Tag: cryptocurrency

Bangkok, Thailand – ​The Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and Ministry of Finance (MOF) have released a joint statement regarding implementation of regulations on the use of cryptocurrencies as mode of payment for goods and services.

In a joint statement, they stated that the regulations are meant to avert potential impacts on the country’s financial stability and economic system.

“This may result in a wider adoption of digital assets as a means of payment, aside from its usage as investment, which could potentially impact financial stability and the overall economic system. The use of digital assets in this manner could also pose further risks to consumers and businesses through price volatility, cybertheft, personal data leakage, or money laundering,” according to the statement.

Furthermore, added regulatory guidelines will be issued for certain digital assets that are supportive of the financial system and financial innovation while not posing systemic risks. Feedback from relevant stakeholders and the general public will be taken into consideration to determine the appropriate regulatory frameworks.

For Sethaput Suthiwartnarueput, governor of the BOT, the central bank takes into consideration both the risks and benefits of digital assets, including the underpinning technologies. 

“At present, widespread adoption of digital assets as a means of payment for goods and services poses risk to the country’s economic and financial system. Therefore, clear supervision of such activity is needed. However, technologies and digital assets that do not pose such risks should be supported with appropriate regulatory frameworks to drive innovation and further benefit for the public,” he stated.

Meanwhile, Ruenvadee Suwanmongkol, secretary-general of SEC, states that the SEC, as the regulator for digital asset business operators, has a policy to promote the development of digital asset businesses alongside consumer protection and places emphasis on utilizing digital assets to develop the country’s economy and society. 

“After discussion with the BOT and MOF, the SEC has conducted a public hearing regarding the guidelines for using digital assets as a means of payment for goods and services” to determine the appropriate frameworks in due course,” she added.

Hong Kong – UDomain, Hong Kong-based blockchain solutions provider, has announced a rebranding to reflect its position as a pioneer blockchain solution provider. It has now changed its name to just ‘UD’ and has launched a new branding visual identity and website.

Founded in 1998 in Hong Kong, UD has been a major cloud and cybersecurity solution provider in the Greater China region. Presently, UD aims to help businesses grow by leveraging innovative blockchain technology and providing a one-stop solution that includes consulting services, technical development, and business matching to solution deployment

The company said the rebranding strategy aims to represent both the expansion of products and services of the company from domain services and cloud and security solutions to blockchain solutions, and to mirror “its vision for the future”.

Its new logo is a gradient midnight blue background with “UD” on it, which has been designed to exhibit a strong and distinctive brand image through minimalistic style. The new website, UD.hk, meanwhile, will prominently feature the company’s focus on connecting business to the world of blockchain and metaverse and helping enterprises enter web 3.0. 

The rebranding move is also accompanied by a series of new blockchain offerings to provide strategic business insight and technical support for blockchain projects. The rollout includes blockchain consulting services, NFT solutions, blockchain domain & validator, business crypto wallet, and tokenomics development.

Singapore – Cryptocurrency, including Bitcoin and Ethereum, have sparked popularity over these years, thanks to a huge following online. In the case of Southeast Asia, social media users have been active in discussing the sector across various social media platforms, new data from a report by social media monitoring and intelligence company Digimind.

Singapore takes the lead as the most active market where cryptocurrency mentions are prevalent across social media platforms, amounting to 902,225 mentions from February to May 2021 or about 16% of the density against regular social media users. Social media density refers to the ratio of social media mentions for a particular topic against the number of recorded social media users, regardless of what topic they discuss.

This is followed by the Philippines (2,767,413 mentions) and Malaysia (815,523 mentions) who both tallied 3% of social media mentioned density. Indonesia, meanwhile, is the least vocal in the region when it comes to cryptocurrency mentions. Despite having 3,011,790 mentions, it only takes up 2% of social media density, in proportion to the 170m recorded social media users.

As Bitcoin and Ethereum take the lead of what is on consumer’s minds on social media across the region, the cryptocurrencies Dogecoin, Binance, Tether and Ripple also follow suit, signifying the diversity of cryptocurrency choices for consumers in the region.

