Abu Dhabi’s Venom Ventures Fund faces market challenges

Experts Gather at KBW 2023 to Explore the Future of Blockchain and Web3Blockchain and Web3 experts from around the world gathered at the Shilla Hotel in Seoul on Tuesday and Wednesday to attend Impact, the main conference of Korea Blockchain Week (KBW) 2023. There, they shared insights on the challenges faced by the blockchain industry as well as future prospects, especially their anticipation for South Korea’s role in shaping the industry’s landscape.Photo by Terren Hurst on UnsplashCurrent challengesAmong these experts was Sid Powell, CEO and Co-founder of Maple Finance; Stephen Richardson, Managing Director of Financial Markets and Head of the Asia Pacific region at Fireblocks; and Kelvin Koh, Co-founder and CIO at Spartan Group, who discussed the opportunities presented by bridging traditional finance with decentralized finance (DeFi) during a panel session on Wednesday.They mentioned the recent trending decline in DeFi transactions among institutional investors, which can be attributed to the DeFi industry’s fragmented infrastructure that can be difficult to understand. In order to rekindle investor confidence and interest, the industry must consider the integration of infrastructure and highlight the advantages of DeFi such as low costs, transparency, and liquidity to showcase its potential for financial gain.In a fireside chat on the same day, Jeremy Allaire, Co-founder and CEO of global fintech company Circle, acknowledged yet another mounting challenge facing the industry — the mass adoption of blockchain technology and Web3. However, the solution to this roadblock is not far out of reach, he said. Allaire predicted that by 2025, most cryptocurrencies, including stablecoins — cryptocurrencies that are pegged to a commodity or fiat currency to maintain a stable price — will have a legal foundation, thus paving the way for mass adoption.Suk Hwan Paul Kim, CEO and Vice Chairman of Grip Labs, and Archie Ravishankar, CEO of Cogni, also said that implementing user-friendly services and institutional entry will be a key strategy for persuading Web2 users to transition to Web3 platforms and encouraging mass adoption.Outlook for KoreaMeanwhile, several key figures expressed positive hopes for the pivotal role that Korea will play in the development of the Web3 ecosystem. In particular, Polygon Labs co-founder Sandeep Nailwal and COO Michael Blank pointed out that Korean companies, especially those in the gaming industry, are open to applying Web3 technology to their business projects, thus accelerating next-generation innovation in various fields like gaming, social media, and entertainment. Indeed, Polygon Labs’ own Korean partner firms recognize that the future of the Internet will rely on blockchain technology.In order to build a solid Web3 ecosystem, they said, three core values are of utmost importance — privacy, transparency, and openness. Fostering an environment that users can trust while freely interacting with others is the key, and Polygon Labs has vowed to contribute to doing so.Notably, Commissioner Caroline D. Pham of the US Commodity Futures Trading Commission (CFTC) was also in attendance, where she shared her thoughts on the proper regulation of virtual assets. She stated that it is essential to apply the safety measures we have learned from the past century of financial history to the future cryptocurrency industry, cautioning against a one-sided view that virtual assets are inherently bad.In drawing a comparison between the US and Korea, she stated that although the US possesses strong technical capabilities and is gradually adopting a more positive perspective on virtual assets, Korea is still ahead by a decade due to the fact that the general public is more open to embracing emerging technologies. Therefore, the future partnership between the US and Korea could offer valuable insights, not only in terms of economic prosperity but also in legal and regulatory aspects.

