Animoca Brands

Hong Kong lists Standard Chartered, Animoca Brands as stablecoin sandbox participants

Published

2 months ago

July 18, 2024

Hong Kong’s financial regulator has unveiled a list of its stablecoin issuer sandbox participants, including Standard Chartered and Animoca Brands.

The Hong Kong Monetary Authority (HKMA) has announced the list of participants of the stablecoin sandbox, who can already start their experiments with issuing digital currencies backed by fiat currencies.

In an announcement on Thursday, HKMA listed JD.com’s subsidiary JINGDONG Coinlink Technology Hong Kong, RD InnoTech, and a collaboration involving Standard Chartered Bank (Hong Kong), Animoca Brands, and Hong Kong Telecommunications among the sandbox participants.

A person familiar with the matter told crypto.news that the coalition plans to leverage the institutional digital asset custody capabilities of Zodia Custody, partially owned by Standard Chartered.

The HKMA says the aforementioned companies managed to demonstrate “genuine interest in developing a stablecoin issuance business in Hong Kong with a reasonable business plan,” adding that their sandbox pilots “would be conducted within a limited scope and in a risk-controllable manner.”

The regulator highlighted that during the sandbox piloting, its members “will not handle the general public’s funds at the initial stage, and will not solicit funding from the public or offer any products associated with the sandbox.”

This announcement follows Hong Kong’s disclosure that it received over 100 submissions from market participants endorsing the establishment of a stablecoin licensing regime. As crypto.news reported, a “vast majority” of the 108 respondents to a public consultation agreed on the need for regulatory oversight as virtual assets continue to evolve. HKMA Chief Executive Eddie Yue highlighted the potential for a well-regulated environment to foster the sustainable and responsible growth of the stablecoin ecosystem in Hong Kong.

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Animoca Brands

TON Blockchain, Mocaverse partner to target 1.6b user market

Published

2 months ago

July 22, 2024

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TON Blockchain, Mocaverse, and the MOCA Foundation have announced a strategic partnership to bring together an ecosystem boasting over 1.6 billion users.

In an announcement on Monday, Animoca Brands said the initiative will target growth and crypto adoption across the Mocaverse and TON Blockchain ecosystems. MOCA Coin (MOCA) and Toncoin (TON) will be at the heart of this partnership, the firm wrote.

TON Blockchain and Mocaverse eye 1.6 billion user base

Mocaverse, a consumer network project backed by gaming and investment giant Animoca Brands, and TON Blockchain, the cryptocurrency network that benefits from support from Telegram, eye the collaboration for an “identity and reputation-based consumer network.”

According to Yat Siu, executive chairman, and co-founder of Animoca Brands, this collaboration brings together a shared mission around Web3 adoption and digital property rights. Siu noted that joining forces has the potential to magnify user adoption for both Mocaverse and TON Blockchain.

“The unique partnership between Telegram and the TON Foundation and the collaboration revealed today provide an opportunity to bring Moca ID and the Realm Network SDK to Telegram’s 900 million users, which we believe could exponentially magnify all our respective network effects,” he commented.

In essence, the deal suggests a total addressable market of over 1.6 billion users, given Telegram’s 900 million user base and Moca Network’s over 700 million addressable users. The latter includes a portfolio of over 450 companies in the Moca Network and Animoca Brands’ ecosystem.

Initiatives to include games, hackathons, accelerator program

TON and the MOCA Foundation plan to leverage go-to-markets and native token resources to realize the partnership’s objective. The partners will also integrate Moca ID on TON Blockchain and within its ecosystem, as well as TON Society ID for interoperability.

There are also plans to tap into Mocaverse’s interoperable SDK product and Telegram’s Mini App Platform, which was announced a few days after Telegram CEO Pavel Durov announced the launch of a mini app store.

Areas likely to support the onboarding of more users across the networks include social casual gaming, sports, and IP experiences. The partners will also launch co-branded hackathons and an accelerator program.

It’s notable that Telegram-based tap-to-earn projects, including Notcoin and Hamster Kombat, have exploded onto the crypto market scene in recent months.

MOCA and TON incentive program

As part of the strategic partnership, MOCA Foundation and TON Foundation have agreed upon a foundation-level token swap for MOCA and TON.

The agreement outlines a steering committee that will use a combined war chest of $20 million to incentivize developers and users. Initiatives to this end will include joint airdrops using TON’s The Open League and Moca Network’s PointFi.

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