South Korea stands out as a major player, boasting the world’s second-largest crypto market where nearly one in three adults owns cryptocurrency. This remarkable statistic underscores the importance of Asia in the global crypto landscape.

A16z Crypto’s Strategic South Korea Office

The decision to open a South Korean office is part of a broader strategy to provide go-to-market support for portfolio companies. By doing so, a16z aims to accelerate growth, foster strategic partnerships, and build lasting communities throughout Asia. “Our expansion will offer invaluable support to companies looking to scale rapidly,” said Anthony Albanese, managing partner and COO of a16z crypto.

The firm has appointed Sungmo Park, formerly APAC lead at Monad and Polygon, to spearhead its efforts in the region. Park’s role will involve working closely with companies and founders to enhance market connectivity and promote crypto adoption across the Asia-Pacific region.

Sungmo Park’s Vision for A16z Crypto

Park expressed his dedication to supporting exceptional founders through a16z crypto. “We provide not just capital but also hands-on support to help them grow into transformative companies,” he shared in a post on X. Leveraging his extensive network and experience, Park is committed to helping a16z crypto’s founders navigate new markets and gain the regional knowledge necessary for scaling effectively.

A16z crypto, known for backing numerous blockchain startups such as Aptos, Dapper Labs, EigenLayer, and Yuga Labs, has raised over $7.6 billion across four funds. This financial strength positions the firm to make a significant impact in the Asian crypto scene.

The venture capital fund’s expansion into South Korea signifies a powerful endorsement of the region’s potential and a commitment to fostering innovation in the cryptocurrency industry.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry.

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According to Akshat Siddhant, lead quant analyst at Mudrex, the crypto market is demonstrating strong resilience. “Renewed whale accumulation is a driving factor, with ETH whales acquiring over 450,000 ETH since mid-November. BTC whales are exhibiting similar behavior,” Siddhant noted.

Bitcoin Price Influences Market Dynamics

The robust US labor market contributes to a 93% probability of a rate cut this month, which in turn applies buying pressure on Bitcoin. Analysts suggest that a decisive move above $96,000 could accelerate Bitcoin’s momentum towards the $100,000 threshold, paving the way for new highs.

Market Snapshot:

Bitcoin: $92,387, down 1.2%

Ether: $3,174, down 1.1%

XRP: $2.09, down 4.6%

Total crypto market cap: $3.22 trillion, down 1.3%

Impact of Japan’s Economic Data on Asian Markets

Japan’s Nikkei 225 fell approximately 1.5%, erasing weekly gains, as regional equities recoiled from weak spending figures. New data reveals that household expenditure in Japan has declined at the fastest rate in nearly two years due to inflation concerns.

The yield on Japan’s 10-year government bonds reached 1.94%, the highest since mid-2007, anticipating a weekly rise of 13.5 basis points, driven by solid demand from recent auctions.

Chinese markets displayed mixed results; the Shanghai Composite hovered around 3,875, down 0.02%, while the SZSE Component in Shenzhen increased by 0.17%. The China A50 index dropped 0.17%, DJ Shanghai edged up 0.12%, and Hong Kong’s Hang Seng fell by 0.40%.

European and US Markets React to Mixed Data

Across Europe, market futures indicated a slightly positive tone. DAX futures were near 23,880, up by 0.79%, while FTSE 100 futures gained 0.19%. CAC 40 futures rose by 0.43% and Euro Stoxx 50 futures added 0.41%.

In the US, stock futures presented mixed signals after Wall Street indices closed nearly unchanged on Thursday. Dow futures hovered around 47,850, down 0.07%, while S&P 500 futures increased by 0.11% and Nasdaq futures rose by 0.22%.

Traders are currently evaluating a series of US data releases. The Labor Department reported a drop in initial jobless claims to their lowest level in over three years, though analysts caution that the Thanksgiving holiday may have influenced these figures.

A delayed report from the Commerce Department showed factory orders up by 0.2%, below expectations of a 0.5% increase. Meanwhile, the critical non-farm payrolls report will be postponed until after the Federal Reserve’s December meeting due to a government shutdown.

With Fed funds futures indicating a near 90% likelihood of a 25-basis point rate cut next Wednesday, analysts describe the impending meeting as one of the most pivotal in recent years.