Kyrgyzstan and Malaysia are advancing separate stablecoin initiatives, signaling a regional shift toward digital assets backed by tangible state reserves. While the projects differ in their underlying assets, gold in Kyrgyzstan and sovereign debt in Malaysia, both employ a hybrid model that combines public-sector oversight with private operational management.Photo by Zlaťáky.cz on UnsplashKyrgyzstan introduces gold-backed stablecoinOn Dec. 9, the Kyrgyz Republic’s state-owned OJSC Virtual Asset Issuer launched USDKG, a stablecoin pegged 1:1 to the U.S. dollar, according to a press release. The initial issuance comprises 50 million tokens, which the issuer says are fully backed by physical gold reserves. The project structure separates regulatory authority from asset management. While the issuer operates under the Ministry of Finance, management of the gold reserves has been contracted to a private company registered in the Central Asian nation. Officials say this arrangement distinguishes USDKG from a central bank digital currency (CBDC) and that the stablecoin is intended to operate alongside the national monetary system rather than compete with it. According to the statement, the token is currently issued on the Tron blockchain, with future support planned for Ethereum. The project cites an audit by ConsenSys Diligence and says it complies with Financial Action Task Force (FATF) standards, including identity verification for redemptions. The private operator aims to raise the reserves to $500 million in the next phase and later to $2 billion. Malaysia develops bond-backed tokenIn a parallel development, a Malaysian infrastructure firm with ties to the monarchy is preparing a ringgit-pegged stablecoin. According to Bloomberg, Bullish Aim is introducing the RMJDT token, which will be backed by Malaysian ringgit deposits and short-term government bonds. The company is owned by Ismail Ibrahim, son of Malaysia’s king. The token is designed to operate on Zetrix, a layer-1 blockchain developed by Malaysian firm Zetrix AI Bhd. The network currently supports the Malaysian Blockchain Infrastructure, a government-endorsed platform for digital public services and part of the country’s National Blockchain Roadmap. This places the stablecoin on the same technical foundation used for state-level digital identification and trade facilitation. Bullish Aim also intends to establish a digital-asset treasury (DAT), beginning with an investment of 500 million ringgit ($121 million) in Zetrix tokens. A DAT is a type of company that purchases and holds cryptocurrencies on its balance sheet. The initiatives in Kyrgyzstan and Malaysia suggest that stablecoin development in Asia may continue to evolve through state-anchored, asset-backed models. As each country tests its own approach to reserve management, issuance, and compliance, the next phases of both projects will offer early indications of how such frameworks perform in practice. 

Rotonda and Bithumb META to Co-Host Next Block 2023 Conference for Web3 CollaborationsRotonda, a subsidiary of Korean crypto exchange Bithumb and the operator of the Web3 Burrito Wallet, and Bithumb META, the exchange’s metaverse subsidiary, said Friday they will jointly host the Next Block 2023 conference. The conference’s main objective is to explore new business collaboration opportunities in building a new ecosystem for accelerating Web3 projects.“We are pleased to offer a space for interaction where virtual asset exchanges, wallets, and NFT marketplaces — which constitute the core infrastructure of the Web3 industry — can work together to set the stage for an innovative future of blockchain business,” a representative from Burrito Wallet said.Photo by CHUTTERSNAP on UnsplashExploring Web3 and industry insightsThe inaugural Next Block conference is scheduled for September 4 at Amoris Hall in Yeoksam GS Tower located in Seoul.Bithumb is the main sponsor of the conference, and more than 15 companies from various sectors including decentralized finance (DeFi), Play-to-Earn (P2E) gaming, venture capital, and securities are set to attend. A total of ten companies will pitch business ideas, deliver keynote speeches, and participate in panel and networking sessions. Topics to be covered for the event include transitioning to Web3 and discovering new opportunities and paradigms through blockchain.Junbo Yang, investment manager at Hong Kong’s HashKey Capital, and Kim Do-hyung, CEO of blockchain-based investment banking platform Finhaven, will deliver the keynote speeches, discussing the various perspectives of investment and security tokens. Companies like Property Heroes, Oasis, Mineral Hub, and more will participate in the panel discussions.Key business opportunitiesIn particular, the companies that give business pitches will have the chance to present their business models directly to venture capitalists and key industry figures. They can subsequently gain access to broader networking and promotional possibilities.