Terraform Labs files for bankruptcy in wake of $40 billion crash

Regional Chinese City Enables e-CNY Bus Fare PaymentsIt appears with every passing week, there’s a new initiative in China to bring about greater everyday use of the digital yuan. Recent days have not disappointed with the news that Jinan, the capital of China’s Shandong Province, is introducing digital yuan payments throughout its entire bus network.The city initially conducted a pilot phase by testing central bank digital currency (CBDC) payments on two bus lines. After a successful trial period, Jinan has now implemented the new payment method across all its bus routes. According to a recent report by local media outlet Shunwang-Jinan Daily, the city has updated its card readers and bus route software to facilitate digital yuan transactions for passengers.Photo by CHUTTERSNAP on UnsplashDiscounted faresTo encourage the use of the digital yuan, Jinan is offering fare discounts to passengers who opt for CBDC payments. The announcement stated that individuals could enjoy up to two discounted rides per day and a maximum of six discounted rides per month if they choose to pay with the digital yuan.The fare discounts offered for digital yuan payments serve as an incentive for passengers to adopt the new payment method. By enjoying discounted rides, individuals are encouraged to explore the benefits and convenience of using the digital yuan, further driving its adoption in everyday transactions.The acceptance of CBDC payments for bus rides in Jinan represents a significant step towards the integration of digital currencies into everyday transactions. As China continues to expand the use cases for the digital yuan, it is likely to pave the way for further adoption and exploration of CBDCs globally.Broader adoption strategyThis move aligns with the broader initiative in China to promote the adoption of the digital yuan. In April, the city of Changshu announced that it would begin paying civil servant salaries with the CBDC, including personnel at all levels of public service, public institutions, and state-owned units, starting from May.Furthermore, China has implemented its CBDC for various purposes, such as the Belt and Road initiative and cross-border trades. In Xuzhou, a city serving as a departure point for trains transporting goods to Europe, a plan was issued in April to promote the use of the CBDC in cross-border trade.Last month, e-CNY ATMs were introduced in the resort city of Sanya to enable foreign visitors to purchase the CBDC. In May, regional authorities in Jiangsu Province set about establishing use of the digital yuan within the region’s education system.On an international level, French bank BNP Paribas has partnered with the Bank of China (BOC) to facilitate the adoption of the digital yuan. This collaboration enables BNP Paribas’ corporate clients to connect with BOC’s system, allowing for real-time transactions using the digital yuan. The partnership advances China’s desire to bring the cross-border trade capabilities of the e-CNY into play on an international basis.As China continues to lead the way in CBDC implementation and explores new use cases, the digital yuan’s influence is expected to extend globally, transforming how we transact and interact with currencies in the digital age.

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.

DeFiance Capital Secures Interim Victory in Dispute With 3ACSingapore’s DeFiance Capital, a Web3 and crypto investment firm, has notched up a small triumph in its ongoing $140 million legal clash with failed Singaporean crypto hedge fund, Three Arrows Capital (3AC).Photo by Sasun Bughdaryan on UnsplashFavorable rulingAccording to a statement provided via a Medium blog post by DeFiance Capital Founder and CEO Arthur Cheong on Tuesday, the High Court of Singapore has delivered a favorable ruling for the firm, endorsing its preference for jurisdiction in Singapore, rather than the British Virgin Islands, which had been advocated by 3AC.The tussle between 3AC and DeFiance Capital centers around the ownership of certain assets. The liquidators appointed by the British Virgin Islands Court, from Teneo, assert that these assets essentially belong to 3AC’s creditors. However, DeFiance Capital argues vehemently that these assets must be partitioned and returned to its stakeholders.Struggle over assets and jurisdictionAt the heart of the matter are assets totaling $115 million, encompassing digital currencies and non-fungible tokens (NFTs), which currently remain under the control of DeFiance Capital. Additionally, there are 69 SAFE (simple agreement for future equity)/SAFT (simple agreement for future tokens) agreements linked to 3AC. Although Teneo places the collective worth of these assets at roughly $141 million, DeFiance Capital’s estimation is more conservative, pegging it at around $120 million.Beyond asset ownership, jurisdiction has become a pivotal point of contention in the legal discourse. DeFiance Capital has steadfastly advocated for legal proceedings to take place in Singapore, where it operates, as opposed to the British Virgin Islands. The recent ruling from the High Court of Singapore lends support to this stance, challenging Teneo’s argument.DeFiance articulated its position, asserting: “Our position was that all the important witnesses and documents are in Singapore and the dispute ought to be heard by the Singapore Courts to ensure all relevant evidence would be available.”With the court’s decision aligning with DeFiance’s jurisdictional preference, the firm hopes that this development will pave the way for more substantive engagement between the parties, rather than being embroiled in procedural wrangling. The firm believes that this will allow the focus to shift towards addressing the core issues at hand.Business riftThe genesis of this legal saga dates back to 2020 when DeFiance was established as part of the 3AC group, operating autonomously under the stewardship of its founder, Arthur Cheong. The rift escalated in February 2022, when Cheong declined 3AC’s proposal to relocate to Dubai, eventually leading to the formation of two Singapore-based firms in May of that year.Furthermore, in the same month, DeFiance extended a loan of $35 million worth of USDC to 3AC, effectively becoming a creditor. Complications arose when 3AC’s founders transferred legal rights related to DeFiance Capital, a transaction that remained incomplete as 3AC filed for bankruptcy.In light of the ongoing dispute, 3AC asserted that DeFiance’s assets should be harnessed to settle its debts. However, DeFiance firmly stood its ground, upholding its ownership claims over the assets.With liquidators advocating for resolution in the British Virgin Islands — a move that DeFiance rejected due to its Singaporean management ties with 3AC — the stage was set for the legal clash that has now taken a notable turn with this recent court ruling.