Token 2049, one of the largest cryptocurrency conferences in East Asia, recently concluded in Singapore, attracting a record-breaking number of attendees and featuring significant announcements from key players in the industry.
The two-day event took place from September 13th to 14th at the Marina Bay Sands Convention Expo and Center, where 10,000 participants, 300 speakers, and 5,000 companies gathered. The atmosphere was lively, with attendees being welcomed by energetic beats from the Polyhedra DJ upon entering the venue.
The conference showcased the latest innovations in the blockchain industry through a hall of booths. In addition to the main show, over 400 side events were held throughout the conference, providing attendees with ample opportunities for networking and knowledge-sharing.
One of the most notable announcements during the event came from KXVC, a subsidiary of Kasikornbank, Thailand’s largest bank with 20 million customers. KXVC launched a $100 million fund dedicated to supporting Web3, AI, and deep tech firms in Southeast Asia. The fund will focus on investing in various aspects of the Web3 ecosystem, including infrastructure, privacy, wallets, and consumerization of NFTs. In the AI space, the fund aims to support consumer-focused AI, cybersecurity, and problem-specific AI startups. The fund will be led by experienced venture capitalist Krating Poonpol and KXVC’s managing director, Jom Vimolnoht.
Another exciting development came from Mantle Network, an Ethereum layer-two scaling solution. The network launched a $200 million development fund aimed at accelerating the growth of its ecosystem. LiquidX, Valent, and Range Protocol were among the first recipients of funding from the fund. LiquidX is a venture studio focused on building Web3 companies, Valent is a decentralized money market exploring liquid staking derivatives finance, and Range Protocol is an all-in-one on-chain asset management platform and ecosystem.
CoffeeDAO, a new decentralized autonomous organization, also made waves at the conference. The organization partnered with cafes around the world to unlock their market potential in exchange for free coffee. Customers can receive up to four free coffees at partnering cafes by scanning a barcode and receiving COFFEE tokens minted on the Polygon network. These tokens can then be used as loyalty points at other cafes in the CoffeeDAO network. Over 15 cafes in Singapore and Hong Kong have already joined the program.
In the midst of all the excitement, cryptocurrency exchange Huobi Global announced a name change to HTX. The new name combines the first letter of Huobi with the initial letter of Justin Sun’s blockchain project, Tron, and the number ten to represent the exchange’s 10th anniversary. The rebranding aligns with the exchange’s goals of global expansion, a thriving ecosystem, wealth generation, and security and compliance. HTX aims to cater to non-Chinese users who may find the pronunciation of “Huobi” challenging.
In another development, the Monetary Authority of Singapore (MAS) reprimanded the co-founders of Three Arrows Capital, Zhu Su, and Kyle Davies, for misconduct related to their crypto hedge fund. The MAS barred them from engaging in enterprise activities in Singapore’s regulated capital markets for nine years. The misconduct involved providing false information to MAS, failing to notify changes in directorship and shareholdings, and exceeding the allowed assets under management threshold for a registered fund management company.
Token 2049 showcased the vibrant and dynamic nature of the East Asian cryptocurrency industry, with significant announcements and developments shaping the future of blockchain technology and its applications. The conference served as a valuable platform for industry players to come together, exchange ideas, and forge new partnerships.