Alchemy Pay expands on-ramp services via Bitcoin.com

Japan’s largest bank, MUFG, has teamed up with KlimaDAO Japan, the provider of a digital reserve currency backed by carbon credits, to explore the use of the JPYC stablecoin for settling tokenized carbon credit transactions on the Progmat blockchain platform. Settlement on ProgmatProgmat provides the infrastructure to enable the issuance of various stablecoins. Last September, MUFG announced a collaboration with Binance geared towards stablecoin issuance. The JPYC stablecoin, operational since 2021, functions as a prepaid money instrument, similar to a prepaid card, due to its existence before Japan’s stablecoin legislation. Under new regulations, JPYC can either obtain a money transmitter license or issue a trust-style stablecoin with a bank like MUFG acting as the trustee for the stablecoin's reserves. Last year, JPYC formed a partnership with MUFG implicating the use of the Progmat platform.  This partnership, along with the involvement of Kansai Electric subsidiary Optage as the integration partner, sets the stage for the KlimaDAO stablecoin experiments. Optage will provide the corporate infrastructure required to manage the carbon credits added to the blockchain and provide a means for funds settlement to be achieved via bank transfer. Through the use of various local stablecoins for the purpose of settlement, it’s hoped that improved liquidity on a global basis may be achieved.Photo by Dan Meyers on UnsplashInitially recognized for making tokenized carbon credits accessible on public blockchains, KlimaDAO's functionality extends beyond this. The organization also offers the capability to retire credits. Last year, KlimaDAO expanded its reach by launching Carbonmark, an enterprise-focused marketplace.  This platform, which utilizes blockchain technology, namely Polygon, and smart contracts, offers a user-friendly experience by integrating traditional payment methods like bank transfers and SAP integration.  J-CreditsJapan operates a national scheme known as J-credits, and the Tokyo Stock Exchange has introduced a secondary market for these credits. J-credits are designed to certify the amount by which greenhouse gas emissions have been reduced through the use of carbon sinks in Japan. However, the volume of J-credit transactions remains low, reflecting the broader state of Japan's voluntary carbon market.  KlimaDAO aims to address this by launching the KlimaDAO Japan Market, simplifying the process for domestic companies to purchase and utilize carbon credits. This initiative will involve tokenizing J-credits, referred to as D-Carbons.  Andrew Bonneau, KlimaDAO co-founder, outlined on X that “@KlimaDAO is in a unique position to facilitate an efficient J-Credit market on chain, while serving as the base infrastructure for integrating these assets with 3rd party services.” While the initial phase will use traditional bank payments, the ultimate goal is to transition to using stablecoins, particularly the JPYC stablecoin. Norbert Gehrke, an observer of developments within the Japanese fintech scene, outlined on Medium that the Japanese carbon credit market is likely to reach three trillion yen ($19.15 billion) by 2030. Meanwhile, the global carbon credit market has a current value of 39 trillion yen ($249 billion). KlimaDAO Japan has mentioned the use of a permissionless blockchain for this initiative but has fallen short of confirming that the Polygon network will be relied upon. Japan has several homegrown blockchains, which might be considered for this project.  At the time of writing, the KLIMA token had risen 31% over the course of the previous 24 hours, with a unit price of $3.53 according to CoinGecko. 

