Strategic Shift Sees Wintermute Expand Singapore Base

OKX Ventures Invests in Data Bridging ProtocolOKX Ventures, the investment branch of the Seychelles-headquartered cryptocurrency exchange OKX, has made a strategic investment in Singapore’s 0xScope.Knowledge graph protocolIn a press release published by GlobeNewswire on Thursday, details of the deal between the venture investor and the data intelligence platform were laid out. 0xScope has carved out a unique niche by offering a knowledge graph protocol tailored for both Web2 and Web3 data, catering to a diverse audience, including developers, traders, and blockchain protocols.At the forefront of the startup’s offering is Scopescan, a blockchain analytics platform that harnesses the potential of the firm’s knowledge graph. Scopescan provides comprehensive data on over 84 million addresses, 600,000 tokens, 1.4 million labeled addresses, and millions of exchange wallets. The platform empowers users to track and analyze on-chain activities across various blockchain networks, a vital feature for the continued growth of the Web3 ecosystem.Dora Yue, the Founder of OKX Ventures, emphasized the crucial role of data in Web3’s three core technological pillars: cross-chain integration, decentralized storage, and privacy computing. Through its knowledge graph technology, 0xScope has made strides in advancing these areas. The collaboration between OKX Ventures and 0xScope has the potential to accelerate the development of Web3.Photo by Conny Schneider on UnsplashUndisclosed investment sumWhile the exact investment amount remains undisclosed, the deal signifies OKX Ventures’ interest in supporting 0xScope’s mission of decentralizing and democratizing Web2 and Web3 data sources. Together, they aspire to create an open-source environment that facilitates seamless uploading, downloading, validation, and processing of data within the Web3 realm.OKX Ventures, as the investment arm of OKX, boasts an initial capital pool of $100 million. It actively explores promising blockchain projects worldwide and champions innovative technology solutions. The collaboration with 0xScope aligns perfectly with their mission to drive innovation and progress in the blockchain and crypto sectors.Moonbox investmentIn addition to its investment in 0xScope, OKX Ventures recently allocated $1 million to Moonbox, a Hong Kong-based startup focused on artificial intelligence and Web3 technologies. This strategic move reinforces OKX Ventures’ dedication to nurturing cutting-edge technologies and further solidifies its presence in the blockchain and crypto space.Meanwhile, 0xScope is on a mission to democratize and decentralize connectivity in Web2 and Web3 data. Their unique ability to track all associated addresses of an entity offers what the firm believes to be unparalleled insights into user behavior across different addresses and blockchain networks. This capability positions it at the forefront of the Web3 data revolution.With their combined expertise and resources, the two companies are set to drive innovation, foster inclusivity, and empower users in the evolving Web3 ecosystem. Uplifted in having secured the deal, the 0xScope team took to X (formerly Twitter), stating:“Looking forward to collaborating and contributing to the growth of the OKX ecosystem. Together, let’s drive innovation and empower the future of decentralized finance!”With 0xScope gearing up to introduce new features in the fourth quarter of 2023, there’s likely to be more news to follow from the Singaporean startup relative to the future development of Web3 data.

Cryptotax secures pre-series A funding from HashedCryptotax, a South Korean cryptocurrency tax and accounting platform run by accounting firm Xxsoft, has secured an investment from Asian blockchain investment firm Hashed during its pre-series A funding round. This comes just 16 months after the company secured seed funding.Photo by Markus Winkler on UnsplashEmpowering financial clarityCryptotax is a platform that offers comprehensive virtual asset tax accounting services that allow both individual and corporate clients to monitor their virtual assets, view receipts of their transactions and calculate and report their virtual asset tax records. To do so, it collects and analyzes transaction history and asset details from crypto exchange accounts and digital wallets that users can register on their Cryptotax accounts.Individual investors can also monitor their assets and view their net profits, as well as receive a preview of the amount of tax they would actually have to pay later on based on those profits.On the other hand, corporate clients that issue or own virtual assets can get access to special services through Cryptotax’s solution as a service (Saas) dubbed Cryptotax Enterprise. By using this service, businesses, investment management firms and virtual asset issuers can benefit from automated tax processing and directly receive accounting documents.Harnessing technological prowess“We have been working hard to prove our technological and competitive capabilities through the establishment of the Cryptotax platform,” said Yoon Dong-hwan, CEO of Xxsoft, reaffirming the company’s efforts to rapidly expand the comprehensive platform and establish collaborative relationships.

Philippines breaks new ground in first-ever tokenized bonds saleThe Philippines is set to offer the country’s first tokenized treasury bonds, a novel way of issuing debt securities using blockchain technology.Photo by Mara Rivera on Unsplash$179 million tokenized bond issuanceAccording to a report by Bloomberg on Thursday, the Bureau of the Treasury announced that it will issue 10 billion pesos ($179 million) of one-year tokenized bonds next Monday after canceling the conventional auction scheduled for the same day. The bonds will be issued by the Development Bank of the Philippines, a state-owned entity, together with the Land Bank of the Philippines.The tokenized bonds will be sold to institutional investors at a minimum denomination of 10 million pesos, with increments of 1 million pesos. The bonds will have a one-year validity, maturing in November 2024. The treasury bond interest rate has yet to be determined and will be confirmed on the date of issuance.Deputy Treasurer Erwin Sta said that the government is exploring the potential of tokenizing real-world assets and bonds and will “continue to study the technology and test how far we can take it.”Tokenization is the process of converting physical or digital assets into digital tokens that can be stored, transferred and traded on a blockchain network. Tokenization can offer several benefits, such as lower costs, faster transactions, greater transparency and enhanced security.Asian surge in tokenizationThe Philippines is not the only Asian country that is experimenting with tokenized bonds. This latest bond tokenization project follows hot on the heels of a similar move in Singapore. Earlier this week, British banking conglomerate Standard Chartered, through its Singapore-based fintech investment subsidiary SC Ventures, unveiled a new platform called Libeara. Libeara is gearing up to offer the first-ever tokenized Singapore-dollar government bond fund.In February, Hong Kong issued $100 million of tokenized green bonds under its Green Bond Programme, using Goldman Sachs’ tokenization protocol. The tokenized green bonds, a first-of-its-kind issuance, have a one-year validity and aim to support environmental projects in the region.Authorities in Singapore have also launched a series of pilots on tokenizing real-world assets in collaboration with JPMorgan, DBS Bank, BNY Mellon and Apollo, an investment firm. The pilots will test the feasibility and efficiency of tokenizing assets such as equities, bonds and funds. The United Arab Emirates (UAE) partnered with HSBC to conduct the tokenization of bonds as well.The tokenization of real-world assets is not limited to Asia. Israel’s Tel Aviv stock exchange completed a proof-of-concept for tokenizing fiat and government bonds, demonstrating the potential of blockchain technology to transform the capital markets.The tokenization of real-world assets using blockchain technology is a growing trend among governments and financial institutions. According to the Boston Consulting Group, tokenized assets could reach a market capitalization of $16 trillion by 2030. By issuing tokenized bonds, the Philippines is joining the ranks of the pioneers in this field, opening up new possibilities and opportunities for the crypto industry and the economy as a whole.