Singapore’s Whampoa Plans Crypto-Friendly Bank in Bahrain

METACON 2023 to Explore Innovative Metaverse Business ModelsAccording to a report by local crypto news outlet Tokenpost, METACON 2023, a conference focused on Web3 and the metaverse, is set to take place from June 29 to 30 at COEX, a convention and exhibition center in Seoul. This year’s event marks the third anniversary since its inception in 2021.Photo by GuerrillaBuzz on UnsplashInsights on the MetaverseAs the main event of Seoul Meta Week (SMW), METACON aims to showcase cutting-edge metaverse applications, explore innovative business models, and find ways to penetrate new markets. Titled “WEB 3.0 X METAVERSE: The Future of Hyper-Connected Experience,” METACON 2023 will feature presentations and discussions from approximately 40 speakers representing prominent companies. Among the featured speakers are representatives from The Sandbox, Google Cloud, Tencent, Shutterstock, DRESSX, The Fabricant, Nexon Korea, Amorepacific, SK Telecom, and LG Uplus.On June 29, Kerry Murphy, the Founder and CEO of The Fabricant, will provide insights into the impact of digital fashion on the real-life fashion industry. Following that, Murphy will engage in a discussion with Natalia Modenova, the Founder & COO of DRESSX, to talk about the philosophy of Web3 and collaborative efforts in shaping trends in digital fashion.Participation from traditional banksIn addition, visitors to the conference will have the opportunity to hear from representatives of four traditional Korean banks: KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank. Other discussions throughout the event will cover a wide range of topics, including the work environment, digital art, the popularization of Web3, investments, and generative artificial intelligence (AI).The following day of the conference will commence with a keynote speech titled “Unlocking Brand Value in the Metaverse” by Sebastien Borget, the Co-founder and COO of The Sandbox, a community-driven blockchain gaming platform. After that, Dade Orgeron, the VP of 3D Innovation at US stock image provider Shutterstock, will deliver a talk on generative AI as a creative tool and discuss the company’s AI license policy.An official from Seoul Meta Week (SMW) stated that this year’s program was specifically designed to provide an agenda that encourages interaction between newcomers to the Web3 industry and established projects.

Circle and Grab Partner to Pilot Web3 App IntegrationUSDC stablecoin issuer Circle is embarking on a strategic partnership with Grab, Southeast Asia’s multifaceted super app for transportation, deliveries, and payments relative to Web3.Announced via a press release published to Circle’s website on Thursday, the collaboration marks yet another step forward in realizing the promise of Web3 technology in Singapore.Photo by Jason Miraples on UnsplashCircle’s foray into Web3Circle’s latest offering, a Web3 services platform, is set to be seamlessly integrated into the Grab app. The objective of that integration is to enhance Grab user experiences through blockchain-enabled solutions. In that way, the partnership will broaden the horizons of Grab’s already extensive service portfolio, which includes ride-hailing, food delivery, package delivery, ticket bookings, and insurance. Grab hopes that the move will propel the Singaporean super app further into the world of blockchain technology.Grab Web3 WalletNews that Grab was on the road towards rolling out a Web3-related product offering leaked out last week when Chinese crypto reporter Colin Wu tweeted out details related to a Web3 wallet. This official announcement qualifies those initial reports, as one of the key aspects of this collaboration is the introduction of the ‘Grab Web3 Wallet.’The feature, accessible to Singaporean users, enables the easy setup of a blockchain-enabled wallet. Users will have the opportunity to earn rewards in the form of digital collectibles and utilize non-fungible token (NFT) vouchers, thereby immersing themselves in the dynamic world of digital assets.To kickstart this venture, Circle’s Web3 Services will initially support the SG Pitstop Pack NFT vouchers. These vouchers can be redeemed at popular Singapore-based stores in advance of the upcoming F1 Singapore Grand Prix. Jeremy Allaire, Co-Founder and CEO of Circle, expressed his enthusiasm for the company’s efforts in collaborating with what he termed “global-scale consumer internet brands to bring everyday utility to users.” Allaire maintains that the partnership with Grab aligns perfectly with that mission.While bringing Web3 technology into everyday use in Singapore, the partnership also lends support to the Monetary Authority of Singapore’s (MAS) Project Orchid initiative. This initiative seeks to demonstrate the real-world application of Purpose Bound Money. Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, expressed the company’s enthusiasm for accelerating blockchain-powered innovation alongside Grab while aligning with Singapore’s vision to be a leading global hub for responsible digital asset innovation.Circle has been steadily establishing its presence in Singapore, with notable achievements including acquiring a Major Payment Institution (MPI) license from the MAS in June and opening its official office in May.In February, Circle joined forces with Tribe, the first government-supported blockchain ecosystem builder, to launch a unique training and support program aimed at nurturing and upskilling the region’s Web3 developer talent pool.Founded in 2012 in Malaysia as a ride-hailing app, Grab initially entered the scene as a competitor to Uber in the region. Over the years, it has evolved into a true “super app,” offering a myriad of services, including GrabPay (payment services), package delivery, ticket bookings, and insurance. Its user-friendly interface and comprehensive services have made it the go-to app for more than 25 million users in Southeast Asia every month.

