Singaporean VC Pledges Funding for Web3 Accelerator

QCP Trading, the trading arm of Singaporean crypto market maker and broker dealer QCP Group, has taken a significant step towards full licensing in Singapore, having been awarded in-principle approval (IPA) for a Major Payment Institution (MPI) license by local regulator, the Monetary Authority of Singapore (MAS). Regulated spot tradingIn a press release published by PR Newswire on behalf of QCP Trading Pte. Ltd. on Nov. 11, the company outlined further details on the receipt of the preliminary license. The company confirmed that the IPA represents an “essential step towards full licensing,” enabling it to prepare to offer regulated spot trading service facilities relative to digital payment tokens. QCP Trading is geared towards facilitating a broad range of crypto spot trading, including the trading of stablecoins and major digital asset tokens. The company offers on/off ramps into and out of cryptocurrency positions via multiple fiat currencies. Photo by Guo Xin Goh on UnsplashOperational expansionDarius Sit, founder of QCP Trading, commented on the development, stating that as the firm continues its pursuit of a full trading license, the focus remains on supporting Singapore’s reputation as a leader in digital asset regulation. Sit added that the company is proud of its “ability to remain agile and responsive to both global and local market conditions,” suggesting that this approach is the key to success in the rapidly evolving crypto sector. QCP Trading intends to continue to build a local team in Singapore and with that it is hiring in order to enable operational expansion. Melvin Deng, the company’s CEO, said that the firm is aiming “to champion robust governance frameworks,” and that its “early recognition of the critical role of regulation has proven to be a strategic foresight." Global expansionThe QCP Group appears to be pursuing a global expansion strategy as back in May, group company QCP Capital received IPA for regulated digital asset trading activities from the Financial Services Regulatory Authority (FSRA), the regulator within the Abu Dhabi Global Markets economic zone in the United Arab Emirates (UAE). In doing so, it became the first Singapore-headquartered crypto broker and market maker to receive preliminary approval within the Middle East region. At that point, QCP had 70 employees, with plans to relocate some of them to Abu Dhabi. In the lead-up to that IPA licensing award in Abu Dhabi, QCP had partnered with Further Ventures as part of its efforts in expanding into the Middle Eastern market. On Nov. 11, QCP Capital put out a warning via its Telegram channel, informing market participants that given the rise in the unit price of Bitcoin in recent days, it is necessary to be mindful of the risk of pullbacks, which will be required in order to account for the use of leverage within the market. In recent weeks, Fly Wing Technologies, a subsidiary of cryptocurrency service provider Matrixport, and the Singaporean subsidiary of American crypto exchange Gemini have received IPA approval with respect to MPI licensing in Singapore. At the beginning of September, crypto exchange OKX received full MPI approval. 

NPIXEL Wraps Up 2nd Community Test for Web3 Game “Gran Saga: Unlimited”Korean game developer NPIXEL announced on Tuesday the successful completion of the second community test for its Web3-based PC massively multiplayer online role-playing game (MMORPG) called “Gran Saga: Unlimited.”The test — conducted over the course of two weeks with some 8,000 global participants — was aimed at enhancing the gameplay environment and strengthening community-based content ahead of the official release of the game.Photo by Andrey Metelev on UnsplashExploring game features and player-based developmentAccording to local news outlet ETnews, participants had the opportunity to try out various features within the game, including new dungeons, a 16-player raid, and a player-versus-player (PvP) battleground called “Chaos Field.” In particular, the “Idol & Fan” system garnered significant attention, where 100 global influencers who received soulbound tokens participated as “idols” to create diverse content with their “fandoms.”NPIXEL’s development team was actively engaged in the testing process, collaborating with users to strategize dungeon conquests and partake in community activities. They implemented real-time communication with users, gathering feedback and opinions to build a game that players directly contributed to.“Proof-of-Play”: The expansion of blockchain in gamingOne of the key features of Gran Saga: Unlimited is its Proof-of-Play technology, NPIXEL explained, much like the Proof-of-Work process used in cryptocurrency. Proof-of-Play involves recording all the in-game items and commodities that a player receives on a blockchain, thus proving and disclosing the items’ randomness of acquisition. The difficulty of obtaining certain items is determined based on in-game demand, and users can search and verify real-time information such as time of acquisition, ownership identification, and random probability.Upcoming launch and exclusive rewardsThe developer is also offering rewards to all 8,000 testers, including a Mount NFT when the game is launched and a chance to win a whitelist spot raffle of Catcha NFT with 1,000 open spots to all testers.NPIXEL will thoroughly review user feedback and opinions collected during the test to further improve the game, after which they plan to officially launch the game through the web-based premier gaming ecosystem, METAPIXEL.METAPIXEL will be developed on the Layer 1 blockchain network Aptos, which is based on NPIXEL’s partnership with Aptos established back in November of last year.

South Korea is weighing a fiat-backed stablecoin, balancing monetary sovereignty against the fact that global stablecoins are dominated by the U.S. dollar while domestic payments are already near-instant.Photo by DrawKit Illustrations on UnsplashThin domestic need despite sovereignty aimsThe case for a won-pegged token is facing challenging headwinds. As a recent Korea Economic Daily report highlighted, skeptics argue the won's limited global demand and lack of reserve currency status would curb its adoption internationally. Domestically, the need is even less apparent. A study by NH Investment & Securities noted that with retail payments settling in seconds via biometrics or passwords, and with world-leading credit card and bank account penetration, the efficiency gains from a stablecoin are marginal at best. Despite this, the appeal of digital currencies is growing. Transactions in dollar-backed stablecoins USDT and USDC on Korea’s five main exchanges totaled nearly $71 billion between January and August, according to CryptoQuant. This rising adoption presents both an opportunity and a threat. While some analysts believe stablecoins could smooth exchange-rate volatility, the Bank of Korea (BOK) has expressed concern. In a recent working paper, Son Min-kyu of the central bank commented that the widespread use of dollar-backed stablecoins could entrench the dollar's dominance, while also amplifying run risk and market volatility in Treasuries during periods of stress. Scarce short-term collateralSeoul also faces a unique structural hurdle: a shortage of short-term government bonds to use as collateral. Unlike the U.S., where stablecoin issuers rely on a deep market for Treasury bills, Korea’s bond market is dominated by long-dated paper. Kim Pil-kyu of the Korea Capital Market Institute (KCMI) described short-term sovereign bills as vital for a stablecoin’s value preservation, a resource Korea currently lacks. As South Korea deliberates, other major economies are forging ahead on divergent paths. Japan is moving to authorize privately issued stablecoins this fall, while the European Union has brought them under its comprehensive Markets in Crypto-Assets (MiCA) regulation. UK’s cap plan clashes with pro-innovation pushThis regulatory balancing act is also playing out in the U.K., where a policy rift is emerging. According to the Financial Times, the Bank of England has proposed capping individual holdings of widely used stablecoins at £10,000–£20,000, with a £10 million limit for businesses. Industry groups argue the plan would be expensive to implement and could blunt the U.K.’s competitive edge in digital finance. The central bank's caution also contrasts with the government's pro-innovation stance, with finance minister Rachel Reeves recently pledging to promote the use of stablecoins and tokenized securities. For Seoul, the global shift toward tokenized money is undeniable. With seemingly limited domestic demand and various structural challenges, a won-backed stablecoin is, for now, an idea worth watching as the broader financial landscape evolves.