This edition of Cointelegraph’s VC Roundup features Mira, Astria, Compute Labs, BOB, Dora and BITKRAFT Ventures.
Web3
‘Garbled Circuits’ Enable Transactional Confidentiality, Encourage Enterprise Web3 Adoption — COTI Co-Founder
According to Shahaf Bar-Geffen, CEO of the privacy-centric Layer 2 network COTI, enterprises and mainstream organizations are not yet fully convinced of the benefits of complete privacy or true anonymity in any system. Bar-Geffen said the primary reason for this is that such systems often get exploited by individuals with dishonest intentions. Regulators’ Perceptions of […]
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Centralization Aids Web3 When Leveraged to Hasten Development of Dapps, Says James Bayly
Contrary to the perception that decentralized applications (dapps) are unstoppable, many are “reliant on centralized middleware components in the extreme.” James Bayly, COO at Subquery, argues that such an overreliance on centralized middleware components or their providers “completely undermines [the] supposedly decentralized applications and networks.” The Value of Centralization in Web3 However, in his written […]
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The smart contracts platform Avalanche recently said it is collaborating with the Chinese payments giant Alipay to launch a Web3-enabled voucher program. The second phase will see the proof of concept being expanded to more than 100 million users from Southeast Asian countries. Web3-Enabled Vouchers Avalanche, a smart contracts platform, has said it is working […]
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Over the years, the Asia Pacific region (APAC) has established itself as an impressive environment for the rapidly growing technology industry. From the bustling tech hub of Singapore to the financial might of Hong Kong, the flourishing Web3 community in Vietnam, and the impressive technological creativity of Japan, APAC has consistently been at the forefront of innovation.
With governments actively embracing blockchain, a highly skilled digital native population, and leading industry projects setting their sights on the region, APAC is set to lead the charge in shaping the future of Web3.
Governments and Regulators Setting Pace
One of the critical drivers of this journey is the progressive regulatory stance in key jurisdictions. Last year, Singapore became one of the first countries to implement stablecoin regulation. This solidifies the city-state’s commitment to fostering a secure crypto ecosystem for investors and provides a blueprint for others to follow. Singapore is setting clear standards and leading by example to show the world how regulatory frameworks can bring more trust and security to the ever-evolving crypto landscape.
Hong Kong is also solidifying its position as a crypto hub. Introducing a licensing regime for Virtual Asset Service Providers (VASPs) and a regulatory framework for retail trading is a testament to the city’s dedication to embracing the future of financial technology. Furthermore, Hong Kong has embraced blockchain technology as a major component of its financial model.
Spearheaded in collaboration with the United Nations and the Bank of International Settlements, the Hong Kong Monetary Authority launched a groundbreaking initiative known as ‘Project Genesis 2.0‘ which yielded two innovative prototypes for green bonds in 2023, successfully executing the sale of the world’s inaugural tokenized green bond, valued at over $100 million USD.
Japan has signaled its commitment to improving the business and regulatory environment for Web3 companies. In a speech at last year’s WebX conference in Tokyo, Japan’s Prime Minister Fumio Kishida emphasized that the government intends to accommodate Web3 technologies, particularly regarding regulations around digital assets and content sharing. ]
The Prime Minister emphatically stated that “Web3 is part of the new form of capitalism,” leaving no doubts about the nation’s fierce commitment to fostering innovation.
Lastly, the approval of BTC spot ETFs in the US, stewarded by premier financial institutions such as BlackRock and Fidelity, represents a very positive milestone for the industry within American borders and could signal increased activity in APAC. Before this approval, UBS and HSBC made strides to offer customers access to new investment vehicles. With the creation of new regulated institutional products, the possibilities for increased market participation have grown exponentially.
Digital Natives Leading the Way
Perhaps the region’s most valuable positive element is the highly skilled and motivated digital natives. For so long, institutions and society have depended on specialized technologists and developers to lead the way in the field. But now, younger generations born into a digital world are transforming how new technologies are understood, regulated, implemented, and utilized.
This is most clear in the APAC region where progressive regulations, thanks to a novel working relationship between technologists, business leaders, and government officials, have resulted in a projected US $126.9 billion of spending from digital native businesses by 2026.
The economic impacts of this exponential growth will be revolutionary, not only in the region but across the globe. On top of the impressive economic impacts, we can only begin to imagine how the new technologies and services created in this environment will positively impact industries from finance and banking to content sharing and entertainment.
Leading Web3 Adoption in 2024?
It’s no secret that adopting new technologies is an intricate process that requires extensive collaboration between technologists, businesses, and policymakers. This has historically been an arduous process for the tech industry, particularly due to the complexity of the subject matter, among other factors. Consequently, the regulatory framework brought forth by policymakers is often not reflective of industry, market, or consumer needs.
Around the world, governments have struggled to balance their objectives and the tech industry’s needs. But, in the east, an impressive movement spearheaded by a digitally oriented population is underway – one that is successfully fostering the necessary collaboration between industry leaders and public officials while ensuring the industry continues to see the same success.
For these reasons, APAC is on the brink of claiming its position as the world’s important region for Web3 innovation. With a convergence of technological prowess, innovative regulations, and a rapidly growing digital native economy, APAC nations have seamlessly embraced the innovative principles that define Web3, and the region is poised to serve not only as a catalyst but as a leader, in the global advancement of Web3 technologies.
Latest Alpha Market Report
Web3 OS Lowers Operating Costs Without Sacrificing Blockchain Security – Brendan Cooper
According to Brendan Cooper, a core contributor at Andromeda, the widespread distribution and adoption of the Web3 operating system (OS) will likely result in the emergence of new business models, much like what happened with the Web2 OS. The Web3 OS is also likely to simplify “how developers and users interact with the resources provided […]
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GAIMIN is creating the world’s largest GPU-based DePIN to address the increasing worldwide demand for data processing power. GAIMIN’s DePIN, called gaimin.cloud, currently focuses on delivering data processing services for Artificial Intelligence (AI), Video Rendering (VR) and the powering of blockchain computations. GAIMIN’s approach is based on users allowing their devices to participate in GAIMIN’s […]
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Leveraging Web3 to Incentivize Fitness Behavioral Changes — Co-Founder of Sweat Economy Oleg Fomenko
The start of every year presents an opportunity for new beginnings. Many people set out with ambitions to hit the gym, exercise regularly, or walk more instead of driving. Sadly, it’s estimated that it takes the average American just seven weeks to lose motivation and abandon their New Year’s health goals. The following is an […]
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Telefonica, one of the world’s largest telecom companies, has partnered with Chainlink, a decentralized oracle provider, to improve security in Web3 environments. Through the use of Chainlink functions and Telefonica’s SIM Swap API implementation, Polygon apps would be able to check if the SIM of a mobile phone has changed in a given period. Telefonica […]
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I Am Hip Hop TV Recognizes Top Web3 Marketing Agency as Unrivaled Media Distribution Expert
PRESS RELEASE. February 16, 2024 – I Am Hip Hop TV, a pioneering startup dedicated to revolutionizing digital media distribution, announces its strategic approach to enhancing brand visibility and driving engagement across major social media platforms. With a focus aon inciting meaningful user interaction that translates into increased awareness and sales conversions, the company has […]
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