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Investors maintained a cautious stance with subdued activity across digital assets. The market capitalization tumbled sharply from $94 billion to $68 billion, while funding rates remained steady. Bitcoin ETFs in the US recorded a modest $1 million in net inflows. Notably, Bitcoin traded below its critical 200-day moving average of $110,000, encountering resistance and support at $103,000. Analysts predict that intensified selling pressure could drive Bitcoin to a support range between $86,000 and $82,000.

Crypto Market’s Current Performance

Amidst these fluctuations, the crypto market snapshot reveals:

• Bitcoin: $103,305, down 3.5%
• Ether: $3,438, down 5.2%
• XRP: $2.40, down 5.6%
• Total crypto market cap: $3.56 trillion, down 3.5%

Traders Focus on Washington’s Shutdown Resolution

Since early October, the crypto market has lost approximately $340 billion in capitalization, trailing behind gold and tech stocks. According to George Mandres, senior trader at XBTO Trading, significant holders are reducing their positions, leading to weaker ETF inflows and corporate treasury sales.

In broader markets, MSCI’s Asia ex-Japan index rose by 0.1% in early trading, as the US House of Representatives prepared to vote on a bill to restore federal funding. The bill, already passed by the Senate, aims to conclude the longest US government shutdown in history.

Impact of Economic Data on Crypto Market

In the US, the Dow Jones Industrial Average achieved a record close with a 1.2% overnight rise, while the Nasdaq fell by 0.3%. The S&P 500 futures remained steady during early Asian trading sessions. The limited data available during the shutdown, including an ADP report showing private employers shedding an average of 11,250 jobs weekly, influenced market sentiment.

The muted labor data increased the likelihood of a Federal Reserve rate cut in December. Futures markets now price a 68% chance of a 25-basis-point cut, up from 62% the previous day, according to CME’s FedWatch tool.

The US dollar index fell 0.2% to 99.45, its weakest level this month, reflecting a softer sentiment. Gold extended gains, surging nearly 3% to trade above $4,100 in Asian hours, driven by lower yields and renewed risk appetite in equities.

Crypto Market Awaits ETF Inflows

Bitcoin struggled to align with the broader risk asset movement, trading near $105,000. Analysts suggest that sustained market conviction depends on on-chain accumulation or stronger ETF inflows indicating a demand shift.

As Washington nears a shutdown resolution, traders anticipate reduced volatility across risk assets. However, the crypto market may take longer to recover, with investors remaining cautious after weeks of intense selling and liquidity challenges.

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He remarks that Western institutions are establishing operations in the Asia-Pacific region not only to follow the capital but also to participate in the innovative crypto space.

Henskens highlights the unique but complementary strategies adopted by Japan and Hong Kong to promote the adoption of real-world assets (RWA). Japan’s regulatory framework has been proactive and futuristic, creating a solid base of institutional trust. “The security token issuance infrastructure of MUFG illustrates the maturing ecosystem,” he said.

Furthermore, Japan’s Payment Services Act (PSA) permits trusted stablecoins to maintain up to 50% of their reserves in low-risk government bonds and term deposits, showing a thoughtful approach to regulation. On the other hand, Hong Kong has moved rapidly by launching the Ensemble Sandbox, a swift-track regulatory innovation hub. “While Japan is focusing on long-term depth, Hong Kong is demonstrating how agility can bring experimentation to life,” Henskens observed.

The growing popularity of tokenized bonds and ETFs is crucial in attracting traditional investors to crypto markets. In Japan, real estate security tokens are opening previously exclusive markets to retail investors, sometimes even more than traditional J-REITs.

Tokenization simplifies fund administration and enhances transparency, enabling asset managers to interact directly with end-users. “This efficiency, coupled with increased transparency, could attract traditional investors who might otherwise not venture into the crypto space,” Henskens said.

He identifies cross-border interoperability as the next significant challenge. “Effortless and compliant transfer of tokenized assets across jurisdictions” will be vital for scaling adoption.

In Asia, this means connecting infrastructure across countries like Japan and Hong Kong, while globally, regulatory frameworks must accommodate the technical realities of tokenized finance, especially in terms of settlement, compliance, and custody.

Dubai is another Asian city making headway in tokenization. The city’s regulatory authorities have introduced forward-thinking frameworks that foster the issuance and trading of tokenized securities, attracting global investors and fintech firms.

