China and Singapore Team Up to Scale Green and Transition Financing
Major Asian economies, China and Singapore, have set up a task force to deepen bilateral cooperation in green and transition finance.
Crypto Evening Briefing: Ethereum Gas Fee Jumped Due to Memecoin Frenzy With Mixed Comments on Network Usability
Ethereum's gas fees have reached a new multi-month high due to a growing memecoin frenzy, resulting in a surge in daily revenue for the network.
Singapore-Based Accredify, a Blockchain-Based Platform for Document Verification, Has Raised $7 Million in a Series a Funding Round Co-led by iGlobe Partners and SIG Venture Capital
Singapore-based Accredify, a blockchain-based platform for document verification, has raised $7 million in a series A funding round co-led by iGlobe Partners and SIG Venture Capital, with participation from Pavilion Capital and Qualgro. Accredify creates a wallet, or document store, for clients on the Ethereum network, manages their private and public keys, and draws data through dashboards or API integrations. The platform has processed 12 million verifications on 2 million issued documents and served 600 users. Accredify has worked with educational organizations, corporate registries, and healthcare providers, and collaborated with Singapore's Ministry of Manpower and Ministry of Health to create a system that verified COVID-19 records. The company plans to double down on its presence in Australia and explore expansion into Japan.
Lack of Stablecoin Regulation Could Push Issuers Out of US: Austin Campbell
In an April 19 hearing of the U.S. Subcommittee on Digital Assets, Financial Technology and Inclusion, Austin Campbell, an adjunct assistant professor at the Columbia Business School, said areas including Singapore, Dubai, Abu Dhabi, and the United Kingdom have already proposed frameworks for stablecoins that could offer a competitive regulatory environment for issuers looking for a home.
Zipmex Requests 2-Month Extension From Singapore Court for Restructuring Plan
Cryptocurrency exchange Zipmex has requested another extension which would allow for a longer moratorium on its debt in Singapore amid the firm’s liquidity issues.
Crypto Evening Briefing: Blockchain Funding in Africa Jumped 5x in 2022
Despite the challenges of 2022, the African continent's blockchain community has continued to attract significant investments, with blockchain venture funding increasing five-fold on a yearly level.
Crypto Lender Babel Gets Extended Creditor Protection in Singapore
A court in Singapore has extended creditor protection for Babel Finance, a troubled cryptocurrency lending firm, by another three months until July 21, giving the firm more time to repay debts to creditors. Babel's restructuring plan involves new tokens called "Babel Recovery Coins," which are aimed at generating revenue to repay up to $800 million in debt. The firm's co-founder and former CEO, Flex Yang, is now overseeing the restructuring process and focusing on the new decentralized finance (DeFi) project called Hope, which he has positioned as a combination of DeFi and centralized finance to enable transparency and security. Babel was one of many crypto lending companies that experienced major liquidity issues due to the bear crypto market in 2022.
Terra’s Do Kwon Fights SEC Access to Singaporean Records
A US judge has denied a request by Terra co-founder Do Kwon to block the SEC's access to certain documents from the Monetary Authority of Singapore, in relation to the regulator's lawsuit against Kwon and Terraform Labs over an alleged unregistered securities offering. Kwon is also facing charges of fraud from prosecutors in New York and investigations from authorities in South Korea. Recent reports suggest that Kwon transferred $7 million to a Seoul-based law firm before the Terra meltdown occurred, which may result in further legal repercussions for him if proven. South Korean prosecutors have also reportedly contacted Binance to halt any withdrawals associated with Kwon.
Crypto Firm Luno to Cease Operations in SG Starting June
Global crypto company Luno has announced that it will stop offering its services in Singapore from June 20, 2023, as part of a regular evaluation of its global strategy and presence. The move will not affect its operations in Malaysia. Luno will close all accounts belonging to Singaporean customers on June 20, and users will need to withdraw all their cryptocurrency or Singapore dollars from their Luno Wallet by June 19. Customers can transfer their crypto holdings to other reputable platforms or private wallets. Failure to withdraw holdings by June 19 will result in the sale of the holdings at the prevailing market price and stored as Singapore dollar, with Luno's existing instant transaction fees of 0.75% applying.
Algorand's Winding-Up Application Against Failed 3AC Dismissed Due to Crypto Not Being Considered as Money
Algorand was seeking to wind up the Singapore entity of failed crypto fund Three Arrows Capital, with a claim of 53.5 million USD Coin* (USDC).
