Hong Kong regulators signal embrace of spot crypto ETFs

Sumitomo Trade Document Network Partnership Adds Chainlink InvolvementA successful proof-of-concept (PoC) venture between Vodafone and Japanese trading and investment giant Sumitomo has resulted in Vodafone’s Digital Asset Broker (DAB) platform now being integrated into the Chainlink network as a node operator.Vodafone provided details on the Chainlink Labs tie-up via a blog post published to its website on Tuesday. The primary objective of this partnership is to enhance the seamless transfer and processing of financial documents within the $32 trillion global trade ecosystem.Photo by CHUTTERSNAP on UnsplashLeveraging Chainlink’s cross-chain interoperabilityThe proof of concept leveraged Chainlink’s Cross-Chain Interoperability Protocol (CCIP), offering a solution that bridges the gaps in document management and financial transaction processing. DAB’s core function is to provide enhanced security and interoperability among Internet of Things (IoT) devices on the edge of a network.The results of this initiative have demonstrated the potential for Vodafone’s IoT devices and blockchain technology to furnish data for use in contracts and artificial intelligence (AI) applications. Furthermore, the prospect of creating a unified interface for data and token transfers is now within reach.For instance, envision a scenario where a cargo vessel detects a fire outbreak. Thanks to the collaborative efforts of DAB’s platform and CCIP, this crucial information could be autonomously relayed to smart contracts, potentially triggering an efficient marine cargo insurance process.Convoluted legacy processTrade documents have long posed a significant challenge due to their existence in both physical and digital formats, often lacking interoperability. This predicament necessitates repeated handovers and makes the exchange of such documents a convoluted process.Vodafone introduced the Digital Asset Broker in February 2022. Their initial application of DAB in the United Kingdom involved a partnership with Mastercard, where they trialed an app designed to assist electric vehicle drivers in locating and paying for the most suitable charging options.In a subsequent move, Vodafone and Sumitomo joined forces in May, culminating in the creation of a new entity in which Vodafone maintained an 80% stake. In addition to transferring DAB, Vodafone also contributed intellectual property, contracts, technology, and software to the new venture. This partnership extended further with joint investments in Safaricom Ethiopia.In August, Vodafone DAB solidified its presence in the enterprise blockchain arena by collaborating with Aventus. Their shared mission is to enhance the efficiency of supply chains within the aviation industry.Chainlink’s CCIP made a significant leap in September when it launched on Ethereum’s Arbitrum One layer 2, promising to enhance scalability. In the same month, it collaborated with the Australia and New Zealand Banking Group to test an Australian dollar stablecoin, underscoring Chainlink’s commitment to transformative developments within the blockchain space.Early blockchain interestSumitomo had expressed a desire to utilize blockchain technology going back a number of years. In 2018, the corporation’s US entity joined the Blockchain in Transport Alliance (BiTA) with a view towards using blockchain technology within its logistics business.Earlier this year, the conglomerate invested in Japanese logistics blockchain project TradeWaltz. In June, its US subsidiary was involved in the first-ever transaction of tokenized carbon credits.As Vodafone and Sumitomo continue to push the boundaries of innovation in trade document management, their partnership with Chainlink brings us one step closer to a more efficient and interconnected global trade ecosystem.

