OCBC Bank Partners With ADDX to Launch Tokenized Note

Animoca Brands Secures Funding to Expand Web3 Identity ProjectHong Kong-based Web3 firm Animoca Brands has successfully raised $20 million in a recent funding round, signaling a significant boost for its Web3 identity project, Mocaverse.Photo by Markus Winkler on UnsplashCMCC Global leads funding roundThe funding, announced via a blog post published to the firm’s website on Monday, was spearheaded by CMCC Global, a Hong Kong-headquartered venture capital firm that focuses solely on blockchain-related investments. Additionally, the round saw participation from prominent investors including Kingsway Capital, Liberty City Ventures, and GameFi Ventures.Prominent individuals within the industry also contributed, including Aleksander Larsen, Co-Founder of Sky Mavis, the developer of well-known blockchain play-to-earn game Axie Infinity, and Gabby Dizon, Founder of Yield Guild Games.Mocaverse, Animoca Brands’ ambitious project, is dedicated to the development of Web3-native tools catering to the gaming and entertainment sectors. This funding round points to the growing recognition of Web3’s potential to transform digital identities, particularly so within the areas of gaming, culture, and entertainment.Aiming to redefine Web3 user engagementMocaverse aims to redefine how users engage with these sectors by providing innovative solutions and unique experiences. One noteworthy aspect of this funding initiative is Animoca Brands’ commitment to granting investors “a free-attaching utility token warrant on a 1:1 dollar basis.” This strategic move not only bolsters investor confidence but also aligns their interests with the long-term success of Mocaverse.The injection of capital will be instrumental in advancing the Mocaverse project, with the imminent launch of Moca ID being a key milestone. Moca ID, a non-transferrable NFT collection, empowers users to create and nurture their on-chain identities, offering exclusive access to the Mocaverse ecosystem and the opportunity to earn loyalty points through active participation.Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, who also participated in this funding round on a personal basis, expressed his vision for Mocaverse, stating:“The ongoing evolution of the Internet involves a shift from hierarchical power structures to autonomous ones, and the DAO-based approach of Mocaverse ensures that its community will be focused on driving innovation and collaboration across the broader Animoca Brands ecosystem.”Siu emphasized that Mocaverse’s scope extends beyond individual empowerment. It is poised to serve as a digital identity, reputation, and loyalty system for various decentralized organizations.Web3 thought leadershipThe Animoca Brands Co-Founder is catching the public eye with his commentary and thought leadership relative to the fledgling Web3 sector. In an interview last week, Siu voiced his belief that Saudi Arabia is proactively nurturing blockchain gaming, revealing that Animoca itself has partnered with the Gulf state on a Web3-related project.Giving a keynote speech at the Ethereum Community Conference (EthCC) in Paris in July, he voiced his opinion that Hong Kong’s recent crypto development has been sanctioned by mainland China.The $20 million raised signifies a significant stride toward realizing the potential of Web3 technology in shaping the future of gaming, culture, and entertainment. With Mocaverse at the forefront, Animoca Brands is poised to attempt to create a vibrant ecosystem where users can actively engage, redefine their digital identities, and unlock new economic opportunities, all within a collaborative and decentralized framework.

