Latest news with #YatSiu
Yahoo
14-05-2025
- Business
- Yahoo
Exclusive: Animoca's Yat Siu says bank-backed stablecoins will drive mass adoption
At TOKEN2049, Yat Siu, co-founder and chairman of Animoca Brands, joined TheStreet Roundtable host Scott Melker to talk about the future of stablecoins — and why Hong Kong's new approach could reshape adoption around the world. 'We're also moving into space. Part of it is Animoca Brands becoming more institutional. We have a joint venture with Standard Chartered... and HKT, the largest telco in the region, to launch a stablecoin,' Siu said. The total stablecoin market capitalization stands at $244.99 billion, down 0.5% in the last 24 hours. Daily trading volume reached $78.05 billion, reflecting steady market activity. Stablecoins remain a key pillar of crypto liquidity and cross-border transactions. What makes this stablecoin unique? It's licensed by the Hong Kong Monetary Authority, which Siu noted 'probably makes it the very first central bank issued.' Siu explained the global importance of Hong Kong's role. 'Hong Kong has always been a financial gateway for China, both in and out... For instance, if you look at what we call Dim Sum bonds... Hong Kong basically does about two plus trillion dollars of renminbi a day.' He added, 'A stablecoin issued from there is... a way to basically make Hong Kong remain a relevant financial centre.' But it's also about trust. While praising leaders like Tether and Circle, Siu said mass adoption will come when everyday users see banks behind the coins. 'Having the person who doesn't know much about crypto in the first place say, okay, I'm using a token that is backed by the dollar. Can I trust it? If it comes from a bank... your regular user... they're like, oh, okay, I can trust the bank.' Melker pointed out that in the U.S., lawmakers may soon require stablecoin issuers to be banks. 'There's actually been some fear... legislation could specify that you have to be a bank to issue a stablecoin... we are a hundred percent heading to a future where we have Goldman Coin and BNY Mellon Coin and JP Morgan coin, which actually exists.' Siu agreed and said geopolitics is a major factor. 'The seventh largest T-bill buyer last year I think was Tether... If you think about dollar hegemonic money... how do you make sure it's the currency of choice? I think stablecoins is the answer.' Importantly, he clarified. 'It's not a CBDC... The Hong dollar is actually backed by the US dollar... so in a way, the Hong Kong dollar was probably the OG stablecoin.' U.S. Treasury Secretary Scott Bessent criticized the Senate on Thursday for rejecting the GENIUS Act, a proposed stablecoin regulation bill, calling it a 'missed opportunity' for the U.S. to lead in digital asset innovation. 'For stablecoins and other digital assets to thrive globally, the world needs American leadership,' Bessent posted on X. 'The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act.' He described the bill as a 'once-in-a-generation opportunity' to bolster dollar dominance and strengthen U.S. influence in financial technology, warning that without federal regulation, innovation could shift offshore. The Senate voted 49-48 to block the bill, with Republicans Josh Hawley and Rand Paul siding with Democrats amid disputes over bill language and oversight provisions. Lawmakers expressed concern over anti-money laundering terms and foreign issuer restrictions. Tensions were heightened by President Trump's deepening ties to crypto, including memecoin launches, high-priced fundraisers, and backing a DeFi project with its own stablecoin. Bessent concluded, 'Senators who voted to stonewall U.S. ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore.' Sign in to access your portfolio
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
Yahoo
19-04-2025
- Business
- Yahoo
The Path to Mass Web3 Adoption With Yat Siu
Animoca Brands co-founder and Chairman Yat Siu breaks down the company's strategy for mainstream adoption of crypto by 2025 and expansion into areas like digital identity, DeFi solutions for student loans, and educational initiatives. Plus, the significance of the US market and Hong Kong's progress in Web3 developments. This content should not be construed or relied upon as investment advice. It is for entertainment and general information purposes.