BlackRock Investment Marks its Return to IndiaBlackRock, the world’s largest money manager with $9.4 trillion in assets under management, has made a significant move by joining forces with the financial services arm of Indian tycoon Mukesh Ambani.This strategic partnership aims to tap into India’s rapidly growing asset management market and marks BlackRock’s return to the country following a six-year absence.The collaboration between BlackRock and Jio Financial Services, a company built by Reliance Industries Limited, will establish a 50–50 joint venture called Jio BlackRock. BlackRock announced the collaboration via a statement published to its website on Wednesday.Photo by Naveed Ahmed on Unsplash$300 million investmentBoth companies plan to invest up to $150 million each in this venture. Larry Fink, BlackRock’s Chairman and CEO, articulated his satisfaction regarding the partnership in a LinkedIn post, emphasizing the significance of expanding BlackRock’s presence in India.Mukesh Ambani, the Founder and Chairman of Reliance Industries, is India’s richest man with a net worth believed to be in the region of $90.6 billion. The conglomerate is the country’s largest listed company by market share. Collaborating with BlackRock will likely strengthen its position in the financial services sector.The joint venture aims to leverage BlackRock’s expertise in investment and risk management, combined with Jio Financial Services’ technological capabilities and deep market knowledge. The objective will be to provide “tech-enabled access to affordable, innovative investment solutions” for Indian investors. With rising affluence, favorable demographics, and the ongoing digital transformation across industries in India, the market is undergoing a significant shift.Potential implications for cryptoThis move comes shortly after Jio Financial Services was spun off from its parent company, Reliance Industries. The digital-first service is focused on delivering innovative investment solutions to cater to the growing needs of Indian investors.While there’s absolutely no mention of crypto relative to this announcement, it may still have implications for crypto in India. BlackRock has progressed from taking a dim view of Bitcoin and crypto to now turning towards this new asset class. It recently filed an application to launch a bitcoin exchange-traded fund (ETF) in the United States. That move is considered highly significant by most market commentators.Given that Jio Financial takes a digital-first approach and that the idea of the partnership is to bring the latest financial products to retail customers in India, there’s potential for this new entity to bring digital asset-related products to that market.Indian market re-entryBlackRock’s re-entry into India’s asset management industry is not the first attempt by the US investment management firm. In 2018, BlackRock exited the Indian market by selling its 40% stake in an asset management venture to partner DSP Group, but the company recognizes the enormous potential that India presents.Over the past five years, assets under management of Indian mutual funds have doubled, reaching 44.39 trillion rupees ($542 billion) by June this year. The exponential growth in this sector highlights the immense opportunities India offers to global asset managers like BlackRock.While the launch of the joint venture is subject to closing conditions and regulatory approvals, the collaboration between BlackRock and Jio Financial Services appears to be poised to unlock the power of investing for millions of people in India.

Earlier this month, CoinNess reported on a flurry of Asian companies who had announced plans to add crypto to their balance sheets. That trend continued this week with two Chinese companies announcing similar plans. In a press release published on June 24, Aurora Mobile, a marketing technology firm based in Shenzhen, announced its intention to begin to invest in digital assets. The Nasdaq-listed company (JG) outlined that its Board of Directors had approved the investment of up to 20% of the firm’s cash and cash equivalents in various digital assets in a strategic initiative involving Aurora Mobile’s treasury management.Photo by Traxer on UnsplashGaining exposure to emerging asset classIt described the initiative as an example of the company’s “commitment to innovative treasury practices,” focusing on long-term value creation for Aurora Mobile’s shareholders. The firm’s CEO, Weidong Luo, said that the initiative will enable the company to diversify its portfolio, “gaining exposure to an emerging asset class with low correlation to traditional markets.” Luo also asserted that the move would demonstrate that the firm is “aligning with the technological advancements reshaping global finance.” Aurora Mobile indicated that it would look to purchase Bitcoin, Ethereum, Solana, Sui and other tokens. China’s crypto trading banA trading ban on crypto was introduced in mainland China in 2021. With that, it’s unclear how Aurora Mobile will establish its crypto treasury. It may opt to do so through Singapore-based subsidiary EngageLab or through an affiliated corporate entity in Hong Kong. No such ban applies in Hong Kong, where VMS Group, another company which has decided to invest in digital assets, is headquartered. VMS Group is a family office which provides investment solutions and advisory services, while specializing in alternative investments.  According to a report published by Bloomberg on June 23, the company, which has $4 billion worth of assets under management (AUM), intends to allocate up to $10 million to investment strategies run by a decentralized finance (DeFi)-focused hedge fund, Re7 Capital. VMS Group managing partner Elton Cheung told Bloomberg that the investment decision was taken as part of an effort to diversify into more liquid investments. Cheung added: “We thought this was the right time [to invest in digital assets] because of growing demand and because we see clearer legislative and government support from various jurisdictions, as well as large institutional support and endorsement.” Potential partnershipsVMS Group executive Zhi Li, who has been tasked with leading digital asset investments for the company, said that the firm is examining potential partnerships with blockchain payments and infrastructure projects. Li stated that “there is very strong institutional and family interest in getting regulated digital asset exposure,” adding that VMS has “seen the younger generation of families wanting to do something different.” Alongside these investments into cryptocurrencies, demand for crypto-related stocks in Hong Kong is also surging. Shares in publicly-listed licensed digital asset platforms in the Chinese autonomous territory surged by as much as 200% on June 25 as the market reacted positively to the city’s developing digital assets policy.