Three Arrowz Capital’s Bold Dive into Memecoins
Once a shining star in the crypto investment world, Three Arrows Capital (3AC) has taken a dramatic turn. The Singapore-based firm, once known for its multibillion-dollar portfolio, is now making waves in the memecoin market. Co-founder Su Zhu has announced new investments in quirky tokens like “Fat Girlfriend” and “Astrofolio,” reflecting a pivot towards the so-called memecoin supercycle.
Memecoin Supercycle: A Risky Bet?
At the Token2049 conference in Singapore, memecoin enthusiast Murad Mahmudov suggested that memecoins could outshine traditional altcoins by appealing to retail traders tired of being exit liquidity for venture capitalists. Su Zhu is betting that institutional investors will soon jump on the memecoin bandwagon, predicting that allocation to these tokens will be a major trend by the end of 2024.
However, this isn’t the first time Zhu has championed a bold market theory. His previous endorsement of the “supercycle” theory coincided with 3AC’s downfall amidst a $3 billion debt crisis. Now, 3AC is re-emerging under the new name “Three Arrowz Capitel,” seeking to capitalize on the memecoin craze.
The Rise of OX.Fun
After their crypto exchange OPNX closed earlier this year, 3AC’s founders have backed OX.Fun, a memecoin derivative trading platform that reportedly raised $4 million. With a distinct edgelord style, OX.Fun is targeting young, high-energy traders to join what they hope will be a billion-dollar exchange.
Three Arrowz Capitel now boasts a portfolio that includes tokens like Retardio and Hanbao, with its website offering job titles that embrace the memecoin culture. Whether this approach is a stroke of genius or a desperate cash grab remains to be seen, but it’s clear that 3AC’s new venture is embracing the edgy spirit of 4chan-style memecoins.
The Kimchi Premium Reversed: Bitcoin in South Korea
In recent weeks, South Korea’s unique “kimchi premium” has flipped, with Bitcoin trading at a discount compared to global markets. This phenomenon, known as the reverse kimchi premium, arises from South Korea’s isolated crypto market structure, which requires investors to have local bank accounts tied to their identity.
While South Korea’s retail appetite has traditionally kept Bitcoin prices higher, lower trading volumes have now reversed this trend. As global interest in Bitcoin grows, fueled by the potential of spot exchange-traded funds, South Korea’s market struggles to compete with international exchanges.
Nevertheless, South Korea may soon regain its competitive edge. The Financial Services Commission is reportedly considering establishing a Virtual Assets Committee to explore allowing corporations to open crypto trading accounts and potentially introduce cryptocurrency spot ETFs.
Unraveling a Web of Scams in the Philippines
Alice Guo, a former mayor in the Philippines, is embroiled in a scandal involving human trafficking and crypto scams. Guo and her business partner Huang Zhiyang are linked to an international scam network and the now-defunct Hong Kong-based crypto exchange AAX.
Investigations reveal that Guo and Huang co-founded Baofu Land Development Inc., which was raided to rescue trafficked individuals forced into crypto scams. Their associate, Dingkai Wang, allegedly used a Cambodian passport to obtain a retiree visa in the Philippines but fled after attempts to rescue victims.
Further probes have uncovered connections between Guo’s network and AAX, highlighting the alarming extent of crypto scam operations across Southeast Asia. Cambodia, in particular, has become a focal point for these illegal activities, with numerous human trafficking and cyber scam cases emerging.
Euroclear’s Strategic Investment in Marketnode
In a significant move for the Asia-Pacific digital infrastructure, Euroclear has invested in Singapore-based Marketnode. This partnership aims to enhance fund flow management and expedite settlement processes in the region.
Euroclear, a global leader in securities settlement, brings its blockchain expertise to Marketnode, which specializes in tokenization and blockchain-based infrastructure. This collaboration underscores the growing interest in digital assets and tokenization in Asia, with institutions like HSBC also investing in initiatives like Marketnode as part of Singapore’s Project Guardian.
As the digital asset landscape evolves, these strategic partnerships highlight the potential for blockchain technology to transform financial markets, streamline operations, and drive innovation across the region.