In May, the Virtual Asset Regulatory Authority, Dubai’s crypto regulator, updated its guidelines to incorporate provisions for RWA tokenization. According to Lawyer Irina Heaver, these rules provide issuers and exchanges with a clear path to launch and trade tokenized real estate assets.

Last month, the Dubai Land Department, in association with VARA and top developers, successfully tokenized and sold two apartments, with the entire offering selling out within minutes. Buyers hailed from over 35 countries, with a notable 70% being first-time real estate investors in Dubai.

“We’re already witnessing a network effect: innovation in one jurisdiction triggers progress in another,” Henskens said. “Different regions may optimize for different outcomes, and that’s a strength, not a liability,” he concluded.

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The investment is seen as a long-term bet on the value of SOL. The acquisition, amounting to roughly $377,000, was transacted at an average cost of $155 per token. CEO, Chen Zhancheng, sees this as a strategic move towards SOL’s future expansion. Chen stated, “The company’s strategic acquisition of 2,440 units of Solana mirrors our strong belief in the enduring potential of this cryptocurrency. Solana, a key player in the blockchain arena, is extensively used in a myriad of innovative areas such as decentralized platforms, tokenization of real assets (RWA), and AI-powered Web3 applications.”

The transaction was facilitated by OSL Group, the first Hong Kong digital assets platform to be licensed by the Securities and Futures Commission. OSL offers trading, custody, and brokerage services within a comprehensive compliance framework.

MemeStrategy aims to leverage the acquisition to contribute to Solana’s burgeoning ecosystem of developers, users, and institutions, and generate returns through participation in Solana’s proof-of-stake network. The purchase is also anticipated to bolster MemeStrategy’s asset allocation by adding a high-quality, utility-focused token to its reserves, enhancing the firm’s flexibility and potential for long-term growth.

Founded by the creators of 9GAG, MemeStrategy is the first crypto company to be listed in Asia. Its mission is to bridge the gap between traditional finance and the digital economy through investments in AI, blockchain, and cultural innovation.

This development comes as more listed companies are incorporating SOL into their treasury strategies. Major U.S. firms like Grayscale, VanEck, and Franklin Templeton are also actively pursuing regulatory approval to kickstart Solana Exchange Traded Funds (ETFs).

At the time of writing, SOL has seen a 6.6% increase in the last 24 hours, with its value temporarily peaking at $157.35 before settling just below $156 according to CoinGecko data.

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According to CEO Simon Gerovich, the Tokyo-based company now boasts of a total of 6,796 BTC, purchased for an aggregate sum of $608.2 million at an average price of $89,492. Considering the current market rates, the firm’s total Bitcoin portfolio is estimated to be worth approximately $706.7 million.

In a separate statement, Gerovich noted, “Metaplanet now holds more Bitcoin than El Salvador. We’ve come a long way from our humble beginnings, and we’re just getting started.” El Salvador, which adopted Bitcoin as a legal tender in 2021, currently possesses 6,174 BTC, as per the country’s Bitcoin Office.

Metaplanet embarked on its Bitcoin accumulation journey in April 2024 and has consistently increased its holdings. The firm aims to reach a benchmark of 10,000 BTC by the end of 2025 and crossed the halfway mark last month. The Bitcoin purchases have been financed through a series of bond issuances, the latest being a $21.25 million bond sale announced last Friday.

Data from Bitcointreasuries.net reveals Metaplanet as the largest publicly listed corporate Bitcoin holder in Asia, with a global rank of 11. In the meantime, Metaplanet shares saw an increase of 3.82% in Monday trading in Japan, with the markets still open.

Disclaimer: The Block is an independent news outlet providing news, research, and data. Foresight Ventures, a majority investor of The Block as of November 2023, invests in other companies within the crypto space including crypto exchange Bitget. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry.

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The Japanese firm purchased the batch of 555 BTC at an average price of $96,134 per unit. This update, shared by CEO Simon Gerovich on X, takes the firm’s total Bitcoin holdings to 5,555 BTC, bought for approximately $481.5 million at an average price of $86,672 per Bitcoin.

“In Japanese, the number 5 is pronounced ‘Go,’ so today we’re shouting: Go go go go — to the moon and beyond!” Gerovich expressed on X.

Since the unveiling of its crypto strategy in April 2024, Metaplanet has been consistently growing its Bitcoin portfolio. The firm aims to inflate its holdings to 10,000 BTC by the end of 2025 and achieved halfway to that goal last month.

