HashKey & Bosera launch world’s first tokenized money market ETFs

Korean Crypto Firms Organize Consortium for Real-World Asset TokensElysia, a Korean decentralized autonomous organization (DAO) project, announced today that it organized a consortium to promote an ecosystem for real-world asset (RWA) tokens.Tangible assetsRWA tokens are virtual assets underpinned by tangible assets such as real estate properties and cars.The consortium comprises Neopin, a blockchain platform of Korean online game publisher Neowiz; Galaxia Metaverse, a blockchain subsidiary of Korean industrial conglomerate Hyosung Group; and BKEX Labs, a British Virgin Islands-based crypto investment firm. The companies will collaboratively research and develop a decentralized finance (DeFi) lending protocol supported by RWA tokens.Photo by Jessica Bryant on PexelsLending protocolsLending protocols based on physical assets offer better security and higher profitability compared to those based on unbacked virtual assets, which often experience high price volatility. As a DAO LLC approved by the state of Wyoming in the US, Elysia will leverage its RWA tokenization system to bolster security within the protocol and provide legal safeguards to investors.In addition, tokenized tangible assets are expected to offer small investors a chance to invest in markets that were previously out of reach due to the requirement of a significant amount of capital.According to Aju Business Daily, an Elysia official said that an RWA-based lending protocol would not only appeal to retail investors but also to institutions and projects. These entities are expected to park their excess funds and introduce RWA liquidity pools into their DeFi, the official added.Better liquidity of physical assetsElysia’s RWA tokens can be liquidated on its DeFi platform Elyfi. Users can create RWA tokens based on their tangible assets and visit Elyfi to sell those tokens or borrow virtual assets against them. Elysia aims to facilitate the liquidity of physical assets and offer a diverse range of financial services based on this model.

Coinbase Effects International Expansion By Extending Singapore OfferingIn further proof of Coinbase’s recently-adopted strategy of focusing on global expansion, the company has just extended the range of its product offering to Singaporean customers.Photo by Meriç Dağlı on UnsplashNo Fees on USDCThe move was announced by way of a blog post published to the company’s website on Tuesday. The expansion entails the introduction of fee-less purchases of the USDC stablecoin for users who buy it with the Singaporean dollar (SGD). Furthermore, it is enabling Singaporean customers to earn rewards on the USDC that they hold on the platform. USDC trading pairs are being added that will allow users to trade USDC directly with over two hundred digital assets.Taking staking overseasAdditionally, Coinbase Global is rolling out staking to the Singaporean market. Users will be empowered with the ability to stake the following digital assets: ETH, SOL, ADA, ATOM, and XTZ.It’s interesting that Coinbase feels enabled in rolling out a digital asset staking service in this overseas market. In March of this year, the company received a Wells Notice — a formal notice informing the recipient that there are firm plans to bring enforcement actions against it — from the Securities and Exchange Commission (SEC) in the United States. The notice was sent in relation to digital assets covered under Coinbase’s staking product offering, Coinbase Earn.In highlighting the issue, the company bemoaned the fact that the SEC had gone down the route of issuing a Wells Notice without it expressing a single specific concern about any specific digital asset offered by the platform in advance of taking the action.Global strategyCoinbase Founder and CEO Brian Armstrong has been outspoken in criticizing the regulatory approach to crypto in the United States. He expressed that at the time of having received the Wells Notice earlier this year, and again last week, when he and key Coinbase executives visited Abu Dhabi and Dubai in the United Arab Emirates.On the day of SEC Chair Gary Gensler’s appearance before the House Financial Services Committee on Capitol Hill in Washington, D.C. a few weeks ago, Armstrong signaled that unless there was a more accommodating regulatory approach taken to crypto in the US, Coinbase would increasingly be looking to expand operations overseas.A short time later, it emerged that the company had obtained a license to trade in Bermuda. At last week’s Dubai Fintech Summit, Armstrong applauded the regulatory approach taken by the UAE and indicated that the company is interested in opening a base in Abu Dhabi.Positive survey resultsAgainst this background, it’s not surprising to hear that Coinbase has expanded its service offering in Singapore, another aspiring global hub for crypto business. As part of reviewing and updating its business offering in the city state, Coinbase carried out a survey of prospective customers in Singapore. It found that 25% of Singaporeans consider crypto as the future of finance, on a par with findings in the US, and higher than the 17% reported in the UK.Among its other findings, security concerns and price volatility of digital assets are still a barrier to entry for many. Of those who are already crypto-native, they tend to trade higher trade amounts, and with greater frequency, if from higher income backgrounds.

Japan’s Kumamoto City Bolsters Innovative Blockchain StartupsIn February this year, the city of Kumamoto in Japan organized the Kumamoto City Pitch 2022–2023, an event designed to bring together startups, established companies, and venture capital firms to promote business growth, according to Japanese tech media ASCII STARTUP.Photo by Christian Chen on UnsplashPromoting innovative startupsWith its inception in 2021, the Kumamoto City Pitch has been dedicated to promoting innovative startups with exceptional business models and unique technology. Its objective is to nurture local startups, build communities, and expand business sectors to strengthen the city’s growth.The event featured presentations from ten companies, including four that had been accepted into the Kumamoto City Acceleration Program “HIGO CANVAS.” The program offers support to projects based in Kumamoto that focus on areas such as cryptocurrency, blockchain, and virtual reality. Among the four accepted companies, two were involved in web3 and blockchain, while the others were working on medication guidance support through user-friendly pillboxes and digital transformation of manufacturing factory management.Web3-based marketing toolOne of the two blockchain-focused projects was Warashibe, a developer of Web3-based marketing tools. Its main product is a blockchain-powered marketing tool called “BADGE,” designed to enhance marketing efficiency.BADGE allows users to manage coupons and apps from retail stores in their own wallet. In turn, stores can reduce costs associated with producing and operating coupons and apps. Additionally, stores can analyze spending habits and other data from the wallet to identify target customers for promotions, enhancing the effectiveness of their marketing campaigns.Warashibe has achieved over 20 successful implementations, some of which involved leading manufacturing companies such as Daihatsu Motor, a major automobile engine manufacturer, and Ricoh, a renowned imaging and electronics company. Beyond coupon management, BADGE offers features like membership cards, credentials, and graduation certificates. The company is also currently developing services to analyze target consumers and manage advertising.Blockchain biz challengesIRISA is another startup exploring the blockchain sector. Initially, the company aimed to develop a social media platform incorporating blockchain games. However, the project changed direction due to challenges arising from the limited number of blockchain gamers and the blockchain oracle problem. The latter issue refers to the inherent limitations of blockchains in accessing data outside the network, also known as off-chain data.