GDAC joins hands with Zodia Markets to cultivate global digital asset network

Standard Chartered joins China’s CBDC pilot trialsStandard Chartered Bank has joined the advanced stages of China’s central bank digital currency (CBDC) pilot trials, making it one of the world’s largest multinational banks to partake in such an initiative.Photo by Eric Prouzet on UnsplashEnabling e-CNY exchangeChina initiated its CBDC pilot trials over a year ago, with it being much further ahead of other CBDC initiatives internationally in terms of development. It has now expanded its trials to include more lenders, with Standard Chartered China becoming the latest participant.This development means that Standard Chartered Bank’s users in the Asian nation will soon have access to the digital version of the Chinese yuan by seamlessly integrating its platform with China’s dedicated CBDC app. According to an announcement by Standard Chartered Bank (China) Ltd. on Monday, the bank will be enabled, through partner firm City Bank Clearing Services Co., to offer its clients the ability to purchase, exchange or redeem e-CNY.In its announcement, Standard Chartered China’s President, Zhang Xiaolei, stated:“As an international bank rooted in the Chinese market for 165 years, Standard Chartered is optimistic about the development prospects of digital renminbi.”Joining e-CNY testing programThe e-CNY pilot testing program in China has been extended to 26 cities and provinces. Standard Chartered’s Chinese subsidiary will involve itself with supply chain financing, trade financing and cross-border merchant payments as part of that pilot program.The adoption of CBDCs is anticipated to reduce reliance on physical currency notes while ensuring transparent and tamper-proof transaction histories. China’s CBDC, known as the digital yuan or e-CNY (digital renminbi), has garnered international attention for its progressive approach to digital currency.Broader digital assets sector involvementStandard Chartered’s involvement in China’s CBDC pilot marks a milestone, emphasizing the bank’s commitment to digital innovation. However, the British banking conglomerate has had a broader approach to digital assets beyond this CBDC collaboration. A report by Nikkei Asia last month suggested that the banking group was making a concerted effort to develop its digital assets-related business within the Asian region through its Singapore-based investment arm, SC Ventures.Earlier this month, SC Ventures unveiled Libeara, a platform which plans to offer the first-ever tokenized Singapore dollar government bond fund. Subsidiary companies include digital asset custodian Zodia Custody and institution-first digital asset marketplace Zodia Markets.China has been at the forefront of CBDC experimentation, with initiatives like testing offline payment systems integrated with SIM cards. This innovative approach allows users to initiate CBDC payments by simply bringing their phones close to sale terminals. The trials, initially launched in major cities such as Shanghai, Beijing and Shenzhen, have encouraged residents to embrace e-CNY for everyday transactions.While China’s advancements in CBDC trials are noteworthy, other nations, including India, Japan and the U.S., are also actively engaged in the advanced phases of CBDC-related research and development. These global efforts seek to diversify financial settlement options, providing individuals with a broader range of choices in the evolving landscape of digital currencies.

Intella X Partners With Aptos Foundation to Accelerate Growth of Web3 GamingIntella X, the Web3 blockchain gaming platform developed by Neowiz, a South Korean gaming company, has forged a strategic partnership with the Aptos Foundation, an esteemed layer-1 blockchain entity.Photo by Shubham’s Web3 on UnsplashAptos’ expansion in KoreaDedicated to nurturing the growth and advancement of the Aptos Network, a community-centric layer-1 network, the Aptos Foundation operates grant programs designed to expedite the expansion of the Aptos ecosystem. Seizing this collaboration as a valuable opportunity, the foundation envisions expanding the network’s presence in the Korean gaming market.These two entities will be collaborating across various technological and business domains, with the goal of enhancing the Intella X ecosystem and fostering the success of its Web3 projects.Empowering newcomers in Web3Intella X’s mission revolves around establishing an accessible platform that guides newcomers into the Web3 landscape. Beyond its gaming offerings, Intella X stands as a decentralized exchange, NFT launchpad, and NFT trading platform.On the global stage, Intella X has taken proactive strides to amplify its ecosystem’s reach. Among its notable achievements is a recent alliance with Yield Guild Games (YGG), a DeFi-powered gaming guild boasting a user base of over 450,000 worldwide. The cooperation between these entities will delve into the integration possibilities of YGG’s soulbound reputation tokens into Intella X Wallet (IX Wallet), the dedicated Web3 wallet for the Intella X platform.

Sony Network Communications and Startale Labs to Launch Joint Blockchain VentureProminent Japanese internet service provider Sony Network Communications and Singapore-based Web3 company Startale Labs are undertaking a new joint venture to develop a blockchain network for facilitating the worldwide adoption of Web3.Photo by CHUTTERSNAP on UnsplashCultivating an innovative Web3 ecosystemThis comes after Sony Network Communications’ initial $3.5 million investment in Startale Labs back in June. Both companies expressed their commitment to paving the way for revolutionary Web3 applications through the development of a solid blockchain infrastructure. To do so, they said that they would leverage Sony Group’s knowledge and expertise in various sectors, such as gaming, music, entertainment, and financial services, to apply a multifaceted approach to the joint venture.“By combining Sony Network Communications’ experience in communication, the Internet of Things (IoT), artificial intelligence (AI), and solution services with Startale Labs’ insights and technical prowess in Web3, we aspire to create a global infrastructure that underpins the Web3 era, driving innovation across existing industries,” said Jun Watanabe, President and Representative Director of Sony Network Communications.The new business will be established this month under the name Sony Network Communications Labs.“This joint venture is founded on the synergy created by our respective assets and knowledge, and it is aimed at collectively developing a leading blockchain ecosystem. We are determined to discern Web3 trends and drive them globally,” said Sota Watanabe, CEO of Startale Labs.Governmental supportSony Group, Sony Network Communications’ parent company, has consistently been making strides in the Web3 realm. Sony Bank, another affiliate of the group, joined hands with Mitsui & Co. Digital Asset Management (MDM) a few months ago to establish MDM’s security token service Alterna.These efforts have been encouraged by a backdrop of active support for Web3 and crypto businesses from the Japanese government. The Japanese National Tax Agency recently announced the revised corporate taxation rules for crypto assets, which renders companies exempt from taxes on unrealized gains from cryptocurrencies if the virtual assets were issued by the company and have been continuously held since issuance, or if they have remained subject to certain transfer restrictions since issuance.Startale Labs’ popular smart contract platform Astar Network also recently launched an Ethereum layer 2 scaling solution dubbed Astar zkEVM: Supernova with Polygon Labs in a strategic move to expand Web3 adoption in Japan and onboard more enterprise partners.