Circle and Grab Partner to Pilot Web3 App Integration

Experts Gather at KBW 2023 to Explore the Future of Blockchain and Web3Blockchain and Web3 experts from around the world gathered at the Shilla Hotel in Seoul on Tuesday and Wednesday to attend Impact, the main conference of Korea Blockchain Week (KBW) 2023. There, they shared insights on the challenges faced by the blockchain industry as well as future prospects, especially their anticipation for South Korea’s role in shaping the industry’s landscape.Photo by Terren Hurst on UnsplashCurrent challengesAmong these experts was Sid Powell, CEO and Co-founder of Maple Finance; Stephen Richardson, Managing Director of Financial Markets and Head of the Asia Pacific region at Fireblocks; and Kelvin Koh, Co-founder and CIO at Spartan Group, who discussed the opportunities presented by bridging traditional finance with decentralized finance (DeFi) during a panel session on Wednesday.They mentioned the recent trending decline in DeFi transactions among institutional investors, which can be attributed to the DeFi industry’s fragmented infrastructure that can be difficult to understand. In order to rekindle investor confidence and interest, the industry must consider the integration of infrastructure and highlight the advantages of DeFi such as low costs, transparency, and liquidity to showcase its potential for financial gain.In a fireside chat on the same day, Jeremy Allaire, Co-founder and CEO of global fintech company Circle, acknowledged yet another mounting challenge facing the industry — the mass adoption of blockchain technology and Web3. However, the solution to this roadblock is not far out of reach, he said. Allaire predicted that by 2025, most cryptocurrencies, including stablecoins — cryptocurrencies that are pegged to a commodity or fiat currency to maintain a stable price — will have a legal foundation, thus paving the way for mass adoption.Suk Hwan Paul Kim, CEO and Vice Chairman of Grip Labs, and Archie Ravishankar, CEO of Cogni, also said that implementing user-friendly services and institutional entry will be a key strategy for persuading Web2 users to transition to Web3 platforms and encouraging mass adoption.Outlook for KoreaMeanwhile, several key figures expressed positive hopes for the pivotal role that Korea will play in the development of the Web3 ecosystem. In particular, Polygon Labs co-founder Sandeep Nailwal and COO Michael Blank pointed out that Korean companies, especially those in the gaming industry, are open to applying Web3 technology to their business projects, thus accelerating next-generation innovation in various fields like gaming, social media, and entertainment. Indeed, Polygon Labs’ own Korean partner firms recognize that the future of the Internet will rely on blockchain technology.In order to build a solid Web3 ecosystem, they said, three core values are of utmost importance — privacy, transparency, and openness. Fostering an environment that users can trust while freely interacting with others is the key, and Polygon Labs has vowed to contribute to doing so.Notably, Commissioner Caroline D. Pham of the US Commodity Futures Trading Commission (CFTC) was also in attendance, where she shared her thoughts on the proper regulation of virtual assets. She stated that it is essential to apply the safety measures we have learned from the past century of financial history to the future cryptocurrency industry, cautioning against a one-sided view that virtual assets are inherently bad.In drawing a comparison between the US and Korea, she stated that although the US possesses strong technical capabilities and is gradually adopting a more positive perspective on virtual assets, Korea is still ahead by a decade due to the fact that the general public is more open to embracing emerging technologies. Therefore, the future partnership between the US and Korea could offer valuable insights, not only in terms of economic prosperity but also in legal and regulatory aspects.