In terms of most-mentioned cryptocurrency platforms, Coinbase takes the lead, with 41% of respondents saying it’s on the top of their minds. This is then followed by Binance (28.9%), Okex (19.8%), Huobi (8.2%) and Coinhako (2.1%).

“Determining the right cryptocurrency trading platform is akin to frequenting a supermarket store that offers the best services, from discount prices to exclusive membership rates, and convenience. Brands need to be well equipped to detect the most pressing pain points of consumers or users, survey threats to brand reputation and make informed decisions quickly by synchronizing omnichannel information within a single dashboard to stay investor-centric,” Digimind said in a press statement.

For Olivier Girard, APAC head at Digimind, through the lens of social listening, they see the insecurities and motivations of the average investor, as well as the potential for this new technology to be adopted into the mainstream market.

“From the consumer perspective, it is remarkable to see how cryptocurrency is embraced by people from all walks of life and nationalities – fueling the hope of mainstream adoption in the near future. Even in APAC, we can see efforts ramping up to create greater accessibility, and provide regulations within cryptocurrency exchanges that affirm the trust consumers are having,” Girard stated.

Singapore – With cryptocurrencies being well-known across mainstream sectors and industries, many organizations and brands across the world are slowly favoring these virtual currencies as part of the new economy. 

This is evident with the latest endeavor from SG-based cryptocurrency platform Coinhako as it made its first ever cryptocurrency sponsorship to esports team ALMGHTY using Ethereum, one of the well-known cryptocurrencies globally.

Ethereum is the world’s second largest cryptocurrency by means of market capitalization, following Bitcoin. Said sponsorship, which is also the first-ever cryptocurrency-funded esports sponsorship in Singapore, will run from July 2021 until the next esports cycle in July 2022.

The sponsorship will see ALMGHTY leverage the large regional fanbases of their players on social media to drive Coinhako’s presence throughout Southeast Asia. This will cover Twitch streams, Facebook and Instagram content by the ALMGHTY team and players. The official FY 21/22 ALMGHTY jersey for the players will also sport the Coinhako logo.

ALMGHTY, an esports team primarily playing Mobile Legends, is managed by global digital talent and marketing group Gushcloud International and its gaming talent management unit, Nixgen Entertainment.

The team is composed of 17-year old Gerrard Ng Zheng Wei(Nexqt); 18-year old Javier Tan (Sky); 19-year old Chai Mun Jun (Jun); 22-year old Foo Jieyu (Risen); and 17-year old Randall Tay Guan Pin (Bush). They enjoy a dedicated regional social media and live streaming following as a group, with more than 11 million fans in Southeast Asia alone.

For Yusho Liu, co-founder and CEO at Coinhako, the sponsorship will provide a boost in reaching a younger, mobile-first generation, and raising awareness through talented players in Singapore’s gaming industry. He added that this is part of the platform’s focus to move forward in making cryptocurrencies accessible throughout Asia.

“The decision to embark on the first cryptocurrency funded sponsorship in esports, and the first by a crypto firm in Singapore, wasn’t a difficult one to make as it merges two of the hottest topics of 2021, i.e. cryptocurrencies and e-sports. Furthermore, as a homegrown company, we believe in supporting local talents which make Singapore proud on the regional stage. The multi-talented ALMGHTY squad certainly embodies these elements and Coinhako is excited to embark on this sponsorship with ALMGHTY,” Liu stated.

Joanne Liew, chief studios and entertainment officer at Gushcloud, also commented, “ALMGHTY is proud to welcome Coinhako onboard as our first cryptocurrency sponsor in Singapore. Gaming and cryptocurrency share a lot of similarities, with a heavily tech-driven user base. In line with Coinhako’s position as the Lion City’s leading crypto trading platform, the ALMGHTY team is equally driven to emerge as winners, together reaching a younger audience base.” 

Collaborations between cryptocurrency giants and the sports industry have risen in popularity over the past few months, including Coinbase and first-player shooter (FPS) game CS:GO, mixed martial arts (MMA) company UFC and Crypto.com, to name a few.

Singapore – Cricket Foundation, a Singapore-headquartered global community owned and community operated project for the sport of Cricket, has inked a deal with Luna PR to be its strategic PR partner. 

