SynFutures Completes Series B Funding Round and V3 Launch

Dubai-based Emirates NBD, one of the United Arab Emirates’ (UAE) top banks, has enabled a crypto trading service via its subsidiary bank, Liv Digital Bank. Liv Digital Bank has launched the crypto trading service through its Liv X mobile banking app. App users now have the ability to buy, hold and sell a range of cryptocurrencies. Users will have access to custody solutions. They can control both virtual currencies and fiat currencies from within one application.Photo by Markus Winkler on UnsplashAquanow collaborationThe offering has been brought online through a collaboration with digital assets infrastructure provider Aquanow. Taking to X, Aquanow CEO Phil Sham said that "incumbent institutions like Emirates NBD will play a pivotal role in driving the next wave of digital asset adoption.” Aquanow has acquired the necessary licensing from the Virtual Assets Regulatory Authority (VARA) in Dubai to enable the service offering on a compliant basis. Sham told Cointelegraph that the collaboration “showcases how traditional banking and digital assets can coexist, providing consumers with seamless, secure, and compliant access to the evolving digital economy.” Zodia as digital asset custodianZodia Custody, a virtual asset custodian that serves institutional clients, has been chosen to custody assets held as a result of crypto trading on the app. The custodian, a subsidiary company of British multinational banking group Standard Chartered, launched its service in Dubai back in 2023. Emirates NBD is government-owned and the UAE’s second largest bank. The service will facilitate users in trading Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA) and some other cryptocurrencies. The bank’s Group Head of Retail Banking and Wealth Management, Marwan Hadi, commented on the development, stating: “Offering cryptocurrency on Liv X is the next step towards the overall vision of Liv being a pioneer in innovation and excellence.” He added that “with the highest crypto adoption rate in the UAE, [Emirates NBD is] keen to launch [its] own virtual asset offering to capitalise on this trend.” This is not the first touch point with the crypto sector for the Emirates NBD subsidiary. Last year, Liv Digital partnered with tokenized real-world assets (RWA) firm Ctrl Alt. Accessing Ctrl Alt’s RWA tokenization expertise, Liv is opening investing opportunities for its customers in the area of tokenized assets. In November 2024, Emirates NBD signed up as a member of the Partior Network, the distributed ledger technology (DLT) clearing and settlement network. Partior uses tokenized instruments for the wholesale settlement of cross-border payments in conjunction with correspondent banks. In the past, the Dubai-based bank had made efforts to educate its customers with regard to the benefits of cryptocurrency and blockchain. Last year, American blockchain analysis firm Chainalysis reported that the Middle East and North Africa (MENA) accounted for 7.5% of global digital asset trading volume over the course of 12 months from July 2023 to June 2024. Chainalysis itself chose Dubai to set up its regional headquarters in May 2024.

Euroclear, a Belgium-based financial services company that specializes in post-trade services relative to the clearing and settlement of securities, has announced that it has invested in Singaporean digital market infrastructure firm Marketnode. The investment, which the firm announced via a press release published to its website on Oct. 17, is the company’s first in the Asian market. Established with a distributed ledger technology (DLT)-based financial infrastructure, Marketnode offers its services via two distinct platforms. The company claims that through its Gateway platform it offers a one-stop issuance, data, workflows and tokenization services.  Meanwhile, Fundnode streamlines fund transactions, processing and record-keeping, while using blockchain technology in doing so. Euroclear’s CEO for the Asia-Pacific (APAC) region, Philippe Laurensy, set out the company’s thinking in making this strategic investment, stating: “Partnering with Marketnode demonstrates our shared commitment to developing a new generation of funds market infrastructure by leveraging Euroclear’s global footprint, established fund infrastructure and digital capabilities. This first strategic investment in Asia also reinforces the region’s importance to Euroclear’s positioning and business growth. We are excited to join Marketnode’s pioneering journey in the rapidly growing area of digital assets and support the company’s international service expansion.”Photo by Thomas Somme on UnsplashProminent backersMarketnode is backed by Temasek and the Singapore Exchange Group (SGX), having been established in 2021 as a joint venture by the two firms. Notable financial firms such as Citi, HSBC, Deutsche Bank and State Street joined the pilot phase of Marketnode’s Fundnode platform in 2022.  Back in May, HSBC doubled down on its involvement, leading Marketnode’s Series A investment round. HSBC also partnered with Marketnode and Singaporean bank UOB in 2023, in the build-out of an end-to-end, issuance-to-distribution wealth management product infrastructure, run on blockchain rails. That project formed part of Project Guardian, a collaborative initiative led by the Monetary Authority of Singapore (MAS), designed to explore tokenization and network interoperability. Marketnode CEO Rehan Ahmed spoke about what this latest investment means for the company. He stated: “Euroclear’s global connectivity, operational expertise and market-leading position as a trusted financial market infrastructure will catalyse the growth of Marketnode’s platforms, especially Fundnode.” Ongoing blockchain interestWhile this may be Euroclear’s first foray into the Asian market, it’s not its first step into the world of blockchain and tokenization. The European clearinghouse launched a tokenized securities issuance service in 2023. The Digitally Native Notes (DNN) service enables the issuance, distribution and settlement of fully digital international securities, running on R3’s Corda blockchain. The first DNN was issued using the system by the World Bank, raising €100 million to finance its sustainable development activities. Earlier this month, it emerged that Euroclear, alongside the World Gold Council and international law firm Clifford Chance, had collaborated on a pilot project led by real-world asset (RWA) tokenization firm Digital Asset. The project concerned itself with the tokenization of UK bonds (gilts), Eurobonds and gold, using the Canton Network protocol.

North Gyeongsang Province Recruits Youth for Metaverse Content CompetitionNorth Gyeongsang Province has announced that it is recruiting participants for the Youth Metaverse Content Development Competition, which will provide young people with an opportunity to showcase their ideas and technical skills in the metaverse.Photo by GuerrillaBuzz on UnsplashThe competition is part of the Youth Metaverse Creation Festival, which aims to push young individuals to participate directly in policymaking, prepare for their crucial role in the oncoming metaverse era, and strengthen their digital capabilities.Participation requirementsParticipants are required to complete an assignment in the form of their choice related to fields that the youth are interested in. Young people from high schoolers up to those aged 34 are eligible to participate. Both Korean nationals and foreigners are invited to sign up either individually or as a team.Eight teams will be selected in the first round of document evaluation this month. Afterward, a second round of presentations will take place in October to choose the three final participating teams.Winning rewardsThe first round of selected teams will receive 3 million KRW (approximately $2,300) for their assignment and a head-mounted display, among other benefits. The finalists will not only be awarded 6 million KRW but also be given the chance to participate in various startup support programs throughout North Gyeongsang Province through expert consultations.