Digital asset exchange business Bullish has filed confidentially for an initial public offering (IPO) in the United States. The Financial Times reported on June 11 that the IPO had been filed with the Securities and Exchange Commission (SEC) in recent weeks. Choosing to file the IPO confidentially will have enabled the firm to delay public disclosure, allowing it to progress with its preparation for the IPO and reveal financials closer to the point at which it goes public. Back in February, Bloomberg reported that the company was looking at the possibility of executing an IPO, with investment banking and financial services firm Jefferies understood to have been advising the firm. This latest report confirms that Jefferies will work as the lead underwriter in relation to the IPO deal.Photo by Markus Winkler on PexelsHong Kong tiesBullish is a subsidiary company of Block.one, a blockchain software company founded by Brendan Blumer and Dan Larimer, best known for having established the EOS.IO blockchain network. Both companies have strong ties with Hong Kong.  The Bullish exchange is licensed by the Hong Kong Securities and Futures Commission (SFC). It has also obtained licensing from the Gibraltar Financial Services Commission (GFSC) and the German Federal Financial Supervisory Authority (BaFin).  The exchange business is jointly operated by corporate entities registered in Hong Kong and Gibraltar. The company maintains offices in Hong Kong, Gibraltar, Singapore, New York, London, Frankfurt and the Cayman Islands.  The business is also being backed by Hong Kong billionaire Richard Li and American entrepreneur Peter Thiel, co-founder of PayPal, Palantir Technologies and Founders Fund. Blumer, who is based in Hong Kong, founded Bullish in 2021 and currently serves as Bullish chairman. The company is understood to have in the region of 275 employees with Tom Farley leading it as CEO. Farley previously fulfilled the role of president at Intercontinental Exchange’s NYSE group. Positive climate for crypto IPOsAmid a more positive crypto climate in the United States, crypto-related IPOs appear to be back in favor. Leading stablecoin issuer Circle executed an IPO earlier this month with the offering being 25x oversubscribed. Following the success of the Circle IPO, BitMEX co-founder Arthur Hayes asserted on X that it would lead to a plethora of crypto-related IPOs over the next few years. He likened that anticipated wave of IPOs to the flurry of initial coin offerings (ICOs) that occurred back in 2017. Earlier this month American crypto exchange platform Gemini confidentially filed for an IPO in the U.S. A Bloomberg report published in March suggested that rival exchange business Kraken is planning an IPO for Q1 2026.  There has been some speculation that Ripple, the American technology company that developed and supports XRP and the XRP Ledger (XRPL), may be a prime candidate for an IPO. Taking to the X social media platform, “Pentoshi,” a pseudonymous crypto market analyst with over 860,000 followers on X, said that a Ripple IPO “feels only logical.” The analyst added that if the company executed an IPO, it would likely weigh in at “some insanely stupid valuation.” 

Circle Makes Inroads in Singapore with License AwardCircle Internet Financial’s Singapore entity, Circle Internet Singapore, has received a full license from the Monetary Authority of Singapore (MAS) to provide digital payment token services in Singapore. This major payment institution (MPI) license will enable Circle Singapore to offer cross-border and domestic money transfer services through its Circle account.Photo by Timo Volz on PexelsMajor Payment Institution (MPI) licenseThe company announced the milestone achievement via a press release published on Monday. The MPI license enables Circle to offer institutional customers access to USDC, a leading US dollar stablecoin issued by the company. With the license approval, Circle Singapore can now fully utilize the expertise of its corporate affiliates to drive innovation, expand its offerings, and provide more value to its clients and stakeholders.The granting of the license follows the in-principle approval received by Circle Singapore in November last year and the subsequent opening of its office in May. The company recognizes the importance of Singapore in its global expansion strategy and its mission to promote global economic prosperity through seamless value exchange.Jeremy Allaire, Co-Founder and CEO of Circle, expressed the significance of Singapore in Circle’s expansion plans and the goal of facilitating frictionless value exchange. The company aims to leverage its licensed status to contribute to Singapore’s digital payment ecosystem positively.Pursuing overseas expansionWith ongoing regulatory turmoil in the United States right now in relation to the treatment of digital assets, no doubt Circle, just like many other leading US digital asset companies, sees the benefit in diversifying geographically. In turn, that feeds into the importance Allaire affixes to this Singapore expansion: “Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value.”There has been a flurry of activity in terms of large crypto sector players establishing a greater foothold in Singapore in recent months. Last week, global crypto trading platform Crypto.com was granted an MPI license by MAS.Coinbase, the US-headquartered crypto exchange business that was sued earlier this week by the Securities and Exchange Commission (SEC) in the United States, took the decision to expand its product offering in the Singapore market last month. Another US-based crypto business, Gemini, has decided to expand its Singapore operation with a view towards growing its institutional and retail customer base.Tribe collaborationEarlier this year, Circle Singapore collaborated with Tribe, the first government-supported blockchain ecosystem builder in Singapore. Together, they launched a training and support program designed to nurture and upskill Web3 developer talent in the region. This initiative aligns with Singapore’s focus on promoting blockchain technology and nurturing a skilled workforce capable of driving the growth of the digital economy.With its full license, Circle Singapore is well-positioned to strengthen its presence in the Singaporean market and offer enhanced digital payment token services to institutional customers. The license also demonstrates the company’s commitment to compliance and regulation in the evolving landscape of digital finance.As Circle Singapore expands its operations and explores further innovations, it will continue to contribute to Singapore’s reputation as a leading global fintech hub. The company’s focus on promoting global economic prosperity aligns with Singapore’s vision of becoming a smart financial center and a pioneer in digital innovation.