SKYPLAY Secures $10M from LDA Capital to Promote Growth of P2E Gaming

Ripple Labs, the American technology company that developed and supports XRP and the XRP Ledger (XRPL), has partnered with Japan’s Web3 Salon initiative, while in a separate development, the company is also funding crypto-related academic research within the Asia-Pacific (APAC) region.Photo by Moose Photos on PexelsDriving Web3 adoption in JapanIn a statement published to its website on June 9, the company outlined that it has partnered with Japan’s Web3 Salon project, a Web3 initiative with the objective of educating businesses and developers, nurturing blockchain startups and driving Web3 adoption through the provision of startup incubator programs and running hackathons and workshops.One of Japan’s most active Web3 projects, Web3 Salon has the backing of the Japan External Trade Organization (JETRO). The project has also collaborated with a range of Japanese Web3 startups, Asia Web3 Alliance Japan (AWAJ), institutional investors and venture capital firms, as well as a number of key industry stakeholders. Grant fundingAs part of its involvement in this collaboration, Ripple will provide grant funding of up to $200,000 to Japanese startups who have developed their projects on XRPL. Ripple’s grant funding forms part of its broader initiative to finance XRPL-related startups in Japan and Korea. Earlier this month, it confirmed that it had established the XRPL Japan and Korea Fund for this purpose.  At a broader level still, Ripple said that this latest funding commitment also falls under its one billion XRP commitment. Back in 2022 the company committed one billion XRP to advance XRPL ecosystem projects. Christina Chan, Senior Director of Developer Growth at Ripple, commented on the development, stating:“Ripple is proud to collaborate with Web3 Salon to unlock new opportunities in Japan’s thriving startup ecosystem. Together, we hope to fuel innovation and support the next generation of leaders.” Supporting APAC university researchIn a separate blog post published to its website on June 10, Ripple outlined that it was committing $5 million in funding within the APAC region as part of its University Blockchain Research Initiative (UBRI). The funding will cover blockchain-related academic research projects in Japan, South Korea, Singapore, Taiwan and Australia. $1.1 million has been allocated to South Korea’s Korea University in funding that will be released over a six-year period. The funding builds on another relationship that had already been established with Yonsei University via the UBRI in 2024. Equally, Japan’s Kyoto University had engaged with the UBRI last year. That support is now being renewed while funding is also being allocated to the University of Tokyo. The two institutions will be able to avail to funding in excess of $1.5 million.Other APAC region educational institutions to benefit include the National Kaohsiung University of Science and Technology (NKUST) in Taiwan, the National University of Singapore (NUS) and Nanyang Technological University (NTU) in Singapore and the Australian National University (ANU) in Australia.’An epicenter of digital finance’Ripple called APAC “an epicenter of digital finance.” Expanding further on that assertion, it stated that the region has shown “an appetite for experimentation and boasting thriving communities for builders.” Consequently, it views the APAC region as a leader in payment technologies and digital asset adoption.

