Latest news with #AxieInfinity
Coin Geek
19-05-2025
- Business
- Coin Geek
Philippines' crypto wealth grows beyond P2E origins: report
Getting your Trinity Audio player ready... The Philippines is fast emerging as a crypto wealth hub, with Filipino crypto owners now ranking among the top globally in terms of average holdings. According to the Crypto Friendly Cities Index 2025 by global financial migration platform Multipolitan, the country ranks 20th in crypto wealth concentration, with Filipino crypto holders owning $14,194.46 (PHP790,000). This marks a shift from the early days when crypto interest in the Philippines was largely driven by play-to-earn (P2E) gaming. The report noted, 'Axie Infinity in the Philippines became a lifeline for thousands of gamers looking to earn income through play-to-earn mechanics.' At the height of its popularity, Filipinos made up 40% of Axie Infinity's global user base. While the value of Axie's tokens has dropped from its peak during the pandemic, crypto ownership in the country continues to expand. Multipolitan highlighted that the Philippines is no longer defined solely by speculative activity or gaming but is part of a larger transformation in global finance. Southeast Asia's crypto powerhouse: Where the Philippines stands Within Southeast Asia, the Philippines trails Singapore (ranked 5th globally), where each crypto holder owns an average of $85,536.63. Malaysia is placed 18th with $20,895.49 per holder, followed by Vietnam at 19th, with each owner holding $16,681.28 in crypto assets. Globally, Slovenia leads with an average of $240,460.17 per crypto owner, followed by Cyprus ($174,972.89), Hong Kong ($97,531.40), and South Korea ($94,827.77). These high averages indicate concentrated crypto wealth, typically associated with jurisdictions that provide regulatory clarity and strong digital infrastructure. 'Crypto wealth no longer belongs exclusively to traditional finance capitals like New York, London, or Singapore. It's borderless, fluid, and finding new homes wherever innovation and clarity converge,' the Crypto Friendly Cities Index 2025 stated. Source: Multipolitan Regulatory environment shapes crypto-friendly cities The report emphasized that cities and countries offering clear, consistent, and crypto-supportive regulations are increasingly drawing both talent and capital. 'Regulatory clarity isn't just beneficial—it's essential,' it noted, citing cases such as Binance relocating operations and Coinbase (NASDAQ: COIN) threatening to leave the U.S. due to hostile regulations. In the Philippines, regulators are gradually catching up. In 2024, the Securities and Exchange Commission (SEC) drafted rules for Crypto Asset Services Providers (CASPs), aiming to protect consumers and create a more stable legal framework for digital assets. This comes as fraudulent activity and unclear rules continue to pose risks. Cities compete for crypto capital Multipolitan's analysis clearly shows where the future of finance is headed and which cities are positioning themselves to lead. Cities like Dubai, Singapore, and Zug are drawing global crypto entrepreneurs, institutional investors, and digital nomads, thanks to clear regulations, tax advantages, and high quality of life. 'These cities aren't just friendly to crypto—they're building entire financial ecosystems around it,' the report said. 'The next epicenter of global finance won't just embrace crypto—it will thrive on it.' Among the key drivers identified are regulatory arbitrage, digital infrastructure, and crypto culture. In the Crypto Friendly Cities Index 2025, cities such as Zurich, Lisbon, Abu Dhabi, and Singapore ranked highly across all five measured metrics: regulation, tax regime, wealth & lifestyle, digital infrastructure, and crypto infrastructure. The report emphasized that 'first movers aren't just leading—they're dominating.' Crypto wealth concentration: Who holds the keys? Beyond adoption, Multipolitan also introduced a Crypto Wealth Concentration Index, which adjusts ownership data using a Gini coefficient to assess the inequality of crypto holdings. This sheds light on how deeply integrated crypto is among populations and whether it's concentrated among a few elites or broadly distributed. The United Arab Emirates stood out as the global adoption leader, with over 25% of its population holding crypto, thanks to 'proactive government policies and clear regulations.' Meanwhile, the United States continues to lead in trading volume, recording $2.07 trillion, largely due to institutional involvement. By contrast, countries like Slovenia and Cyprus, despite smaller populations, showed higher average holdings per user, suggesting high wealth concentration among a relatively small but active group. 'The question now isn't who's adopting crypto—it's who will hold the keys to crypto's immense wealth in the future,' the report concluded. The future financial capital Multipolitan sees the race toward becoming a global crypto hub as more than a trend—it's a foundational shift in financial geography. 'The global financial landscape is shifting,' the report declared. 'Cities that move quickly to embrace crypto aren't merely positioning themselves for relevance—they're securing their place as the financial centers of tomorrow.' This shift is especially relevant for countries like the Philippines, where crypto adoption has gone from grassroots use in gaming communities to broader financial integration. Watch: The Philippines is moving toward blockchain-enabled tech title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Yahoo
13-05-2025
- Business
- Yahoo
Animoca Brands Plans U.S. Listing to Capture 'Unique Moment' of Trump Administration: FT
