Hong Kong broadens e-CNY testing with focus on cross-border payments

Japan’s Mt.Gox to commence creditor repayments shortlyCreditors of Mt. Gox, the Japanese Bitcoin exchange that suffered a devastating hack in 2014, have received a glimmer of hope with an announcement from the administrators of the Mt.Gox estate that repayments are imminent.The recent announcement from Nobuaki Kobayashi, the trustee overseeing Mt. Gox’s estate was made on Tuesday when Kobayashi initiated the distribution of emails to rehabilitation creditors, hinting at the commencement of repayments. Social media reports have fueled optimism, suggesting that creditors may start receiving repayments in cash in 2023.Photo by Manuel Cosentino on UnsplashFirst round repayments in 2023The email, sent in both Japanese and English, outlined Kobayashi’s plan to initiate the first round of repayments in 2023, with the process extending into 2024. The email highlighted the complexity of the task, citing the large number of rehabilitation creditors, diverse types of repayments and varied processing times required. Despite the lack of specific timelines for individual creditors, the email conveyed a cautiously optimistic tone about progress.Cash vs. bitcoinReaction within the Mt. Gox community has been mixed. Some commentators view Kobayashi’s email as “cautiously promising,” interpreting it as a positive sign that repayments are finally on the horizon. Long-suffering creditors had been informed of a one-year extension to the repayment deadline in September. Additionally, some observers have raised concerns, noting that the email specifically references cash payments, whereas many victims of the Mt. Gox hack anticipate the return of large amounts of bitcoin.The Mt. Gox trustee currently holds 135,890 BTC across known addresses, valued at nearly $5 billion. An additional 3,795 BTC (worth $130 million) are held on unknown addresses.While the email signals progress, questions remain about the nature and extent of the repayments, with the community keenly observing developments. The email stated:“The specific timing of repayment to individual rehabilitation creditors is undetermined, and therefore, it will not be possible to provide advance notice to each rehabilitation creditor regarding the specific timing of their repayment.”Deadlines were also pushed back on other occasions, including March of this year when creditors were sent a “change of deadline“ notification.Redemption of trust assetsThis news coincided with the Mt. Gox trustee’s announcement on Wednesday regarding the redemption of trust assets. A substantial sum of 7 billion Japanese yen (equivalent to $47 million) was redeemed, intended for funding the repayment of claims. Following the redemption, the remaining trust assets stood at 8.8 billion yen, or approximately $59 million. The trustee, as per the official statement, is actively preparing for the base repayment, early lump-sum repayment and intermediate repayment.The recent events surrounding Mt. Gox have sparked discussions within the broader crypto community about the potential for a bitcoin sell-off. It’s long been speculated that the sudden release of bitcoin to creditors could lead to the market being flooded with sellers. However, as it appears that cash is being distributed as well as bitcoin, this should soften any potential bitcoin sell-off.Despite the optimism in some quarters, skepticism lingers due to the history of delays in Mt. Gox repayments. Creditors remain cautiously hopeful for the most part, awaiting further updates and tangible progress in the rehabilitation process.

Lillius and Crypto.com Team Up for NFT Collaboration and Global MarketingLillius, a Korean artificial intelligence (AI) sports challenge app, has signed a business deal with global crypto trading platform Crypto.com to collaborate on a non-fungible token (NFT) project and global marketing strategies. The two companies will work together to promote Lillius’ platform mainly by issuing and distributing NFT rewards within the app.Elevating fitness with AILillius, set to launch its open beta service this month, is a mobile app where users can participate in exercise challenges that use AI motion detection technology to analyze their form while doing the movements. After they complete a given challenge, they can receive rewards based on the score they earn. Some of these challenges feature lessons from Korean Olympic medalists like taekwondo athlete Lee Dae-hoon, fencer Nam Hyun-hee, and wrestler Jung Ji-hyun.Photo by Huckster on UnsplashTo grow its platform, Lillius has also minted NFT figurines for iconic athletes such as table tennis player Ryu Seung-min, swimmer Park Tae-hwan, and archer Joo Hyun-jung, among others.Unlocking global Web3 sports experiencesUnder the new partnership, Crypto.com will be responsible for leveraging its global infrastructure to support Lillius’ broader global expansion and various marketing endeavors.“Our partnership with Crypto.com will expand access to Web3-based sports experiences for users around the world and serve as an important milestone in advancing our Web3 sports ecosystem,” said Julia Kim, CEO of Lillius. “We plan to enhance Lillius’ global competitiveness and lead the Web3 sports industry.”Crypto.com has consistently been participating in sports-related marketing projects and investing in such businesses as well. In 2021, it signed a naming rights agreement to change the name of the world-renowned sports and entertainment arena, the Staples Center, to Crypto.com Arena. It also became the first virtual asset platform to sponsor the 2022 FIFA Qatar World Cup. Furthermore, the platform has worked with some of the world’s biggest sports associations such as the UFC and Paris Saint-Germain F.C., playing a key role in bridging the gap between blockchain and sports. Its latest business agreement with Lillius comes as part of more concentrated efforts to enter the Korean market.“Through this partnership, we will cultivate the merging of sports and blockchain technology by providing Crypto.com’s 80 million users with a unique sports-related consumer experience,” said Patrick Yoon, CEO of Crypto.com Korea.

Upbit lists Tottenham Hotspurs fan tokenSouth Korea’s largest cryptocurrency exchange Upbit listed a fan token for the Tottenham Hotspurs — a world-renowned football club of the English Premier League and home to captain Son Heung-min, who also leads the South Korean national team — on its BTC market on Thursday (KST), according to an official announcement on the exchange’s homepage. Listed under the ticker symbol SPURS, the token is worth about KRW 6,000 ($4.60) as of this writing.Photo by Memories on 35mm on UnsplashExpanding football’s presence in cryptoUpbit added a total of 23 tokens to its BTC market this year, eight of which are fan tokens associated with football clubs, including Tottenham Hotspurs, AC Milan, Arsenal F.C., Atlético de Madrid, FC Barcelona, Manchester City F.C., Inter Milan and SSC Napoli, which the exchange signed a two-year partnership contract with in January. The team notably houses one of South Korea’s top footballers Kim Min-jae. Upbit also previously listed a Paris Saint-Germain token in 2021, which player Lee Kang-in recently joined this year.With the most recent addition of SPURS, Upbit now supports a total of ten football club fan tokens — all of which can only be traded on the sports blockchain network Chiliz Chain — highlighting its recognition of the sport’s popularity among Koreans. In particular, the Chiliz token (CHZ) also experienced a 10% price boost on Thursday when SPURS was listed.Upbit’s focus on footballHowever, Upbit’s consistent listing of football-related tokens contrasts with its overall modest approach to listing new cryptocurrencies this year. The exchange has introduced just 12 cryptocurrencies so far this year on its Korean won-denominated market, which is just a fraction of the 88 that were listed by Bithumb, South Korea’s second-largest exchange.Bithumb, which had already been supporting trading for SPURS on its Korean won-dominated market, also saw the token’s price double as a result of Upbit’s listing, jumping from around KRW 5,500 to KRW 11,300.