Yahoo
20-03-2025
- Business
- Yahoo
Venture Capital Firms Invest $400 Million in Toncoin as Telegram User Base Hits 1 Billion
Several venture capital firms, including Sequoia Capital, Ribbit, Benchmark, Kingsway, Vy Capital, Draper Associates, Libertus Capital, CoinFund, Hypersphere, SkyBridge and Karatage, have invested over $400 million in Toncoin, the native cryptocurrency of the TON blockchain. The Open Network Foundation (TON Foundation) confirmed the investment, clarifying that this was not a fundraising round but rather a direct purchase of Toncoin. TON blockchain, which supports mini apps within Telegram, has grown rapidly. Native accounts on the network increased from 4 million to 41 million in the past year, and Toncoin is the only cryptocurrency accepted for Telegram app services. Telegram itself reached 1 billion monthly active users by March, doubling in less than three years. Benchmark partner Peter Fenton projected that this number could reach 1.5 billion by 2030. The TON Foundation aims to integrate 30% of Telegram's users into the blockchain within three years. Investor interest in Toncoin has been growing for some time. Pantera Capital previously made two investments in Toncoin, one of which was described as its largest-ever investment. Animoca Brands co-founder Yat Siu said his company started buying Toncoin when it was trading below $1. The cryptocurrency surged above $8 in mid-2024 before dropping by over 50%, currently trading at around $3.75. The latest investment announcement caused Toncoin's price to jump 8% before stabilizing. The blockchain's growth has been fueled by Telegram mini apps, including popular games like "Notcoin" and "Hamster Kombat," which have driven user engagement. TON was originally developed by Telegram but now operates independently after Telegram settled a lawsuit with the U.S. Securities and Exchange Commission (SEC) in 2020. Telegram CEO Pavel Durov's arrest in France last year over concerns regarding content moderation affected the token's price. Durov recently regained access to his passport, which led to a 20% rise in Toncoin's value. Venture capital investment in blockchain projects has been rising. February saw over $1.1 billion in crypto VC deals, with much of the funding directed at decentralized finance and blockchain-based financial services. Simon Wu, a partner at venture firm Cathay Innovation, said blockchain projects are becoming more recognized as legitimate solutions in asset management, transactions, and tokenization. Sequoia Capital partner Shaun Maguire praised the TON team for its expertise in consumer products and crypto infrastructure, emphasizing that Telegram's vast user base gives the blockchain a strong foundation for growth. Sign in to access your portfolio
Globe and Mail
10-02-2025
- Business
- Globe and Mail
Hivello Secures Strategic Investment Led by Animoca Brands Ahead of Token Listing
Highlights: Animoca Brands leads investment into Hivello alongside Taisu Ventures, NGC, Blockchange and Contango. Hivello will list its token (HVLO) on and MEXC exchanges. Animoca & Hivello are hosting a live X Spaces 11th February LONDON and AMSTERDAM, Feb. 09, 2025 (GLOBE NEWSWIRE) -- Hivello, a DePIN aggregator that enables users to earn by monetising idle computer resources across multiple decentralised networks, has announced that Animoca Brands, the company driving digital property rights to help build the open metaverse, is leading its current funding round. Hivello will use the funds to further innovate and achieve its objectives of simplifying DePIN nodes and making them more user-friendly. Hivello is a DePIN aggregator focused on making DePINs more accessible. By allowing users to contribute their computing resources, Hivello enables them to earn through various Web3 protocols. Its mission is to eliminate the complexities often associated with decentralized networks, empowering users to engage in Web3 projects without needing specialized technical knowledge. In addition, Hivello's Token Generation Event (TGE) is taking place on and MEXC, marking a significant milestone in the company's growth and ecosystem development. The $HVLO token will play a crucial role in powering Hivello's decentralized economy, facilitating staking, rewards, and broader participation in DePIN networks. As part of this journey, Hivello and Animoca Brands will be hosting a live discussion to dive deeper into the company's growth, investment landscape, and future roadmap. Event details: Date & Time: February 11 at 5 PM HKT | 9 AM UTC | 4 AM EST | 10 AM CET Where to Watch: Streaming live on LinkedIn and X Follow Hivello on X to find out more details Animoca Brands is a global leader in gamification and blockchain with a large portfolio of over 540 investments in Web3. Its mission is to advance digital property rights and decentralized projects to help build the open metaverse. The investment announced today connects Hivello with Animoca Brands' extensive experience and innovation, furthering Hivello's mission to simplify access to DePIN and enable users to earn rewards by contributing their computer resources. Hivello is dedicated to making DePIN nodes accessible and user-friendly for everyone, breaking down complex barriers often associated with decentralized networks. Animoca Brands' mission to deliver digital property rights to gamers and internet users worldwide aligns with Hivello's goal of empowering users by enabling them to contribute to DePIN networks. Both companies focus on providing users with true ownership and control over their digital assets. Yat Siu, the co-founder and executive chairman of Animoca Brands, said: 'Animoca Brands is dedicated to building a more equitable digital framework that enables all users to benefit from the many advantages conferred by digital property rights. We are thrilled to support Hivello's efforts to make DePIN nodes more accessible and user-friendly, helping to advance and simplify true digital ownership, network effects, and the open metaverse.'' Domenic Carosa, co-founder and chairman of Hivello, said: ''We welcome Animoca Brands as a strategic partner and lead investor in our latest funding round. Its expertise and innovation in the digital and blockchain space will be instrumental as we continue to simplify access to decentralized physical infrastructure networks.' About Hivello Hivello is a DePIN aggregator that enables users to earn by monetising idle computer resources across multiple decentralised networks The $HVLO token will be issued by the Swiss-based HVLO Association under license from Hivello Holdings. About Animoca Animoca Brands, a Deloitte Tech Fast winner and ranked in the Financial Times list of High Growth Companies Asia-Pacific 2021, is a leader in digital entertainment, blockchain and gamification. It develops and publishes a broad portfolio of products, including the REVV token and SAND token; original games such as The Sandbox, Crazy Kings, and Crazy Defense Heroes; and products using popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP and Formula E. The company has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Bondly, Lympo, and Grease Monkey Games. Contact information: Karla Janse van Rensburg Marketing coordinator @ Hivello karla@
