Author: Joyce Yang

With Cred partnership, PwC wants to help make stablecoins legit

TECHCRUNCH Audit giant PwC is the latest mainstream firm to show new interest in digital currencies. This week it announced a partnership with decentralized lending platform Cred to advise on better standards for stablecoins. While details of the partnership are light, Cred is working on its own stablecoin tied to the U.S. dollar, and is hoping to avoid the mistakes of certain competitors by ensuring confidence in its operations from the ground up. PwC’s overall interest here is to build broader trust so it can help millions of new users gain digital assets — and presumably create new revenue streams for...

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Bitmain IPO concerns: the crypto giant recorded a big loss in Q2 2018

TECHCRUNCH Bitmain’s IPO is the big news in the crypto world this week. The company just filed its IPO prospectus and the numbers are impressive, particularly the year-on-year growth between the first six months of 2018 and a year prior, which saw a near-10x jump in revenue and 7x growth in profit. Nevertheless, that aggregated six-month number may be masking what was a poor quarter of business for Bitmain. Bitmain didn’t break out its revenue for Q1 and Q2 2018 in its prospectus, instead it blended them together with a nice looking figure for the first six months of the year, H1 2018....

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Singapore is the crypto sandbox that Asia needs

TECHCRUNCH Singapore Blockchain Week happened this past week. While there have been a few announcements from companies, some of the most interesting updates have come from regulators, and specifically, the Monetary Authority of Singapore (MAS). The financial regulator openly discussed its views on cryptocurrency and plans to develop blockchain technology locally. For those who are unfamiliar, Singapore historically has been a financial hub in Southeast Asia, but now has also gradually become the crypto hub of Asia. Compared to the rest of Asia and the rest of the world, the regulators in Singapore are well-informed and more transparent about their views on blockchain and cryptocurrency. While regulatory uncertainties still loom over Korea and Japan, in Southeast Asia, the MAS has already released its opinion “A Guide to Digital Token Offering” that illustrates the application of securities laws to digital token offerings and issuances. Singaporean regulators have arguably been pioneering economic and regulatory standards in Asia since the early days of the country’s founding by Lee Kuan Yew in 1965. Singapore is the first stop for foreign companies in crypto In the past, I’ve said that Thailand is one of the most interesting countries in crypto in Southeast Asia. Nonetheless, for any Western or foreign company looking to establish a footing in Asia, or even for any local company in any Asian country looking to establish a presence outside of their own country, Singapore should be the...

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The 21-day bitcoin challenge

TECHCRUNCH There is a documentary series currently airing on iQiyi, China’s Netflix equivalent, about a Chinese bitcoin enthusiast who attempts to survive 21 days by merely living on 0.21 bitcoin, or $1,300, without any help or donations. He You Bing is traveling and carrying nothing with her, and she has to retrieve food, housing, and basic necessities all through bitcoin transactions done on her phone. Interestingly, she is also doing this challenge in some of China’s largest cities including Beijing and Shenzhen. Her name is something of a nom de guerre – a nickname, with “You Bing” directly translating...

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Tokens can better incentivize startup employees than equity

TECHCRUNCH Token structuring and tokeneconomics are among of the most important considerations when designing a blockchain. When thinking about how best to distribute these tokens, founders often think about how the tokens will impact external stakeholders such as their investors, the community, and stakers (people that can mine or validate block transactions according to how many coins he or she holds). But token economies are also bringing disruption to organizations internally, especially when it comes to HR and compensation. If the tokens are structured properly for a blockchain, external stakeholders will be directly aligned with the goal of the project....

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Thailand is becoming a critical country for blockchain

TECHCRUNCH While United States regulators are still trying to figure out how to think about cryptocurrencies, Thailand’s government is already mapping out its own central bank digital currency. This is just one of numerous examples how Thailand has emerged as one the most interesting cryptocurrency and blockchain countries in Southeast Asia in 2018. Since the start of the year, the Thai government has become increasingly outspoken and welcoming of cryptocurrency projects and exchanges. In just a few months, Thai regulators have made notable progress, from setting up cryptocurrency company licenses to permitting exchanges and ICOs. More importantly, the country has attracted foreign...

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Cryptocurrency and blockchain bring Asia funds to the forefront of U.S. tech

TECHCRUNCH Since early 2017, there’s been a new trend in the U.S. where a number of Asian funds have been actively involved in early-stage crypto investing. Many folks in traditional tech have not heard of them before, but these funds will only be growing more important as cryptocurrency and blockchain solidify their position in the American tech industry. Funds with Asian money, primarily from China, have been in Silicon Valley for a long time. However, in the past, they were rarely heard or seen in the press, mostly because their assets under management (AUM) and investment check sizes were smaller in size and fewer in frequency than their American counterparts on average. These funds were often only found investing in later-stage rounds, since they weren’t able to compete against the top venture funds in the early rounds for highly-coveted startups, as many entrepreneurs weren’t familiar with them. This has changed in the last few years and recent investment stats are very telling of a different trend. In 2017,  Asian investors directed 40% of the record $154bn in global venture financing, versus their American counterparts at 44%, according to an analysis by the Wall Street Journal. Specifically, deals led by U.S.-based venture capital and tech investment firms, such as Sequoia Capital or Andreessen Horowitz, made up of $67 billion in venture financing, just slightly more than the $61 billion led...

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Gaming in Asia may be crypto’s killer dApp

TECHCRUNCH As money and talent flows into the crypto and blockchain worlds, a persistent question keeps coming up: what is going to be the “killer app” that drives adoption for these nascent technologies? The answer may well be quite simple: gaming in Asia. That’s the theory for Cryptokitties, the notable purveyor of cute cats. The company has started expanding into China, Japan, and Korea as it attempts to capture a large market of gamer and crypto enthusiasts there, and it is building on the playbook pioneered by Uber when it launched in China in 2014. Back in March, Andreessen and...

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