ALL From Web3

Acting Financial Secretary of Hong Kong: There are more than 800 financial technology companies in Hong Kong and they will promote projects such as central bank digital currency

Hong Kong's Acting Financial Secretary, Paul Chan Mo-po, said at the Hong Kong Bankers' Summit that there are now over 800 fintech companies in Hong Kong, up from about 180 five years ago. The Hong Kong government will continue to cultivate a large number of talents to support the development of fintech and green finance, and will also promote projects such as central bank digital currencies. <br>

Label Foundation partners with LG Electronics to launch Web3 music streaming platform Tracks

According to Bitcoinist, the Korean blockchain music organization Label Foundation has announced a partnership with global electronics giant LG Electronics to launch an innovative Web3 music streaming platform called "Tracks". The platform will soon be available on the latest version of LG smart TVs.

Binance Japan and Mitsubishi UFJ Trust and Banking Corporation collaborate on developing stablecoins for Web3 adoption in Japan

Binance's Japan unit is collaborating with Mitsubishi UFJ Trust and Banking Corporation (MUTB) to develop stablecoins that comply with local laws. The joint study aims to issue stablecoins pegged to sovereign currencies like the yen to drive Web3 adoption in Japan. The companies hope to start relevant operations by the end of next year, subject to regulatory approvals. MUTB's Progmat platform could help mitigate risks associated with stablecoins, and Binance Japan intends to use it to issue stablecoins on multiple blockchains.

Tencent Participates in the Multilateral Central Bank Digital Currency Bridge Project to Explore Cross-Border Pilot Applications

Tencent, as one of the first operating institutions for China's digital currency, is actively participating in the Project mBridge, a multi-central bank digital currency bridge project under the guidance of the People's Bank of China Digital Currency Research Institute. Tencent will explore pilot application projects in both outbound and inbound directions through the multi-central bank digital currency bridge to improve cross-border payment services.

MAP Protocol Core Developer: Web3 Startup Project Valuation Should Be Less Than $3 Million

According to a post by James XYC, the core developer of MAP Protocol, the valuation of Web3 seed round projects should not exceed $3 million. The lack of new funds in the industry has led to overvalued projects. Founders should not apply traditional VC valuation standards to Web3 projects, as Web3 valuations are still too high.

China Pacific Investment Management (Hong Kong) Co., Ltd. Was Approved to Upgrade Its Hong Kong Securities and Futures Commission License

China Pacific Insurance Group's China Taiping Investment Management (Hong Kong) Limited ("Taiping Asset Management Hong Kong") announced that its existing Type 1 (securities trading) and Type 4 (advising on securities) regulated activities have been approved for upgrade by the Hong Kong Securities and Futures Commission. From now on, Taiping Asset Management Hong Kong can provide distribution and investment advisory services to funds with virtual asset investment ratios exceeding 10%.

Pudgy Penguins Boost Engagements Across Malaysia and Beyond

Pudgy Penguins has established itself in Malaysia after a three-day event in Kuala Lumpur showcasing its transition from virtual to physical toys. The event highlighted how the brand's blockchain innovation can benefit Malaysian businesses in the retail sector, with support from the Malaysian government and the Malaysian Digital Economy Corporation.

Xiao Feng: The Next Three Years Will Be a Critical Moment for the Large-Scale Application of Blockchain

2023 Shanghai Blockchain International Week and Global Blockchain Summit hosted by Wanxiang Blockchain Lab, Wanxiang Blockchain Chairman Xiao Feng delivered a welcome speech, stating that the theme of this summit is "Next Stop, Web3", which includes blockchain, the internet, metaverse, AIGC, and not only technology but also innovative business models, organizational forms, economic mechanisms, and financial models.
Xiao Feng: The Next Three Years Will Be a Critical Moment for the Large-Scale Application of Blockchain

Oak Grove Ventures Launches $60 Million Venture Capital Fund to Invest in Cutting-edge Areas Such As Web3, AI and Biotech

On September 19th, Oak Grove Ventures launched a $60 million venture capital fund that will focus on early-stage investments in cutting-edge technology fields such as Web3, artificial intelligence (AI), and biotechnology. Oak Grove Ventures was created by industry veterans with extensive industry experience who can provide comprehensive strategic support for projects in financing, strategy, technology, operations, and other areas.

Scam Service Provider Inferno Drainer Has Stolen More Than $40 Million

On September 15th, according to Web3 anti-fraud platform Scam Sniffer, the fraud service provider Inferno Drainer has stolen over $40 million in funds, with 853,520 victims. The company specializes in multi-chain fraud and mainly charges 20% of the stolen assets.