Avalanche Blockchain Developer Expands into IndiaAva Labs, the company behind the layer one Avalanche blockchain, is setting its sights on a significant expansion in India.Seeking out state agency partnershipsThe move by the New York-based blockchain development firm reflects the growing interest in blockchain technology within the world’s most populous country. Ava Labs outlined that it is actively seeking partnerships with Indian government agencies and institutions to facilitate the development of applications on the Avalanche (AVA) blockchain, according to a blog post published by the firm on Thursday.While government and state agencies have not been terribly progressive when it comes to decentralized cryptocurrencies in India, they have been more receptive in terms of developing the underlying blockchain technology.Earlier this year, the Royal Bank of India (RBI) highlighted the importance of adopting blockchain technology. Last month, an RBI-led initiative emerged through India’s National Payments Corporation of India (NPCI) to further explore blockchain technology relative to payment systems.Indian government’s initiatives, such as launching a Centre of Excellence in Blockchain Technology, align with Ava Labs’ expansion strategy. Moreover, Indian states like Goa and Telangana have demonstrated a proactive approach to leveraging blockchain for real-world use cases, including land records and vehicle registrations.Photo by Studio Art Smile on PexelsRecruiting local talentAs part of its plans, Ava Labs has made a few pivotal hires to lead its operations and business development in India. Devika Mittal, formerly the Head of Token Listings for OK Group company Okcoin, and Kamakshi Arjun, who has held leadership positions at Polygon (MATIC) India and Tech Mahindra, have joined the team. Both individuals bring extensive experience in the blockchain industry to their new roles.Mittal expressed her excitement about the opportunity, stating:“I am so excited to help Ava Labs expand its reach and impact in the region, and am confident that Ava Labs is well-positioned to meet the demands of India’s large and growing population of tech-savvy individuals and businesses.”Equally Arjun, with her understanding of the blockchain market, is expected to play a critical role in Ava Labs’ expansion strategy.Business development fundMittal said in an interview with The Block that Ava’s operations in India would focus on several sectors, including ticketing, certification, and supply chains. She also highlighted the innovative features of Avalanche subnets. Notably, Ava Labs has a specific business development fund earmarked for India.There’s a lot of activity within India’s blockchain ecosystem, with projects like Loco, an esports and live-streaming platform, leading the way. Loco is developing a range of Web3 products and pioneering innovative fan experiences using a custom Avalanche Subnet.While Polygon Labs, the founder of Ethereum scaling network Polygon, operates on a fully remote basis, its origins can be traced back to India through its founders. One community member responded to this latest news, stating that the Avalanche development team has a lot of ground to make up by comparison with the progress recorded by Polygon in India in terms of partnerships and business development.Ava Labs is actively engaging with various prominent institutions and has already secured a partnership with a government agency, although specific details have not been disclosed.

LINE Xenesis and Crypto.com Unite Efforts to Explore Global Blockchain Business OpportunitiesLINE Xenesis, a blockchain developer of Tokyo-based messaging app giant LINE Corporation, has signed a memorandum of understanding (MOU) with Singapore-based cryptocurrency exchange Crypto.com to explore new global business opportunities in the blockchain industry.With the establishment of LINE Blockchain Lab in April 2018, LINE Corporation has conducted research and development on blockchain-based decentralized applications (dApps), peer-to-peer networking systems, and cryptographic techniques. Thanks to this endeavor, LINE not only developed the Finschia blockchain and its native token FNSA, but also launched crypto exchange LINE Bitmax and non-fungible token marketplace LINE NFT.Photo by Shubham Dhage on UnsplashSynergistic goalsThrough this partnership, the two entities will bring together their respective expertise to advance and innovate crypto-related business solutions in Asia and beyond. They will collaborate to increase the liquidity of LINE Bitmax, strengthen crypto payment functions, and promote NFT initiatives.Founded in 2016, Crypto.com has been expanding its services worldwide. In a recent interview, Patrick Yoon, General Manager of Crypto.com Korea, shared the company’s plan to launch its services in South Korea this year. Thus far, Crypto.com has achieved virtual asset service provider registration from the Bank of Spain and secured a major payment institution (MPI) license from the Monetary Authority of Singapore. Meanwhile, despite global progress, the company ceased its institutional offering in the United States last month due to insufficient demand.Asia and beyondCommenting on this agreement, LINE Xenesis CEO Lim Inkyu said, “LINE Xenesis is exploring various ways to collaborate with the world’s leading companies in the virtual asset industry. We are excited to see the synergies created by our partnership with Crypto.com, which has more than 80 million enthusiastic users worldwide, with LINE Xenesis’ blockchain business in Japan. Starting with this collaboration in the Japanese market, we hope to work towards new business opportunities globally based on the technology and knowledge of our two companies.”Crypto.com CEO Eric Anziani echoed this sentiment, saying, “We are excited to partner with such an established and innovative brand in the APAC market and a leader in blockchain technology development in Japan. Enabling real-world utility is critical to our mission of mainstreaming crypto. Through our collaboration with LINE Xenesis, we will facilitate this utility by leveraging our respective expertise with a highly tech savvy base throughout the APAC region.”