Luna PR will be responsible for raising awareness of Cricket Foundation – which enables an ecosystem for the popular sport of Cricket – and its applications of the technology. 

As the appointed PR agency, Luna will coordinate with Cricket Foundation to build its profile as an innovative player and a game-changer that aims to revolutionize the Cricket ecosystem. The PR program will support the Cricket Foundation as it continues to develop and release crypto-financial products to appeal to individual and institutional investors in digital assets, as well as mainstream consumers with a piqued interest in cryptocurrencies. 

The partnership with Luna PR is done out of a perfect match as the Dubai-headquartered agency’s focus areas include Blockchain among fintech and spacetech and other tech verticals including esports. 

Cricket Foundation aims to build several applications and uses within the platform meant for the Cricket ecosystem. The platform is designed to incentivize the Cricket ecosystem partners into building a high utility platform that accrues in value and will enhance the worth of all the possible applications that eventually get enabled on the platform. These applications will include digital collectibles, merchandising, licensing, and rights management, and ticketing and fan tokens and engagement, among others. 

According to the foundation, it has already signed over 50 ecosystem partners from 10 countries across various roles, including the likes of former Cricketers VVS Laxman, Parthiv Patel, and Deep Dasgupta, as well as Jason Roy, Lance Klusener, and Wasim Akram among others. 

CricketCrazy, its first NFT marketplace exclusive to the sport of Cricket, is the first application due for launch in the coming weeks. 

“We are honored to be chosen as the official PR partner of the Cricket Foundation whose main goal is to accelerate the explosive growth of Cricket in India and in the world. With our expertise and industry knowledge, we will work with our partner hand by hand to achieve our ambitious goals for the brand,” said Nikita Sachdev, Luna PR’s CEO.

Singapore – Media Publishares, a media company encompassing brands such as Vogue Singapore, Buro and Esquire, has announced a new partnership with VIDY, a blockchain-powered digital advertising start-up, in creating a non-fungible token (NFT) platform dedicated to catering to the fashion, music and arts industry.

A non-fungible token (NFT) is generally defined as a digital ledger in a blockchain, where it can represent a unique digital item, be it in the form of digital files of art, audio, or videos, and is not interchangeable. For instance, while the NFT can be reproduced in copies digitally, access to the original file will still show the ownership of said ‘token’ to whoever bought the NFT.

Through the partnership, the upcoming platform aims to celebrate arts and culture within a 360-degree navigable virtual environment showcasing digital fashion, art, music, and design. Key features of the platform include minting, trading, and auctioning of NFTs through a tokenized system along with the ability to host social interaction.

Furthermore, the NFT platform will donate a percentage of NFT sales towards organizations tackling real-world problems to ensure a positive connection between the virtual and physical worlds.

According to Matthew Lim, co-founder at VIDY, the platform envisions a metaverse where people will be able to live in a parallel virtual world where they can own a digital identity and purchase items not just in a digital file, but as any unique asset in their virtual land, similar to their physical world.

He also stated that although the NFT market has grown over 229% since 2020 to reach over US$500M, it is still in its early stages and has a long way to go with regards to infrastructure development.

“For this new NFT platform, VIDY will lead the technology and blockchain development given our unique experience in dealing with traditional businesses and crypto. We are confident we will create the finest platform that will boost the NFT world by allowing seamless participation from the traditional fashion, art and music communities,” Lim stated.

Slated for release by the third quarter of 2021, the NFT platform will target a digitally savvy audience looking for luxury items with low environmental impact while also engaging creators exploring a virtual identity for their designs and new revenue streams for their craft.

“Media Publishares has always been ahead of the curve with its innovative approach to storytelling as led by our anchor titles Vogue, Esquire, Robb Report and Buro Singapore”, said Michael von Schlippe, president of Media Publishares.

He added, “What we see is a new creative renaissance where creativity and technology are driving change together. By creating an NFT platform, which essentially acts as a virtual marketplace between creatives and users, it allows us to provide a unique shoppable platform coupled with content for the community in the form of education, interaction and entertainment.”

