Bitget commits fund to bolstering Indian blockchain innovation

India’s HPCL Embraces Blockchain Tech to Streamline Purchase OrdersHindustan Petroleum Corporation Limited (HPCL) has forged a partnership with Zupple Labs, an Indian Web3 startup, to upgrade its purchase order processes through blockchain.Photo by Zbynek Burival on UnsplashTamper-proof documentationAccording to local media publication Business Today, the collaboration leverages blockchain technology to issue tamper-proof digital purchase orders via LegitDoc, ensuring instant verification on the NEAR blockchain. The move is a significant step toward enhancing transparency and efficiency in the purchase order system, addressing long-standing challenges in the industry.Notably, HPCL has awarded purchase orders worth $52 billion in the past five years, making these orders economically significant. Until now, automating purchase order verification for third-party requests outside of HPCL proved to be particularly challenging, resulting in substantial manual labor to process external verification requests.With the implementation of LegitDoc, historically fraud-prone purchase orders can be seamlessly issued to the relevant stakeholders. This breakthrough empowers participants to verify the authenticity of these orders with a simple click, reducing the risk of forgery and expediting the verification process.HPCL’s use of blockchain technology in partnership with Zupple Labs serves multiple purposes. It aims to combat purchase order forgery, simplify vendor access to trade finance through collateralization, and provide evidence of turnover, ultimately facilitating participation in public procurement processes. The facility will soon be accessible to both the public and vendors, with the launch set for October.Neil Martis, the founder of LegitDoc, expressed his enthusiasm about HPCL’s adoption of their technology. He noted:“It’s exciting to see an oil conglomerate such as HPCL use our technology LegitDoc, to secure billions of dollars’ worth of purchase orders. This serves as a testament to the confidence that businesses and governments have placed in our blockchain platform over the years in protecting important documents.”Utilizing two blockchainsThe approach taken in this instance relies on the use of two parallel blockchains which act as settlement layers: the NEAR public blockchain and permissioned private blockchain Hyperledger Fabric. As of mid-October, 3,000 purchase orders had been issued using blockchain.HPCL’s move to digitize and secure its purchase order system not only benefits the corporation but also has industry-wide implications. By promoting digital automation and trust, it sets a precedent for transparency and efficiency in the oil and gas sector. This adoption of blockchain technology aligns with a global trend of enhancing digital trust and streamlining operations across various sectors.Further application of blockchain techIt’s worth noting that this isn’t the first instance of Zupple Labs’ blockchain technology-based solutions being employed by the government in India. LegitDoc has previously been adopted by the administration of Gadchiroli, Maharashtra, for issuing tribal caste certificates in 2022, in that instance by way of the Polygon blockchain.Moreover, the technology played a pivotal role in issuing COVID-19 vaccine certificates in Maharashtra in 2021, while over 100,000 degree certificates were issued in 2022. These instances underscore the versatility and growing acceptance of blockchain technology in modern governance and business processes.

