The Far East doesn’t just have some of the most technologically advanced societies—it’s leading the world in the number of interesting and exciting developments within the crypto world. This past week was a perfect example of innovative advances being made in East Asia, from the rise of an ambitious restauranteur to the creation of cutting-edge blockchain products. The source of these developments lies with the Three Arrows Capital (3AC) hedge fund, previously worth $10 billion at its peak. The repercussions following 3AC’s unfortunate downfall have been felt throughout the crypto community, with the company’s co-founders seeking new opportunities to escape the fallout.
Remarkable Career Transformations of 3AC Co-Founders
The most remarkable transformation came from Kyle Davies, one of 3AC’s co-founders. Despite the hardships experienced following the hedge fund’s collapse, Davies has managed to find solace in his new career as an aspiring chef. With creditors trying to claim over $3.5 billion from 3AC’s bankruptcy, it’s commendable that Davies has been able to place his attention on perfecting the art of cooking chicken.
In a parallel development, fellow co-founder, Su Zhu, partnered with OPNX exchange to trade bankruptcy claims of FTX and Celsius, amongst other currencies. All of these efforts resulted in the exchange reaching an impressive $1.8 million in daily trading volume—an impressive figure considering the sum of all regulated crypto products listed in Hong Kong only manages to do $1.19 million in volume a day.
Finally, the Bruce Lee Foundation, directed by his daughter, Shannon, joins the list of those trialing NFTs. In partnership with the NFT video platform, Shibuya, they hoped to create a unique collection in celebration of the late kung-fu legend. While the purchase of the NFT may not have been wildly successful due to the supply, this may be the beginning of an ongoing Web3 experience.
The Golden Goose and House of Lee’s Promising Future in Web3
In possibly the most surprising venture from 3AC so far, Sotheby’s auction house announced a series of NFT collections recovered by liquidators, including Dmitri Cherniak’s artwork “The Golden Goose” purchased by Zhu and Davies with $5.8 million in Ether. Despite the initial sale not being as successful as expected due to a flood of supply, Zhu remains optimistic about the House of Lee NFT collection and believes this is only the beginning of a “Web3 collaboration”.
Singapore’s Crypto Sector on the Rise
Singapore’s growth in the crypto sector was also felt this week, with the increase in the share price of the Nasdaq-listed Bitcoin mining company SAI.Tech—surging by 360% within one day. Subsequently, the company unveiled three new product lines—Ultiaas, BoltBit, and Heatnuc—as part of its expansion plan. With the new developments seen in East Asia this week, it is clear that the fascinating interplay between cryptocurrency and blockchain technology is here to stay.
Conclusion
To summarise, this week in the industry of East Asian cryptocurrency has been a truly wild one, with entrepreneurs, foundations and companies alike embracing blockchain technology in innovative ways. From chefs to exchanges to NFTs, the rise of these ventures in the Far East serves as an exciting reminder that the crypto world is just getting started.