NFTs have seen popularity in 2017 when they were first traded using cryptocurrencies such as Bitcoin and Ethereum to buy certain NFTs, mostly by digital artists

This year alone has seen a rise in NFT auctions and purchases, with the most notable one the recent auction last 11 March of the digital NFT art ‘Everydays: The First 5000 Days’ by digital artist Mike Winkelmann, known by his artist name as Beeple. The auction was held at auction house Christie’s and was sold for US$69.3M to Vignesh Sundaresan, a programmer based in Singapore and founder of Metapurse, a cryptocurrency-exclusive fund.

The same month, founder of Twitter Jack Dorsey also sold his first-ever post on Twitter for US$2.5M as an NFT.

Kuala Lumpur, Malaysia – Goobat, a Malaysian-based pharmaceutical technology company, is now accepting the cryptocurrency Bitcoin as a mode of payment on its e-commerce Goobat.care. 

Bitcoin, the cryptocurrency founded in 2009, has risen its validity within the financial market earning its spot as an acceptable new store of value. 

“There is a growing number of cryptocurrency enthusiasts in Malaysia. In fact, we have listened and learned that there is an increasing demand from consumers calling for the acceptance of Bitcoin and cryptocurrencies as a payment option and so, we believe this is a step in the right direction,” said Asher Looi, co-founder of Goobat.

He added, “Numerous central banks have been reported to begin exploring and adopting these cryptocurrencies. As part of the retail industry, we feel it is important and timely to educate the public that Bitcoin transactions are safe, and that users will still have full control of their money in their wallets,” pointing out that cryptocurrencies like Bitcoin are the future of finance.

Bitcoin payments through the Goobat.care web store will be powered by US-based cryptocurrency clearing gateway Bitpay.

The existence of the Goobat.care e-commerce is a response to the local issue of some pharmacies in sub-urban areas that may not have full access of the much-needed medications. Further, due to the lack of economy of scale, these outlets would tend to retail products at steeper prices.

“When we set up Goobat.care, we wanted to ensure that we could help suburban consumers find what they need. So now we have more than 3,000 products online to offer, at affordable prices,” Looi added.

The Goobat.care e-commerce site.

Once a transaction is completed on Goobat.care, Klang Valley customers can choose to receive their products by Goobat.care’s 3-Hour Express Delivery, or opt for the Standard Delivery option. The latter is available to customers nationwide. 

Goobat also assures that it will provide special handling for some products that may be temperature sensitive, or can be affected by changes in humidity like probiotics and other medicines. By the end of January this year, Goobat plans to introduce a mobile app and incorporate more languages into its platform.

“We integrate the Big Data concept into the core of all touchpoints. Our end goal is to build an artificial intelligence (AI) model in the future to serve our clients better. In the long run, this AI model will serve to identify risk groups based on their [consumption] patterns, or buying patterns of Goobat.care, and we will offer personalized supplements suggestions to our consumers,” he added.

Jakarta, Indonesia – Vidy, a video ad network, is launching its new cryptocurrency asset called VidyCoin in its own blockchain-powered decentralized network – a move to prevent ad fraud among ad publishers.

VidyCoin is used to reward consumers when they play a video ad supported by Vidy, and can be used to buy goods in the Vidy network. Ad publishers can also earn VidyCoins and can be used in running ads, or getting access to publishers’ premium features.

“At Vidy, we put the power of your data and earning potential back on your hand. So, users can earn money while watching video and surfing the web, right at home,” said Patrick Colangelo, Vidy founder, and CEO.

Furthermore, Vidy also utilizes VIDYX, a token ecosystem in the platform. VIDY is now used as a platform token based on the cryptocurrency Ethereum, a staking mechanism for VIDYX withdrawals, bonuses, and campaign priority access. Meanwhile, VIDYX is a utility token, acting as attention-powered rewards that drive tradable data contracts on the platform blockchain.

“VIDYX is really a fuel of power of Vidy’s engine, bringing good values by allowing users to earn money from our platform. This gives you the right to earn extra income, directly powered by real users and the attention online. By doing so, we are bringing the mechanism and more value to the ecosystem,” Patrick added.

Vidy has worked with regional media companies and publishing groups such as Vogue Singapore, CNN Indonesia, CNBC Indonesia Kompas Gramedia, and Esquire.