Metabora Singapore Launches Global Pre-Registration for PvP Gaming Platform ‘Skill Blitz’

Web3 Cybersecurity Firm Zyber 365 Raises $100M in FundingZyber 365, a pioneering Web3 startup that combines AI, Web3, and cybersecurity, has recently secured $100 million in funding from the UK-based SRAM & MRAM Group.Photo by micheile henderson on Unsplash$1.2 billion valuationThe substantial investment places Zyber 365’s valuation at an impressive $1.2 billion, while marking a significant milestone for the company, underscoring its promising trajectory.Although now headquartered in London, the company’s origins stem from India with a set of Indian founders, while the firm continues to maintain its strategic operational base in India.The company was founded earlier this year by Pearl Kapur and ethical hacker Sunny Vaghela. The startup stands out for its groundbreaking approach to cybersecurity, offering a decentralized and cyber-secured operating system that upholds the core tenets of environmental sustainability.Indian nucleus of operationsNotably, Zyber 365 has earmarked India as the nucleus of its operations, aiming to harness the nation’s tech talent and vibrant ecosystem to fuel its growth. The recent injection of capital will likely play a pivotal role in amplifying Zyber 365’s expansion initiatives, bolstering its technological capabilities, and cementing its global market presence.The SRAM & MRAM Group, no stranger to the tech investment landscape, has previously demonstrated its confidence in innovative startups. In a similar vein, the group invested $100 million in another India-centric blockchain startup, 5ire, in July of the previous year, valuing it at an impressive $1.5 billion.Broad Web3-based product rangeZyber 365’s portfolio spans a wide spectrum of Web3 products, including Layer-0, Layer-1, and Layer-2 blockchains, decentralized identities, data analytics, a software development kit, a web browser, and even non-fungible token (NFT) marketplaces and initial coin offering (ICO) capabilities.These offerings can be seamlessly integrated as part of a comprehensive Web3 ecosystem or employed as standalone applications tailored to specific user requirements.Sunny Vaghela, the Co-Founder and Chief Product Officer (CPO) of Zyber 365, expressed his enthusiasm about the infusion of capital. He emphasized that this financial boost positions the company to expedite the development of its Web3 and AI products, thereby enhancing its presence in the dynamic tech landscape.Vaghela underscored how Zyber 365’s inventive approach to cybersecurity and its commitment to pioneering technologies set it on a remarkable path toward industry leadership.Mahendra Joshi, Director of the SRAM & MRAM Group, echoed Vaghela’s sentiments, lauding Zyber 365’s exceptional team and disruptive technology. Joshi’s confidence in the investment’s potential to drive outstanding growth and success in the coming years reflects the industry’s anticipation of the startup’s continued evolution.In an era where cybersecurity and innovation are paramount, Zyber 365’s substantial funding from the SRAM & MRAM Group heralds a new phase of growth and advancement. Venture capital investment in the digital assets space has contracted significantly since the last bull market. However, as this deal demonstrates, there are signs of green shoots emerging.With its cutting-edge technology and strategic focus on Web3 and AI, the startup has an opportunity to reshape the landscape of cybersecurity while solidifying its status as an industry trailblazer.

MAS and NY Fed Publish Report on CBDC Cross-Border PaymentsNew York’s Federal Reserve Bank and the Monetary Authority of Singapore (MAS) have collaborated on an endeavor titled “Project Cedar Phase II x Ubin+,” examining the use of a central bank digital currency (CBDC) for wholesale cross-border payments using one or more vehicle currencies.The joint effort has culminated in the publication of a report detailing their findings and results. Commenting on the initiative, MAS Managing Director Leong Sing Chiong stated:“The Cedar x Ubin+ experiment envisages a future digital currency landscape where central banks can enable interoperability of wholesale CBDCs to facilitate more efficient cross-border payment flows including for less liquid currencies, without requiring a common infrastructure.”Photo by NASA on UnsplashExploiting positive DLT characteristicsSpecifically, the New York Innovation Center (NYIC) of the NY Fed was the entity that contributed directly towards the research project. The work built on previous phases of Project Cedar. The objective was to explore perceived advantages of digital ledger technology (DLT) such as reduced settlement risk and reduced settlement time, in the context of cross-border payments.The conventional system primarily uses the SWIFT financial messaging network. The approach is highly inefficient. It’s time-consuming and needlessly ties capital up in vostro and nostro accounts (accounts held for another entity from an account another entity holds). Tying up capital proves to be a liquidity headache for corporations and any business entity that gets involved with international trade settlement.Smart contracts and off-chain messagingAgainst that backdrop, the project team was focusing on harnessing the ability to effect atomic or real-time settlement using DLT. Having commenced the work in November, the project team decided to rely on hashed timelock smart contracts in order to bridge distinct ledgers, so as to effect cross-currency and cross-border transactions.According to the report, the proposed system also relied on off-chain messaging functionality. Cross-border trade settlement often involves a number of stakeholders. Off-chain messaging can be beneficial in disseminating information relative to the process to all stakeholders.The researchers found that each simulated payment scenario achieved end-to-end settlement in under thirty seconds on average, realizing the goal of near real-time settlement. In turn, that speed of settlement meant that stakeholders could be notified of payment finality within a matter of seconds. Certainty of settlement, and thus reduction in counterparty risk was achieved by simulating atomic settlement, such that transactions only settled if all legs in the cross-currency payment chain executed successfully.From the point of view of interoperability and autonomy, the experiment demonstrated the ability to safely execute across multiple ledgers without the need to involve a centralized clearing authority or the establishment of a shared central network.The Bank of International Settlement (BIS) recently highlighted the finding that on a daily basis, $2.2 trillion of foreign exchange transactions don’t use a payment versus payment (PvP) settlement mechanism. PvP is a less risky form of settlement where two currency legs are exchanged simultaneously. Singapore is more exposed than most in this regard. Therefore, the use of DLT to counteract that risk in line with the experiment’s findings would be a progressive step.

Korean Crypto Exchange Alliance Launches Its Official WebsiteThe Digital Asset eXchange Alliance (DAXA), which comprises South Korea’s five major cryptocurrency exchanges Gopax, Bithumb, Upbit, Korbit, and Coinone, announced the launch of its official website on Tuesday.Photo by Markus Winkler on PexelsWebsite structure and featuresThe website has three primary sections: Introduction, News, and Archives. The Introduction section provides comprehensive information about the exchange, including a greeting from Chairman Lee Sirgoo, who also serves as the CEO of Upbit’s operator Dunamu. It also presents an organizational structure, details of the corporate identity, and links to each individual exchange.The News section provides users with announcements, press releases, and event information. Meanwhile, the Archives section houses educational videos, institutional reports, and a list of important statutes and regulations.Mitigating information disparityDAXA Vice Chairman Kim Jae-jin said the website would offer easy access to information concerning digital assets and the alliance’s self-regulatory measures. She mentioned the group’s commitment to investor protection, focusing on addressing information asymmetry.In addition to the website, DAXA runs a Youtube channel, with its first video uploaded in January of this year.Controversy surrounding the allianceEarlier this year, DAXA faced backlash after it implemented a new clause in its guidelines, which disallowed the re-listing of cryptocurrencies that had been removed from its member exchanges for a period of one year. Critics claimed that DAXA’s guideline was unclear and voiced concerns about the Alliance’s growing influence in the crypto sector. These worries are amplified by the fact that the member exchanges of DAXA command 98% of the crypto trading volume in Korea.