Animoca Brands, a Web3 investment company, is planning a public listing in New York, seeking to capture the "unique moment" offered by the Trump administration's approach to digital asset regulation, executive chairman Yat Siu told the Financial Times. An announcement on plans to list could be made soon, Yat Siu said in an interview, according to the Financial Times. Under former President Joe Biden, the U.S. crypto regulatory landscape was littered with lawsuits and enforcement actions against prominent crypto companies such as crypto exchanges Coinbase and Kraken. These have been dropped this year in a signal of the more friendly approach to the digital asset industry by the Trump administration. 'If the U.S. didn't do what they did with the regulators [under Biden], we probably would have competitors in the U.S.," Siu said. "It's a unique moment in time. I feel like it would be one heck of a wasted opportunity if we didn't at least try." The Hong Kong-based company has been a prominent investor in the Web3 industry for a number of years, having risen to prominence during the non-fungible token (NFT) boom of 2021. Its investments include blockchain game Axie Infinity, NFT marketplace OpenSea and Kraken. Kraken is itself considering selling shares to the public for the first time in the U.S. next year. Beyond investments in NFTs and GameFi projects, Animoca Brands' most recent financial report showed a pivot towards its advisory service, which covers token advisory, tokenomics, marketing, listing advisory, node operation and trading services. Animoca holds $293 million in cash and stablecoins, $538 million in digital assets, and $2.9 billion in off-balance-sheet token reserves on its balance sheet, according to its latest report. The company did not immediately respond to CoinDesk's request for further comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The National
29-04-2025
- Business
- The National
Axie Infinity investor Animoca plans to fund UAE start-ups as it debuts in Middle East
Venture capital and software company Animoca Brands is planning to set up funds for UAE start-ups as it makes its debut in the Middle East, its newly-appointed regional head has said. The Hong Kong-based Web3-oriented firm, which reportedly has a value of about $6 billion, will open its first regional office in Dubai, with plans to bridge the gaps in financing, market access and mentorship that start-ups are facing, said Omar Elassar, managing director for the Middle East and head of global strategic partnerships at Animoca Brands. Web3 is the third stage of the World Wide Web's evolution that uses the capabilities of artificial intelligence, machine learning and blockchain to make the internet smarter. 'There is definitely a high concentration of capital and investors [in the UAE], liquidity providers who are sitting on the sidelines that maybe have been burnt in the past and are waiting for an institutional grade platform to come in. So, that's where we really do see an opportunity; we will be looking to launch a liquid fund and a venture-style investing fund,' Mr Elassar told The National. The size of the funds have yet to be determined, he added. 'In terms of founder enablement, we're going to be supporting some of the start-ups and the more established crypto companies [in the UAE] through investment, through ecosystem advisory and through infrastructure,' Mr Elassar said. The strategy would branch out into strategic and commercial expansion, with Animoca planning to work 'with some of the corporates the government and regulators to drive high impact, real world use cases', he said. Animoca, which is also a gaming company, has four major business lines aimed at start-ups – advisory, incubation, investments and institutional applications. It has investments in more than 540 companies, including in Sky Mavis, the developer of the popular blockchain game Axie Infinity. It also has a regulated stablecoin project in partnership with Standard Chartered and Hong Kong Telecom. Animoca's bookings – a measure of total sales and income generating activity – from Web3 operating businesses of subsidiaries and projects incubated by the company hit $110 million in 2024, the company reported in March. While that is down from the $182 million it posted in 2023, overall bookings for last year grew more than 12 per cent annually to $314 million, anchored by its digital asset advisory business that surged 114 per cent year-on-year to $165 million, it said. Investment activity, meanwhile, jumped more than 85 per cent to $39 million. While Animoca's Dubai office will officially mark its entry into the Middle East, this will not be the first time it will have a footprint in the region: in October 2023, it partnered with Saudi Arabia's Neom Company for a $50 million investment to support Web3 programmes. The Emirates and the kingdom will be, for now, Animoca's focus, and any expansion into other countries in the region will be explored, according to Mr Elassar. 'The Middle East is a big place and there are definitely other interesting markets … there's a lot of work to do [in the UAE and Saudi Arabia] for the time being – but I wouldn't take anything off the table,' he said. The UAE has continuously extended its support to start-ups, which are playing a key role, working to pitch and develop new ideas using the latest innovations to solve real-world problems. Start-ups in the Emirates raised about $619 million in 2024, second in Mena behind only Saudi Arabia's $750 million and part of an overall $1.9 billion in the region, according to Dubai-based data platform Magnitt. 'The UAE is a springboard for global business, and this market is very well positioned to influence how the Web3 industry really shapes up,' Mr Elassar said.
