Singapore help crypto firms w/ local bank accounts; 74% hashrt controlled by Chinese pools; Japan corp launches stablecoin
What Crypto insiders are reading on Asia.
Top News in Asia from Monday to Wednesday
An interesting whitepaper published by Princeton/Florida researchers points that 74% of the hashrate on the Bitcoin network is in Chinese-managed mining pools. http://bit.ly/2yt8bMx
China’s government-backed organization is working to release three blockchain standards on smart contracts, privacy and deposits, in order to better guide the development of the blockchain industry in China: http://bit.ly/2ytrxBk
Japan’s GMO Internet Group to launch yen-pegged stablecoin in 2019 to target international remittances: http://bit.ly/2C7msC7
Korea messaging giant Kakao Corp releases blockchain platform testnet ahead of Q1 2019 launch: http://bit.ly/2ywTZ56
Binance to delist Bytecoin, CHAT, Iconomi and TRIG, sending all of them crashing: http://bit.ly/2yvHdDZ
Singapore’s financial regulator is willing to lend a hand to cryptocurrency firms having problems setting up local bank accounts, but doesn’t plan to loosen its rules to lure more crypto startups to the country: http://bit.ly/2yt5EC1
India government- “we are evaluating the government-backed cryptocurrency and crypto-token”. http://bit.ly/2yvKseD
Deals and Funds
Dragonfly Capital Partners is a new $100 million VC fund looking to help crypto start-up’s bridge China and Silicon Valley: http://bit.ly/2ybPYUy
Binance Labs invests millions in blockchain auditing platform CertiK, specific amount not disclosed: http://bit.ly/2yxsDvB
a16zcrypto, Accel, Binance Labs, Pantera Capital and Polychain Capital join Oasis in launching the Oasis Startup Hub to advance developers building privacy-first applications: http://bit.ly/2yt8W8k
Coin and Token News
Terra aims to push for greater use of stablecoins through e-commerce by forming a partnership with leading e-commerce platforms in Asia to leverage on the platforms’ large and ever-growing transaction volume: http://bit.ly/2ypOkOi
XRP could be the first in the cryptocurrency history being adopted as the official currency of the Tokyo 2020 Olympic Games. http://bit.ly/2yqZeU0
Republic Protocol held a $34m ICO. How its 22yo CEO runs it: http://bit.ly/2yrYJZZ
DAG-based distributed ledger Perlin has made its testnet alpha available for private testing: http://bit.ly/2yt3xOB
Pundi X, which develops blockchain-based payment devices, have created the world’s first blockchain-based mobile phone called ‘XPhone’. http://bit.ly/2ywYBbq
Digibyte founder Jared Tate lashes out at Binance’s listing fees: http://bit.ly/2OUajae
Bitfinex now has the second-richest tether wallet: http://bit.ly/2ydPOvQ
First fiat-to-cryptocurrency exchange called EurekaPro is set to launch in Singapore:http://bit.ly/2ILhgoI
South Korean National Police Agency has produced a report of all hacking incidents in last 3 years; a total of 7 crypto exchanges and 158 wallets hacked: http://bit.ly/2yqKkgD
Taiwan lawmaker has proposed an amendment to the nation’s Money Laundering Control Act to cover cryptocurrencies: http://bit.ly/2C6nj5W
Thailand to study blockchain for applications in intellectual property and trade finance:http://bit.ly/2IOne8j
China man gets 3.5 years in jail for stealing train power to mine Bitcoin: http://bit.ly/2ywK53o
China’s Hainan Province became the host of the country’s “first” officially licensed “‘blockchain pilot zone”: http://bit.ly/2QFdTSX
Number of compromised routers in India doubled, reaching almost 30,000: http://bit.ly/2OfdsCj
Korean food giant Nongshim’s subsidiary taps block chain for end-to-end traceability of beef:http://bit.ly/2C9hp4d
In case you missed it
In this new episode, Joyce Yang from Global Coin Research is joined by Jason Fang, Managing Partner at Sora Ventures, an Asia-based venture capital firm focused on blockchain and crypto investments. The mission of the fund to invest in entrepreneurs who can make positive changes in our world using blockchain technology. Their investments include Thunder, Urbit, Mithril, Alphaslot and more.
Additionally, the Sora Summit will be taken place in Macau on Nov 13–14th. Listen to Jason in the podcast at 28:41on why the Summit will be taken place in Macau and checkout the great line-up of speakers and attendees.
Use Discount Code SORAMEDIA2018 to get 80% off
Jason was one of the earliest employees at Fenbushi Capital and started Sora Ventures when Mainland China banned ICOs in 2017. When I initially spoke to Jason, I’ve found him to be very thoughtful and his investing approach to be very unique amongst crypto investors that I’ve met. In our conversation, we talk about how Sora invests in crypto projects, Jason’s outlook for the crypto space, and his perspectives on crypto developments in the East and the West.
1:24- Introduction to Jason, Sora Venture, and his background
3:59- how did Sora Ventures get started after China banned ICOs
6:09- why Sora doesn’t invest in Chinese projects despite being headquartered in Shanghai, China
7:55- how Sora think about investing in the blockchain and crypto space
19:46- why do you like the reverse-ICOs model?
21:34- metrics to benchmark the success of reverse-ICOs
22:54- is the blockchain space between Asia and the West going to merge?
28:41- Checkout the upcoming Sora Summit on Nov 13–14th, use SORAMEDIA2018 to get 80% off to tickets
33:06- Current fund environment in Asia and how many funds have stopped investing in crypto
34:47- Where do you see the winners coming out of in Crypto?
35:20- Practical approaches to thoughtful investing
You can also read Jason’s thoughts on his medium articles here, in where he lays out Sora’s investment thesis and his outlook on Asia:
Sora Ventures’ Philosophy to Blockchain Investments
Understanding Chinese Crypto Investors