Ubisoft Joins Cronos as a Network Validator

Animoca Brands Remains Bullish on Blockchain GamingBlockchain-based games have gained significant attention within the cryptocurrency space, witnessing remarkable growth and daily activity across various protocols despite challenging market conditions. Hong Kong-based Animoca Brands, the Web3 and metaverse company, recently pronounced its bullishness where blockchain gaming is concerned.In 2022 alone, Web3 gaming attracted approximately $4.5 billion in funding, as asset managers, investment funds, and venture capitalists sought to capitalize on the flourishing sector. In an interview with Cointelegraph, Yat Siu, Co-Founder of Animoca Brands, expressed the company’s renewed optimism in the blockchain gaming sector and provided an update on its eagerly anticipated metaverse fund, which made headlines in late 2022.Photo by julien Tromeur on UnsplashAnimoca’s metaverse fundThe metaverse fund, originally planned to have a budget of up to $2 billion in November 2022, aimed to invest in mid to late-stage startups focused on developing metaverse products and experiences. However, due to recent volatility affecting the cryptocurrency space, Animoca Brands scaled back its investment target to $1 billion in January 2023. Reports in March suggested a further reduction to $800 million.While awaiting the required license to launch the metaverse fund, Siu emphasized that Animoca Brands has been actively investing in early-stage startups through its venture arm, with additional investments directly from the company’s balance sheet. Currently, the company boasts a portfolio of over 450 companies.AAA blockchain games anticipatedDespite the challenges, Siu anticipates the release of several “AAA” blockchain games, in which Animoca Brands has made investments, by the end of 2023 or early 2024. Siu believes that the quality of titles backed by Animoca Brands, built on open protocol systems such as Ethereum and Polygon, will contribute to the long-term sustainability of the sector. He underlined the importance of these games being on-chain, enabling third parties to leverage the capabilities of blockchain technology and explore exciting possibilities.Siu also highlighted the significant role of scaling protocols like Polygon and technological advancements such as zero-knowledge proofs in boosting the development and quality of upcoming blockchain games. Immutable, a layer-2 platform, effectively reduced costs and improved transaction speeds for NFT generation in blockchain games. Choosing the right blockchain platform, especially Ethereum, is crucial for success in the industry.While fully decentralized games present challenges, Siu acknowledged that a hybrid on-chain and off-chain approach might be more suitable as the industry progresses towards true decentralization. Certain game features, such as provenance and skins, lend themselves well to on-chain implementation, while others may require a gradual transition.Integrating blockchain tech with existing gamingSiu emphasized the potential for integrating blockchain elements into the existing gaming culture worldwide. By designing interfaces that are familiar to gamers and gradually introducing crypto and Web3 experiences, gaming companies can facilitate the adoption of blockchain technology while promoting financial literacy among players.The Head of Animoca Ventures, an Animoca Brands sister company, recently explained that key Japanese games console makers are also showing an interest in blockchain gaming.Looking ahead, the year 2023 and beyond are critical for the blockchain gaming sector. The release of high-quality games, coupled with significant investments, will shape the long-term success of the industry. With its extensive portfolio and unwavering optimism, Animoca Brands remains dead set on driving innovation and pushing the boundaries of blockchain gaming.

Regulated blockchain and digital asset solutions provider Paxos has announced the launch of its latest digital asset, the Global Dollar (USDG), a U.S. dollar-backed stablecoin. The company outlined in a press release published to its website on Nov. 31 that the USDG stablecoin is being issued by its local Singaporean corporate entity, Paxos Digital Singapore Pte. Ltd., with the product being regulated by the Monetary Authority of Singapore (MAS).Photo by Alexander Grey on UnsplashMAS compliant offeringThe company claims that the offering is “substantively compliant” with the stablecoin regulatory framework that MAS intends to roll out imminently. Paxos paved the way for this latest product offering back in July when it obtained a Digital Payment Token license from MAS, enabling it to issue U.S. dollar-backed stablecoins within the city-state. In terms of distribution, Paxos intends to partner with global crypto exchanges, wallets and platforms in an effort to get this new product out into the market.  DBS Bank partnershipIts first partnership with regard to the Global Dollar has already been struck with DBS Bank, Singapore and Southeast Asia’s largest bank based on assets held. DBS will play a role in the custody of USDG reserves and in cash management relative to the project.  Ronak Daya, Head of Product at Paxos, said that “USDG offers a trusted solution with a top-tier banking partner in DBS that will be the catalyst to drive stablecoin innovation and enterprise adoption at a global scale.” This latest product launch appears to be similar to the approach the company has taken in the Middle East. Back in June a United Arab Emirates (UAE)-based affiliate company launched the Lift Dollar (USDL), a yield-generating U.S. dollar-backed stablecoin under the regulatory oversight of the Financial Services Regulatory Authority (FSRA), the regulator within the Abu Dhabi Global Market (ADGM) free zone and international financial center. Running on EthereumThe USDL stablecoin started out on the Ethereum network, with it launching on the Arbitrum network in October. A similar roadmap has been set for USDG, with it launching on Ethereum while Paxos maintains that it “will be issued on more blockchains in the near term.” The Stellar network is likely to be one that it expands to in the future. In October the firm announced an integration with the Stellar Development Foundation, with a view towards expanding stablecoin adoption. Daya said that “enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises.” The company has developed an expertise in the issuance of digital assets, with USDG being its sixth such issuance. Last week Paxos outlined that it had launched a stablecoin payments platform with the objective of simplifying global transactions for payments providers and merchants. Paxos has also partnered with the Trump family venture, World Liberty Financial, which plans on launching a U.S. dollar stablecoin with the help of Paxos. The firm’s CEO, Charles Cascarilla, also encouraged both U.S. presidential candidates recently to embrace stablecoins as a mechanism through which to safeguard the continuing influence of the U.S. dollar on a global basis. 