Associated Press
18-03-2025
- Business
- Associated Press
Web3 Pioneer Aleksander Larsen Shares Axie Infinity's Growth and Ronin Blockchain's Future on Tech Around and Find Out
03/18/2025, Beverly Hills, California // KISS PR Brand Story PressWire // The Tech Around and Find Out Podcast is distributed by Mission Matters Media. In a recent episode of Tech Around and Find Out, hosted by Calvin, Aleksander 'PsychOut' Larsen, Co-Founder and Chief Operating Officer of Sky Mavis, shared an in-depth look at his journey from competitive gaming to leading one of the most transformative Web3 gaming companies. Larsen provided insights into the origins of Axie Infinity, the Ronin blockchain's expansion, and the evolving landscape of crypto gaming. Larsen detailed how his early involvement in CryptoKitties led to the founding of Axie Infinity, emphasizing the need for true digital asset ownership. He recalled the company's early struggles, nearly facing bankruptcy, and the perseverance required to scale Axie Infinity into a global phenomenon. He also addressed the infamous Ronin Bridge hack, explaining how Sky Mavis refunded all affected users, reinforcing community trust. 'Pain has a tendency to either break things or bring people closer together,' Larsen said, reflecting on the hack. 'Sky Mavis and our community stuck together, and today, we're in a stronger position than ever.' As Axie Infinity became a financial lifeline for many in regions like the Philippines, its Smooth Love Potion (SLP) token demonstrated real-world applications of blockchain gaming economies. Larsen discussed the importance of designing sustainable tokenomics, ensuring organic user engagement rather than short-term speculation. Looking ahead, Ronin is positioning itself as a hub for Web3 gaming and decentralized finance (DeFi). Larsen highlighted Ronin's Waypoint social login wallet, reducing onboarding friction for mainstream users. He also teased upcoming developments, including a potential Layer-2 solution leveraging ZKEVM technology and the expansion of meme coins and SocialFi applications within Ronin's ecosystem. 'We're opening up Ronin to more builders,' Larsen explained. 'With DeFi, meme coins, and new gaming experiences, we're entering a new phase where community-driven innovation will thrive.' With a focus on security, innovation, and fostering a robust developer ecosystem, Sky Mavis remains committed to shaping the future of Web3 gaming. As Axie Infinity and Ronin continue to evolve, the company's mission remains clear—empowering users through blockchain-based digital ownership and economic opportunities. About Tech Around and Find Out Tech Around and Find Out is a podcast that explores the latest trends and innovations in the crypto and blockchain space. Hosted by Calvin, the show features in-depth conversations with industry pioneers, covering topics ranging from DeFi to Web3 gaming. Each episode provides valuable insights for developers, investors, and enthusiasts looking to stay ahead in the fast-evolving world of blockchain technology. Media Communications
Yahoo
24-02-2025
- Business
- Yahoo
Factbox-Crypto's biggest hacks and heists after $1.5 billion theft from Bybit
LONDON (Reuters) - Cryptocurrency exchange Bybit said last week hackers had stolen digital tokens worth around $1.5 billion, in what researchers called the biggest crypto heist of all time. Bybit CEO Ben Zhou said the crypto was taken from a "cold wallet" - a digital wallet usually stored offline and so supposedly more secure - that was used for ether tokens. Blockchain research firm Elliptic said the hack was more than double the last-biggest crypto heist and "is almost certainly the single largest known theft of any kind in all time." See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. The crypto industry has suffered a series of thefts, prompting questions about the security of customer funds, with hacking hauls totalling more than $2 billion in 2024 - the fourth straight year where proceeds have topped more than $1 billion. Here are some of the other major thefts to have plagued the industry since bitcoin was born in 2008. POLY NETWORK Hackers stole around $610 million in August 2021 from Poly Network, a platform that facilitates peer-to-peer token transactions. The hackers behind the heist later returned nearly all of the stolen funds. The hack underscored vulnerabilities in the burgeoning decentralised finance - DeFi - sector, where users lend, borrow and save in digital tokens, bypassing the traditional gatekeepers of finance such as banks and exchanges. RONIN NETWORK Hackers stole cryptocurrency worth - at the time of the hack - around $540 million from a blockchain project linked to the popular online game Axie Infinity in March 2022. Ronin, a network that allows the transfer of crypto coins across different blockchains, said that hackers stole some 173,600 ether tokens and 25.5 million USD Coin tokens. COINCHECK In January 2018, hackers stole cryptocurrency then worth around $530 million from Tokyo-based exchange Coincheck. The thieves attacked one of Coincheck's "hot wallet" - a digital folder stored online - to drain the funds, drawing attention to security at exchanges. South Korea's intelligence agency said at the time that a North Korean hacking group may have been behind the heist. MT. GOX In one of the earliest and most-high profile crypto hacks, bitcoin worth close to $500 million dollars was stolen from the exchange in Tokyo - then the world's biggest - between 2011 and 2014. which once handled 80% of the world's bitcoin trade, filed for bankruptcy in early 2014 after the hack was revealed, with some 24,000 customers losing access to their funds. WORMHOLE DeFi site Wormhole was hit by a $320 million heist last month, with the hackers making off with 120,000 digital tokens connected to the second-largest cryptocurrency, ether. The crypto arm of Chicago-based Jump Trading, which had the year before acquired the developer behind Wormhole, later replaced the funds "to make community members whole and support Wormhole now as it continues to develop."