The Philippines is on track to finalize Project Agila, its wholesale central bank digital currency (CBDC) trial, by the end of this year. Three primary use casesThat’s according to statements made on March 6 by Deputy Governor Mamerto Tangonan of the Bangko Sentral ng Pilipinas (BSP) —  the Philippine central bank. According to a local news report by GMA News, the Deputy Governor outlined three primary use cases for the wholesale CBDC trials in a press conference: interbank settlement, settlement of securities transactions and cross-border payments. Notably, the Philippines is participating as an observer in the cross-border CBDC project mBridge, which involves China, Hong Kong, Thailand and the United Arab Emirates (UAE). Six domestic institutions are involved in the current tests in the Philippines: BDO Unibank, China Banking Corp, Land Bank of the Philippines, Rizal Commercial Banking, Union Bank of the Philippines and Maya Philippines.Photo by OJ Serrano on UnsplashUsing pilot as ‘learning exercise’Tangonan described the pilot as a "learning exercise in order to put us in a better position to assess whether this technology is what, itself, claims to be.” Typically, central bank accounts are restricted to commercial banks and some central counterparties in financial markets. However, the BSP intends for the wholesale CBDC to be accessible to banks and certain financial institutions. Nevertheless, past tests, including one in Canada, have highlighted potential limitations, such as the inability of brokers to use the wholesale CBDC for settlement. An ongoing interest since 2020The Philippines initially expressed interest in issuing a CBDC in 2020, with the BSP Monetary Board conducting a positive initial assessment of a wholesale CBDC and planning pilot tests from 2022 onwards, known then as Project CBDCPh. The launch of the pilot project was announced in April 2022. In 2023, the Southeast Asian country participated in a pilot study with the Digital Dollar Project, Western Union and BDO Unibank to explore a retail CBDC for remittance purposes. While the study found potential cost reductions and increased transparency and competition, it also identified challenges related to transaction speed, particularly due to most remittances arriving after working hours. Moving away from blockchainLast September, the BSP announced plans to utilize the Hyperledger Fabric blockchain. However, in February, Governor Eli Remolona stated that the CBDC would not be utilizing blockchain technology. At that time, the central bank Governor had indicated the expectation of launching a wholesale CBDC either next year or by 2026. Elsewhere in the Asian region, the Hong Kong Monetary Authority (HKMA) recently announced its own wholesale CBDC trials, Project Ensemble, underscoring the growing interest and activity in CBDC development across various jurisdictions. The Chinese autonomous territory is also cooperating with its colleagues in mainland China in participating in testing of the digital yuan or e-CNY, with a particular focus on cross-border payments.India represents another key Asian nation which has devoted quite a lot of time and resources to CBDC development already. However, a report last month suggested that the world’s most populous country has concerns with regard to the question of privacy relative to CBDC use. For that reason, it has determined the need to remain cautious while continuing CBDC development.  

HashKey Capital, a Singapore-based crypto fund manager, and FTSE Russell, a subsidiary of the London Stock Exchange Group (LSEG), have collaboratively launched a series of indices designed to track cryptocurrencies. Three indicesRevealed on the FTSE Russell website on Wednesday, these three indices provide traders with the ability to monitor diversified baskets of digital assets aligned with various investment strategies. They cater to nuanced preferences across different crypto segments and market capitalizations. The flagship index in this suite is the FTSE Custom Digital Asset Top 20 Index, tracking the top 20 crypto assets based on market capitalization. This index is positioned to accurately reflect more than 90% of the overall performance of the digital asset market, offering investors insights into the dynamics of the most significant players in the crypto space.Photo by Markus Winkler on UnsplashFocus on infrastructure and application layerBeyond tracking market capitalization leaders, the suite includes indices with a specific focus on the crypto ecosystem's infrastructure layer (FTSE Custom Digital Asset Infrastructure Index) and application functionalities (FTSE Custom Digital Asset Application Index). One of them, the infrastructure index, zeroes in on digital assets forming the infrastructure layer, including smart contract platforms, protocol interoperability and distributed computation and storage. Meanwhile, the FTSE Custom Digital Asset Application Index concentrates on digital assets associated with application functionalities, such as those linked to staking instruments and decentralized finance. From Wednesday, these indices have been made accessible on the FTSE Russell website, with plans for future availability through major data providers like Bloomberg, Factset, LSEG Data & Analytics, Morningstar and S&P Capital IQ. U.S. ETF approvalThe introduction of these indices follows the recent milestone approval by the Securities and Exchange Commission (SEC) of spot bitcoin ETFs in the United States. It’s likely that the milestone ETF approval in the largest capital market is having a knock-on effect, proving to be a catalyst for other such offerings implicating the intertwining of crypto and traditional finance on an international basis. These products offer investors a more accessible entry point into the crypto market's largest asset, currently boasting a market capitalization of approximately $780 billion. Industry watchers anticipate the potential approval of a U.S. spot ether ETF later in 2024, with the SEC expected to make rulings on proposed funds by May. Deng Chao, managing director of HashKey Capital, noted a significant surge in demand from investors seeking to diversify their portfolios beyond established cryptocurrencies. This move aligns with broader market trends, as investors increasingly explore opportunities in diverse crypto assets. Notably, these index launches follow FTSE Russell's partnership with Grayscale Investments in October, aimed at enhancing crypto diversification. The earlier collaboration focused on various crypto sectors, including currencies, smart contract platforms, financials, consumer and culture and utilities and services. This development comes on the heels of HashKey Group, the Hong Kong-headquartered parent company of HashKey Capital, securing $100 million in a Series A funding round at a $1.2 billion valuation. OKX Ventures participated in the funding round, signaling strong support for HashKey Group's plans to accelerate product diversification in its Hong Kong business and drive compliant and innovative development globally.