Bitget Claims Debt-Free Status via Proof of ReservesBitget, the Seychelles-based cryptocurrency derivatives exchange, proudly announced that its total proof-of-reserves ratio has reached an impressive 223% in its latest report.Photo by Traxer on UnsplashReserve of $1.44 billionIn a press release published to its website on Thursday, the exchange revealed that it currently holds a reserve of $1.44 billion, encompassing 31 different crypto assets. The reserve ratios for popular cryptocurrencies such as Bitcoin (BTC), Tether (USDT), Ether, and USDC stand at 454%, 135%, 171%, and a staggering 2,604%, respectively.Bitget executives, in an interview with Cointelegraph, emphasized the exchange’s commitment to operating without relying on debt or user funds for transactions or investments. They stated that the company is debt-free and has no outstanding liabilities, nor is it listed as a creditor for any recently bankrupt companies.When questioned about the high collateralization for certain coins, the exchange clarified that the funds originate from profits generated through transaction fees and returns from investments and acquisitions. While Bitget does not have external insurance for its users, it maintains a robust $300 million User Protection Fund.Executives assert that this fund operates more effectively than third-party insurance, enabling them to efficiently safeguard users’ assets without being dependent on external bureaucracy or policy changes.Partnering with third-party auditorsAlthough not yet a regulatory requirement, Bitget aims to enhance transparency by increasing partnerships with third-party auditors to thoroughly examine its assets and reserves. The exchange diligently updates its proof-of-reserves every month, further reinforcing its commitment to accountability and trustworthiness.While proof-of-reserves has gained popularity as a means of disclosing information about exchange assets, experts have cautioned about its effectiveness. Jack Graves, a professor of law at Syracuse University, highlights the challenges in determining the portion of assets pledged as collateral unless one has access to an exchange’s financial services, books, and records.Bitget’s remarkable proof-of-reserves ratio and its commitment to being debt-free demonstrate a greater focus on behalf of cryptocurrency exchanges in providing the crypto trading public with an enhanced level of information relative to the real-time financial position of the exchange.Crypto loansThe move is significant and much needed, following a dreadful 2022 for crypto consumers that saw many of them lose funds due to a complete lack of transparency with regard to funds held on deposit on behalf of customers. That period saw the collapse of platforms such as Celsius, FTX, Voyager, BlockFi, and others as a direct consequence of the mismanagement of user funds.It’s interesting too, that most of the platform failures involved crypto lenders, a space that Bitget recently announced that it was entering. Earlier this month, the company outlined that it would begin to offer crypto lending products to meet a need from users who are seeking alternative funding solutions, backed by digital assets.By diligently managing its funds and actively seeking audits, Bitget is making an effort to foster trust within the cryptocurrency community and ensure the safety of users’ assets.