Tel Aviv-based cryptocurrency accounting and taxation reporting platform TRES has successfully raised $11 million in a funding round led by Faction Ventures, with participation from New Form, Boldstart Ventures, Cyber Fund and Ambush Capital.Photo by Markus Winkler on Unsplash Sustained investor buy-inThe firm announced this latest financing round on its website on Wednesday. It brings TRES’s total funding to $18.6 million. This recent instance of funding comes on the heels of TRES’s previous success in securing $7.6 million in seed funding in September 2022. That round was led by Boldstart Ventures and Alchemy Ventures. The diverse participation included F2, New Form, Kenetic Capital, Blockdaemon Ventures and Mantis. With Miami-based Boldstart Ventures being a key investor in both funding rounds, Boldstart partner Shomik Ghosh took to social media on Wednesday to comment on this latest development, stating: “The Tres team and founders @TalZackonand @eilonlotem embody perseverance more than anyone I’ve ever met[.] So proud to work with you guys and learn how to handle yourselves in stressful situations taking care of family, friends, colleagues, and country[.]” $19B client baseTRES currently serves a client base with combined assets valued at $19 billion, offering comprehensive solutions to manage, monitor and reconcile digital asset activities. The platform supports over 100 Layer 1 and Layer 2 blockchains, including popular ones like Bitcoin, Ethereum, Solana and Avalanche. Notably, TRES has ambitious plans to continually expand its supported blockchains, aiming to introduce support for “new blockchains every week,” according to a recent announcement. As the cryptocurrency industry witnesses increased institutional adoption, there is a growing demand for sophisticated accounting and taxation reporting tools, mirroring those available in traditional finance. TRES is working towards positioning itself to address this need by providing a comprehensive solution for firms to gain a “full and accurate picture across all of their Web3 financial activity,” stated Tal Zackon, co-founder and CEO of TRES. Zackon emphasized the importance of compliance across accounting, audit and reporting functions, asserting that TRES facilitates an easy path for customers to navigate these regulatory landscapes. The Series A funding round, led by Faction Ventures, signifies TRES’s commitment to further developing its platform to meet the evolving needs of the crypto industry. Optimistic outlookZachon told The Block that the outlook for crypto looks bright in terms of extending its appeal to new market participants. He stated: “This next bull cycle will have something that no other bull cycle before it had — dozens of live blockchain networks, thousands of decentralized applications, battle tested infrastructure, and the adoption by major banks and government organizations around the world. The number of companies that will hold crypto on its balance sheets is about to explode, and we are here to serve them — no matter how complex the transactions are.” With this latest round of venture capital backing, TRES appears to be well-positioned in striving to become a key player in facilitating transparent and compliant financial operations for an ever-expanding array of blockchain networks and decentralized applications. As the crypto industry matures, the importance of robust accounting and taxation reporting solutions like TRES is poised to grow in tandem with the increasing complexities of financial transactions within the blockchain ecosystem.

China’s Fuzhou City Offers Incentives to Entice Blockchain Start-UpsAdministrators in Fuzhou city, the capital and one of the largest cities in China’s Fujian Province, have introduced a raft of policies aimed at enticing blockchain-centric companies to establish themselves in the city.Photo by 尧智 林 on UnsplashMonetary rewardsThe measures are understood to include rent subsidies applicable to the use of commercial office space in the city, as well as the payment of cash rewards based on such start-up businesses hitting various revenue targets. The cash reward incentives are being capped at 500,000 yuan, around $71,800 US dollars, for each applicable project.The city administrators are also offering cash rewards to institutions within the city area and local blockchain firms in cases where they attain government-issued certifications. Another category through which these entities can reap more cash rewards is in providing training services centered upon blockchain technology.A blockchain firm basing itself within the city limits that is successful in attaining state certification reflecting its status as a national level laboratory specializing in blockchain technologies may be awarded as much as 1 million yuan ($144,000).Rent subsidiesThree specific industrial locations are applicable where the rent subsidy is concerned. Blockchain-based businesses wanting to avail of that incentive will have access to an annual rent subsidy of up to 600,000 yuan ($86,300) for every 1,000 square meters of commercial office space that they rent.Stepping up activityThere seems to be heightened activity related to various aspects of blockchain-related technology within China’s borders in recent months. It appears that while the country is taking the initiative with blockchain-related technology, that excludes the development of or open market use of decentralized cryptocurrencies.China has been pursuing a policy of pushing cryptocurrency beyond its borders in recent years, to include bans on cryptocurrency exchanges and crypto miners. However, over recent months, it is allowing this segment of the overall blockchain innovation to develop within the autonomous Chinese territory of Hong Kong. In fact, it’s actively encouraging it. It’s quite a savvy move by the Chinese who don’t want their citizens using decentralized cryptocurrency generally but are quite happy to still participate on a global level in that sector, by having Hong Kong make efforts to become a regional crypto hub.A second strand to its overall strategy appears to be a concerted effort to expand the user base within China of the digital yuan, its central bank digital currency (CBDC). A series of initiatives have been rolled out in an effort to bring the CBDC into active use. China remains the global leader in CBDC development, much further along in that process than its international peers.Lastly, it’s strategically pursuing the development of blockchain-related business, just as this initiative in Fuzhou indicates. The local government initiative is not an isolated one. Last Wednesday, China’s National Blockchain Technology Innovation Center was formally launched. As far back as 2019, Beijing-based smart contract platform Trias has been assisting authorities in Fuzhou in utilizing blockchain in an effort to better manage its electrical grid infrastructure.