” said Julia Kim, CEO of Lillius. “We plan to enhance Lillius’ global competitiveness and lead the Web3 sports industry.”Crypto.com has consistently been participating in sports-related marketing projects and investing in such businesses as well. In 2021, it signed a naming rights agreement to change the name of the world-renowned sports and entertainment arena, the Staples Center, to Crypto.com Arena. It also became the first virtual asset platform to sponsor the 2022 FIFA Qatar World Cup. Furthermore, the platform has worked with some of the world’s biggest sports associations such as the UFC and Paris Saint-Germain F.C., playing a key role in bridging the gap between blockchain and sports. Its latest business agreement with Lillius comes as part of more concentrated efforts to enter the Korean market.“Through this partnership, we will cultivate the merging of sports and blockchain technology by providing Crypto.com’s 80 million users with a unique sports-related consumer experience,” said Patrick Yoon, CEO of Crypto.com Korea.

Nomura’s Laser Digital Expands Crypto Venture Capital Arm with New PartnerLaser Digital, the cryptocurrency subsidiary of Nomura, one of Japan’s leading financial services companies, is strengthening its venture capital business with the appointment of industry veteran Florent Jouanneau as a new partner.Despite a decline in funding levels across the industry, Laser Digital aims to expand its venture capital arm, according to a report published by The Block on Tuesday.With Jouanneau joining the team, Laser’s venture team now consists of seven members, according to Olivier Dang, the company’s General Partner and Head of Ventures. Laser Digital, launched in the fall of last year, currently employs about 65 people and offers asset management and trading services alongside its venture capital activities.Jouanneau’s previous experience includes positions at White Star Capital, a venture capital firm that invests in Web3 and DeFi startups. He also served as a structured credit and ABS trader at Bank of America, and held sales and trading roles at UBS and BPCE Group’s Natixis.Photo by Markus Winkler on UnsplashCrypto venture business expansionThe decision to expand the venture business comes at a time when VC investments in Web3 are declining. In the first quarter of this year, Web3 venture funding dropped by 80% compared to the same period last year, as reported by data from K33 Research. VC investment in Web3 totaled $2.8 billion in Q1 2023, a significant decrease from $13.5 billion in Q1 2022.Jouanneau acknowledged the market slowdown in 2022 and highlighted the current opportunity for investment. He stated: “We are seeing a lot of valuations being dragged down by effectively the lack of capital to be deployed.” This sentiment aligns with the perspective of many crypto venture capitalists who view the current bear market as a favorable time to invest, given the risk-reward dynamics and the potential for institutional participation.Crypto sector maturationDang expressed optimism about the maturation of the crypto industry, pointing to the increasing interest of traditional financial institutions, including BlackRock, in spot Bitcoin ETFs. Dang believes that as more institutions enter the space, the quality of deal flow and transactions in the venture capital sector will improve.He also emphasized the importance of robust institutional-grade infrastructure to support these institutions, noting that Laser’s association with Nomura has helped instill trust among investors.While Laser’s fund is currently backed exclusively by Nomura, Dang mentioned that they have started raising third-party capital. The fund has invested in early-stage startups focusing on areas such as DeFi, CeFi, Web3 tooling, and infrastructure. Among its portfolio companies are DeFi protocol Infinity Exchange and crypto trading firm CrossX.Dang disclosed that the team aims to make an additional ten investments throughout the rest of this year, prioritizing projects with institutional use cases. However, they remain cautious about ventures primarily focused on gaming and NFTs due to their limited expertise in those areas.As the industry continues to mature and attract institutional interest, it’s clear that Laser is attempting to position itself as a trusted player in the space, leveraging its expertise and partnerships to drive growth and generate value for its investors.

While the digital assets space moves at a blistering pace, the Asia Pacific (APAC) region is on the brink of a substantial regulatory transformation, with a focus on tokenization as we enter 2024.Photo by CHUTTERSNAP on UnsplashContinued regulatory focusThat’s according to Rahul Advani, Ripple’s Singapore-based Policy Director for the Asia-Pacific (APAC) region. The Ripple Labs Executive expressed his thoughts as part of a series communicated by the company last week on social media, emanating from some of its top tier executives. This shift comes amid growing interest in tokenized assets within and beyond traditional financial markets. In setting out his thoughts, Advani reflected on the APAC region’s regulatory focus on achieving clarity for crypto in 2023. Throughout the year, there has been an emphasis on consumer protection, retail investor safeguards, market integrity and business conduct requirements. This regulatory momentum is expected to continue into 2024, particularly concentrating on enhancing retail protections. Shift towards tokenizationThe Ripple Policy Director highlighted tokenization, which converts assets into digital tokens, as an item that is experiencing increased adoption. Notable collaborations, such as Iota’s partnership with Fireblocks to streamline asset tokenization, highlight its relevance in both crypto and traditional finance. The United Kingdom’s venture into fund tokenization further exemplifies this cross-industry trend. Ripple itself has been moving further towards real-world asset (RWA) tokenization. In September, an influential pseudonymous account on X underlined how Ripple was preparing itself to get further involved in asset tokenization. The account stated: “#Ripple now owns properties that can build the infrastructure for exchanges, companies, wallets and apps to connect to fiat rails, banks, trusts, retirement plans, etc., to tokenize real world assets and hold them in safe, compliant ways.”In May the company collaborated with the Hong Kong Monetary Authority (HKMA) on a pilot program with the objective of showcasing an RWA tokenization solution. APAC to advance CBDC and stablecoin developmentIn the stablecoin sector, where digital assets are pegged to stable values, APAC is positioned to lead in regulatory efforts, according to the Ripple executive. While some regions are still formulating stablecoin regulations, Advani envisions more APAC jurisdictions providing the necessary regulatory clarity to foster innovation while ensuring consumer safety. In the broader context, Advani anticipates more focused efforts towards the development and implementation of central bank digital currencies (CBDCs), emphasizing the need for a shift from speculative hype cycles. He wrote: “In the coming year, we also foresee a regional trend that involves a more focused effort on developing CBDCs. Stablecoins will continue to be a regulatory priority, with an emphasis on ensuring a high degree of value stability.” The forecast underscores the dynamic regulatory landscape in APAC, where regulators must delicately balance fostering innovation, safeguarding investors and maintaining market stability. Striking this balance will be a defining aspect of the regulatory narrative in 2024. Advani’s thoughts were offered by Ripple alongside those of some of his colleagues at the company, such as the enterprise blockchain firm’s APAC region Managing Director Fiona Murray. These predictions from Ripple executives collectively offer insights into the evolving regulatory landscape and industry dynamics as we approach 2024.