Arthur Hayes: Chinese monetary policy could ignite crypto marketArthur Hayes, Co-Founder of Seychelles-incorporated crypto exchange and derivatives platform BitMEX, suggests that China could inject a substantial amount of credit into its economy, potentially giving a boost to Bitcoin and the broader crypto market.Photo by Eric Prouzet on UnsplashPotential flood of yuan creditThe firebrand crypto OG outlined his thoughts on the matter in a blog post which was published on Monday. Hayes discussed how, although China has currently made credit expensive in order to hold back credit growth and inspire confidence in the economy, its monetary authorities might be gearing up to flood the economy with yuan credit, creating a favorable environment for cryptocurrencies.He outlined a series of factors contributing to this potential surge in Chinese credit. He pointed to the interplay between U.S. monetary policy and the Chinese yuan, emphasizing how recent U.S. actions are laying the groundwork for China to issue substantial credit, particularly to its struggling property sector.Describing U.S. policy as “weakening the dollar by issuing more Treasury bills,” Hayes noted the consequent decline of the dollar index (DXY) throughout November. He argued that the weaker dollar gives China the flexibility to increase yuan credit without significant depreciation, possibly even leading to yuan appreciation.If the Federal Reserve at a minimum holds rates and better still, starts to cut rates, China will be in a position to pursue the stimulus needed for its property market and for infrastructure spending.Hong Kong as the gateway to capital marketsAccording to Hayes, the global monetary dynamics set in motion by these factors could be advantageous for Bitcoin and the broader cryptocurrency market. He explained that the bulk of the financing will trickle down into speculation within the financial markets. If China starts printing yuan, the capital is likely to flow into global markets, supporting the prices of various risk assets.But how can this happen, given that speculation and crypto trading are prohibited in China? Hayes’ view is that Hong Kong is now China’s gateway to the global capital markets. Wealthy Chinese individuals now bank via Hong Kong. As we have seen, the autonomous Chinese territory has a workable regulatory framework in place and is now actively licensing crypto exchanges and brokers. Consequently Bitcoin and crypto, generally, could be among the risk assets benefiting from an influx of capital.Furthermore, the BitMex co-founder believes that as yuan credit becomes abundant, the global demand for dollar credit and liquidity may decrease. Given that the dollar is a primary funding currency, a fall in the price of credit could lead to a rise in fixed-supply assets like Bitcoin and gold in dollar terms.Hayes concluded what is a long and detailed blog post by stating:“I will continue moving money out of T-bills and into crypto because I want to get in now before it becomes apparent through the data that China’s money printer is going brrrrr.”He suggested that Chinese New Year, which occurs in mid-February of next year, could be the time in which that extra credit materializes in China. Hayes’ latest assertion comes on the back of a bold claim he made last month when he suggested that bitcoin could reach a unit price of $1 million by 2026.

Dunamu’s Luxury Watch Trading Platform Thrives with Blockchain EdgeViver, a luxury watch trading platform and subsidiary of Dunamu, which operates the Upbit cryptocurrency exchange in South Korea, has been experiencing continued success amidst an ever-growing interest in luxury items as real-world assets and lucrative investment drivers.Photo by Christian Wiediger on UnsplashLeveraging blockchain technology and a showroom experienceThis success can be attributed to the platform’s commitment to taking advantage of Dunamu’s cutting-edge blockchain technology and infrastructure, setting it apart from other luxury platforms and boosting competitiveness in the market.Another major factor is the Viver showroom in Gangnam, southern Seoul, which allows visitors to try on and purchase watches, get their own watches polished and checked, and speak with a professional watch curator.Moon Jae-yeon, CEO of Viver, unveiled plans to surpass global competitors like the US’ Watchbox and Europe’s Chrono24 within five years by growing the app into a global vertical commerce platform focused on luxury watches.Rolex’s finest dominate Viver’s diverse collectionIndeed, Viver has become a popular trading hub for timepiece enthusiasts and investors across the country, and the platform recently revealed in a special article for its 100th magazine issue that its best-selling watch is the Rolex Submariner — a globally renown line of high-end divers’ wristwatches.Different models from the Submariner line have taken up the top three ranks of most sold watches. Coming in first is the Submariner Date in Oystersteel, priced at KRW 16.5 million (approximately $12,500) on Viver, which accounted for 16.5% of total sales. Following close in second place with just two fewer watches sold and a 16.2% share of sales is the Submariner in Oystersteel, which is set apart by its lack of a date indicator. Last but not least, the Submariner Date in Oystersteel and yellow gold took up 13.7% of sales.The watch sold the fastest on the platform was the Rolex Datejust 41 in Oystersteel and white gold. Sporting the iconic Jubilee bracelet and fluted bezel, the timepiece took just a minute and 42 seconds from registration to sale.Though Rolex has evidently claimed its superlative title as the platform’s most popular brand, Audemars Piguet secured its own as the most expensive. The priciest timepiece to ever be sold on Viver is the Royal Oak model for KRW 130 million.Exponential growthThe platform also added four new brands in June — Patek Philippe, Omega, Cartier, and Vacheron Constantin. Consequently, total transaction value, product registrations, and product purchases in July increased by 34%, 116%, and 36%, respectively.As a result of these combined efforts, both monthly trade count and transaction volume on Viver have spiked by more than 15 times since its establishment last August, while the number of users has grown by about 10 times over the past year.The number of products directly registered by sellers also increased by about 30 times compared to the first month since the platform’s launch.