Encouraging signs from Malaysia's community-driven week
A community-first week in Malaysia as community events remained the frontier for activation. Meanwhile, KapitalDX beat PitchIn in the race towards announcing their IEO platform services, and the Ministry of Communication & Digital announced its support for Web3 content creation companies with new a new grant up for grabs.
Startups
Star Symphony
Star Symphony held a press conference for Symphonians and their holders. The press con event had on-site game demos for early adopters and keynote presentations from the Star Symphony team.
While the event primarily served the audience of its Web3 community, it revealed itself to be a part of a bigger ecosystem- Mainly buy-in from bigger partners taking a bet into the blockchain gaming ecosystem.
The company proudly showcased its partnerships with ESports gaming company Team Secret and Malaysia's government agency MDEC (Malaysia Digital Economy Corporation.
Find our coverage here.
ICP Community Event
Internet Computer Protocol made its debut in the Malaysian market together with Offchain Kuala Lumpur. The event brought the developer community for an introductory networking session over drinks and merriment. However, at the brass tacks, it was practically an information exchange session between ICP's product offerings and the Malaysian dev community.
From a macro perspective, ICP is seen currently pushing hard into the ASEAN region, following our newsroom reports of community activation attempts in Singapore, Malaysia and Thailand.
Related: Internet Computer Plans for Hub in Hong Kong
Market Movements
Ministry of Communications and Digital
The Ministry of Communications and Digital (KKD), through the Malaysia Digital Economy Corporation (MDEC), organised a town hall session with the digital content and creative technology industry which drew almost 400 participants.
The town hall served as an important platform for the digital industry in understanding the current public sentiment to resolve pressing matters as well as to discuss various initiatives that have the potential to further develop the country’s digital content industry.
When it comes to Web3 industry benefits, the key takeaway from came from KKD Minister Fahmi Fadzil introduced the Digital Content Grant, valued between RM150,000 to RM2 million. He encouraged Web3 projects involved in creative content technology that would enhance the marketability of Malaysian export IP and products to apply.
Kapital DX
Kapital DX Sdn Bhd (KLDX) launched the first Initial Exchange Offering (IEO) Platform in Malaysia, which is regulated by the Securities Commission (SC).
In their press statement, the IEO platform reported it would serve as an alternative method to provide easier access to capital at a lower cost and faster time to market. The platform is also reported to be powered by blockchain technology to facilitate better transparency and security for all participants.
Find the press statement here.
CoinGecko publishes Q1 report
Malaysia's global data aggregator CoinGecko released their Q1 Crypto Industry Report over the week. The report showed that the industry is back on the rebound since December 2022 given the increase in volume activity and total market cap flowing back into the industry.
The key takeaways from the Q1 report were;
- The crypto market rallied 48.9% to $1.2 trillion, with an increased volume trading spike following the SVB banking crisis in March.
- DeFi activity rose 65.2% to $29.6 billion, driven by liquid stake governance tokens.
- NFT trading volume doubled from $2.1 billion to $4.5 billion, with Blur flipping OpenSea for the lion's market share position of 71.8%.
Find the full report on CoinGecko here.
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