Saudi Arabia is aiming to establish itself as a Web3 hub, following in the footsteps of the UAE. Outlier Ventures has launched a Web3 accelerator program in partnership with the National Technology Development Program, and the country has also seen investment from Animoca Brands and Golden Gate Ventures. Despite its proactive approach to innovation and strategic partnerships, Saudi Arabia's policies on women in the workplace and alcohol may make it less attractive to startups. However, the country's annual tech conference, Leap Summit, attracted over 220,000 attendees this year, and there is growing interest in cryptocurrency among the Saudi population, with Binance in talks with regulators for high-level regulation of digital currencies in the country.
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Backed, a Switzerland-based tokenized asset issuer, has raised $9.5 million in a funding round led by Gnosis. The company aims to speed up its private tokenization offering and onboard asset managers to blockchain rails with the investment. Tokenization of real-world assets is becoming increasingly popular, with the market for RWAs predicted to reach $10 trillion by the end of the decade. Backed has already issued over $50 million worth of tokenized RWAs, including ERC-20 compatible token versions of exchange-traded funds and individual stocks like Coinbase and Tesla.
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Former Binance CEO Changpeng Zhao, also known as CZ, is awaiting sentencing on Tuesday after pleading guilty to violating the Bank Secrecy Act. While the charge carries a potential sentence of up to 10 years in prison, his cooperation and guilty plea could result in a sentence of just 18 months. The US Department of Justice has recommended a three-year sentence, while his defense team is asking for no prison time and instead suggesting house arrest and probation. Zhao's plea deal also includes a $50 million fine, but his estimated net worth of $43 billion means he may have the option to appeal if sentenced to more than 18 months in prison.
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According to Matt Hougan, the Chief Investment Officer of digital asset management company Bitwise, if the US Congress passes comprehensive stablecoin legislation this year, its impact on promoting the large-scale application of cryptocurrencies may exceed the launch of a US spot bitcoin ETF.This Wednesday, Maxine Waters, a senior Democratic member of the US House Financial Services Committee, stated that she and committee chairman Patrick McHenry will soon introduce a stablecoin bill. Hougan believes that this important signal has been underestimated by the market. He pointed out that the bipartisan consensus of Congress on stablecoin legislation is mainly based on three factors:1. Stablecoins help the US dollar maintain its global reserve currency status;2. Stablecoin projects are the main buyers of US government bonds, with a scale equivalent to the 16th largest sovereign holder in the world;3. Stablecoins contain huge financial opportunities, such as Tether, the largest stablecoin issuer, which generated $6.3 billion in profits with only 125 employees last year.
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