In addition to the Bitcoin acquisition, Metaplanet also launched a new series of ordinary bonds worth $25 million to fund further Bitcoin purchases. This represents the 13th issuance of such bonds, occurring just a week after the 12th series that raised the same amount.

Metaplanet is also setting its sights on expanding into the U.S. Last week, it announced plans to establish a wholly-owned subsidiary in Miami, Florida. “We intend to accelerate this strategy by establishing Metaplanet Treasury Corp. in Florida, a rapidly emerging hub for Bitcoin-focused companies and financial innovation,” the firm stated.

Currently, Metaplanet holds the title as Asia’s largest public corporate Bitcoin holder and ranks 11th globally, according to Bitcointreasuries.net data. Michael Saylor’s Strategy still tops the list with 555,450 BTC.

Wednesday saw a significant rise in Metaplanet’s stock, with an increase of 13.3% in Japan during the afternoon trading session.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. Foresight Ventures, a major investor in The Block since November 2023, invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry.

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The investment firm, listed in Tokyo, revealed on Wednesday that it has procured an extra 160 BTC for roughly $13.3 million, with the average cost per bitcoin being $83,264. This acquisition has now raised their total bitcoin holdings to 4,206 BTC, secured for roughly $359.8 million, as reported by Metaplanet’s CEO Simon Gerovich. As per the current market rates, the firm’s 4,206 BTC is estimated to be worth around $356.2 million.

Following the firm’s announcement of the purchase of 696 BTC on Tuesday, this latest acquisition comes into play. Since the official declaration of its bitcoin strategy in April 2024, Metaplanet has been consistently stocking up on the world’s leading cryptocurrency. As it stands, with a total of 4,206 BTC, it holds the ninth-largest position globally among publicly traded corporations that own bitcoin, and it is the largest in Asia, as per data from BitcoinTreasuries.net. The firm has expressed its aim to hold 10,000 BTC by the end of 2025 and increase its holdings to 21,000 BTC by 2026.

During Wednesday’s morning session in Japan, Metaplanet’s stock experienced a slight dip of 0.98%, according to Google Finance data, while the Nikkei 225 index remained steady. Bitcoin witnessed a rise of 1.6% over the past 24 hours, trading at $84,526 at the time of reporting, according to The Block’s price page. The Block’s GMCI 30 index, which tracks the performance of the top 30 cryptocurrencies, also saw an increment of 0.7%.

Disclaimer: The Block is a self-governing media outlet offering news, research, and data. Foresight Ventures, a majority investor of The Block since November 2023, also invests in other crypto companies. The Block operates independently, aiming to provide objective, impactful, and timely crypto industry information. This article is intended for informational purposes only and does not serve as legal, tax, investment, financial, or other advice.

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According to FTX, states in Latin America will be a primary target of the first growth, with Europe and Asia to follow.

FTX, a cryptocurrency exchange, announced that it would now provide Visa debit card services in over 40 more countries. Though it did not name any particular states, the company did say that many of them are in Latin America.

Earlier this year, FTX introduced the Visa debit card in the United States, allowing customers instant access to their crypto holdings at merchants who accept the card. In light of this success, FTX has decided to expand internationally by forming a long-term collaboration with Visa to issue cards in a considerably larger number of countries.

Then, FTX intends to launch campaigns in Europe and Asia. The launch in Europe is expected to take place before the end of 2022, while releases in other regions, presumably including Asia, are scheduled to begin in early 2023.

The exchange’s Visa debit card functions similarly to a bank debit card, allowing cardholders to make purchases at any of the more than 80 million merchants worldwide that accept Visa. When using an FTX card, cardholders won’t have to worry about paying any hidden fees or commissions.

Bitcoin, Ethereum, Dogecoin, Solana, and the stablecoin Tether are just some of the hundreds of cryptocurrencies that may be traded and held in custody on the FTX platform.

Visa’s Head of Crypto, Cuy Sheffield, stated in the announcement that digital currencies would have a lasting influence on the future of financial services and money flow. They’re thrilled to work with top crypto exchanges like FTX to improve users’ access and experience with cryptocurrency.

Coinbase, Binance, and Crypto.com are just a few competitors that have begun selling crypto debit card services, and FTX is extending its program too.

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