While global cryptocurrency sentiment remains subdued, authorities and state-linked investors in Abu Dhabi are deepening their engagement with digital assets through expanded regulation and increased capital allocation. On Dec. 8, stablecoin issuer Tether and cryptocurrency exchange Binance announced they had secured regulatory approvals from the Abu Dhabi Global Market (ADGM), the international financial center and free economic zone in the UAE capital. The moves signal a continued effort by the United Arab Emirates to integrate blockchain technology into its formal financial system, creating a contrast with the broader market’s current “extreme fear” rating of 22 on the Alternative Fear and Greed Index.Photo by DrawKit Illustrations on UnsplashTether, Ripple stablecoins approvedTether confirmed that its USDT stablecoin has been designated as an Accepted Fiat-Referenced Token within the ADGM. This status allows financial entities licensed by the Financial Services Regulatory Authority (FSRA) to conduct regulated activities involving USDT across a broader range of blockchain networks, including Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and TRON. The approval builds on previous authorizations for USDT on Ethereum, Solana, and Avalanche, and follows the FSRA’s recognition of Ripple’s RLUSD stablecoin last month. Binance fully cleared for regulated launch Simultaneously, Binance announced it has secured full authorization from the FSRA to operate a regulated platform within the financial center. Pending final operational preparations, Binance is scheduled to commence regulated activities on Jan. 5, 2026. The exchange will operate in Abu Dhabi through a three-entity structure that separates key functions, mirroring traditional financial infrastructure. Nest Exchange Limited (currently Nest Services) will function as the regulated arm for spot and derivatives trading, while Nest Clearing and Custody Limited will manage clearing and settlement. Broker-dealer activities will be handled by a third entity, Nest Trading Limited (currently BCI Limited). Circle awarded FSP for paymentsMore recently, Circle, the issuer of the USDC stablecoin, announced the receipt of a Financial Services Permission (FSP) license from the FSRA. The license allows Circle to act as a Money Services Provider within Abu Dhabi’s International Financial Centre (IFC), enabling it to support regulated payment and settlement services for businesses, developers, and financial institutions across the UAE. Circle has been expanding its regulatory presence in the region throughout the year. In February, the Dubai International Financial Centre (DIFC) recognized the company’s USDC and EURC tokens as permitted crypto assets under its virtual asset framework. This regulatory expansion comes amid the UAE’s efforts to develop a comprehensive financial compliance framework. A recent report by the Global Finance & Technology Network identified the UAE as one of seven jurisdictions globally that meet three core standards for anti-money laundering and counter-terrorist financing compliance. Those standards include know-your-customer (KYC) and identity verification, suspicious transaction reporting, and implementation of the Financial Action Task Force (FATF) Travel Rule. Institutional capital inflows riseIn parallel with the regulatory push, investment vehicles linked to the Abu Dhabi government have increased their exposure to digital assets. Bloomberg reported that in the third quarter, the Abu Dhabi Investment Council, a Mubadala subsidiary, increased its position in BlackRock’s iShares Bitcoin Trust ETF more than threefold to nearly eight million shares. Separately, the Royal Group, an investment firm associated with the Abu Dhabi royal family, currently holds roughly 6,516 Bitcoin, according to Arkham data. An earlier Crypto Briefing report noted that this acquisition was carried out through its majority-owned subsidiary, Citadel Mining. These simultaneous developments in licensing and capital allocation suggest a coordinated strategy to establish Abu Dhabi as a hub for institutional digital assets, with a focus on long-term infrastructure despite current market fragility.