Treehouse expands NFT data offering through Origins acquisition

China Launches Shenzhen Park Centered on CBDC GrowthChina has been relentless in its efforts at fostering the growth of the digital yuan ecosystem, with its latest initiative involving an industrial park in the Luohu district of Shenzhen, adjacent to Hong Kong.Photo by 鸣轩 冷 on UnsplashNurturing the digital yuan ecosystemThe Shenzhen Park initiative has been launched with the district government putting forth a comprehensive set of ten initiatives designed to catalyze the expansion of the Chinese central bank digital currency (CBDC) ecosystem. According to a recent report published by Chinese media outlet China Daily, these initiatives encompass various critical areas, including payment solutions, digital yuan promotion, smart contracts, and the development of secure hard wallets.Several notable companies, including Hengbao, Wuhan Tianyu Information, and Lakala Payment, have already set up their bases in the park. Hengbao and Wuhan Tianyu Information, known for their payment cards, and Lakala Payment, a renowned payment processor with a Visa partnership, are among the pioneers in this ambitious project.Zeng Zhaoxiang, the Executive Deputy Director of Wuhan Tianyu Information, shared his optimism regarding the venture, emphasizing the potential for collaborative efforts to elevate the park’s development trajectory. Such synergies within the industrial chain, he believes, will be instrumental in driving the project’s success.Enticing incentivesOne notable feature of the Shenzhen Park project is the incentives offered to businesses. They can enjoy up to three years of rent-free accommodation. Commercial banks looking to establish operations in this pioneering facility can secure up to 20 million yuan (approximately $2.7 million) in financial support, while startups may be eligible for as much as 50 million yuan.Consequently, the total government backing for this endeavor is estimated at a substantial 100 million yuan. Furthermore, the government is offering favorable loan terms to those interested in being part of the promising venture.Driving adoption beyond ShenzhenThe efforts to promote the digital yuan extend far beyond Shenzhen’s city limits. The e-CNY is currently undergoing rigorous pilot testing in twenty-six cities across China. Impressively, the digital currency has already gained acceptance among 5.6 million merchants. Given the extent of support for CBDC promotion in China from the government, it would be reasonable to expect this figure to rise steadily in the short to medium term.To further enhance the digital yuan’s accessibility, the digital yuan app now includes a feature allowing tourists to top up their wallets using Visa and Mastercard. Despite having reached 261 million digital yuan wallets by 2022, the broader acceptance of this innovative digital currency remains somewhat gradual.International CBDC developmentAlthough the digital yuan is much further along in its development and promotion, the significance of CBDCs is not limited to China alone. Beyond its borders, the focus on CBDCs remains robust, with most central banks having delved to varying extents into exploring the possibility of both retail and wholesale CBDCs.The extent of open projects worldwide right now means that there are too many to mention but recent examples include South Korea’s wholesale CBDC pilot program which was announced earlier this month. Last month it emerged that the central banks of Hong Kong and Kazakhstan were collaborating with the SWIFT financial messaging service in the testing of a CBDC connector.

Hong Kong’s Development as Crypto Hub May Soften Chinese Stance on CryptoHong Kong is making waves in the crypto sector that could potentially signal a shift in China’s attitude toward digital assets. That’s a theory that has been given consideration by crypto analytics firm Chainalysis in a recently released report highlighting Hong Kong’s crypto transformation and suggesting a growing tolerance for crypto within China’s corridors of power.Photo by farfar on UnsplashOTC trade showing resilienceDespite China’s stringent regulations and the ongoing crypto market downturn, Hong Kong’s over-the-counter (OTC) crypto market has demonstrated remarkable resilience, with a transaction volume of $64 billion in the past year. While this is slightly less than China’s $86.4 billion, it’s a noteworthy achievement considering Hong Kong’s smaller population and the challenges facing the crypto industry.The close relationship between China and Hong Kong has led some industry commentators to speculate that Hong Kong’s rise as a crypto hub could indicate a shift in China’s stance on digital assets.The crypto-friendly environment in Hong Kong has not gone unnoticed. Merton Lam of Crypto HK, an OTC digital asset trading center in the city, notes that cryptocurrencies have become an integral part of investment portfolios for banks, private equity firms, and high-net-worth individuals in the region. Even Chinese state-owned businesses are launching cryptocurrency-focused investment funds.Hong Kong cornering institutional tradeWhat sets Hong Kong apart in the crypto landscape is its proficiency in large institutional crypto transactions, with 46.8% of its annual crypto trades exceeding $10 million. In contrast, retail trades under $10,000 accounted for just 4% of the city’s crypto volume, slightly below the global average of 4.7%. This institutional dominance distinguishes Hong Kong from other Asian regions.For comparison, South Korea heavily relies on retail trading on centralized exchanges, while Japan maintains a transaction breakdown that aligns closely with global trends, balancing centralized exchanges with DeFi protocols.A cautionary noteHowever, Dave Chapman of OSL Digital Securities offers a note of caution, suggesting that Hong Kong’s promotion as a crypto hub might be more exploratory, aimed at gaining a better understanding of digital assets without significantly loosening mainland policies.Despite the uncertainties, Markus Thielen, Head of Research and Strategy at Singapore’s Matrixport, believes that Hong Kong is acting as a “testing ground” for broader cryptocurrency adoption in China. The city’s unique position makes it an attractive destination for the crypto asset management industry, setting it apart from other jurisdictions that often view crypto firms as service providers rather than end-users.Hong Kong’s progress is particularly noteworthy when considering the broader context of East Asia’s crypto market. Chainalysis analysis reveals that East Asia’s share of crypto transaction value dropped from around 30% in 2019 to less than 10% by the second quarter of 2022 due to China’s crypto bans. Hong Kong’s recent surge could potentially act as a “tailwind” to reignite crypto activity in the region.The evolving relationship between the mainland and the autonomous territory of Hong Kong may hold the key to understanding the future of cryptocurrency in the region.

WOO Network Repurchases Shares in 3AC SettlementWOO Network, a Taiwan-based liquidity provider, has reached a settlement with Teneo, the liquidator of bankrupt Singapore hedge fund Three Arrows Capital (3AC).The settlement involves the repurchase of shares and tokens acquired by 3AC during WOO’s Series A fundraising round in November 2021. This resolution brings finality to 3AC's contentious involvement with the Taiwanese firm.Photo by Joss Woodhead on UnsplashClosing out 3AC involvementOn Wednesday WOO announced the share and token repurchase via a blog post published to its website, signaling the resolution of its dealings with Three Arrows Capital and, consequently, bringing an end to the uncertainties that had enveloped their partnership.In addition to this, a total of 20 million WOO tokens, valued at over $3 million, were repurchased and sent to a burn address to ensure they couldn’t be accessed by anyone. 3AC had not only acquired equity but also 25 million WOO tokens, with the remaining set to vest over the next 12 months.Jack Tan, Co-Founder of WOO Network, emphasized the significance of resolving the 3AC-related issues. Tan commended the proactive collaboration with liquidators to secure a fair agreement for repurchasing their shares, along with vested and vesting tokens, from 3AC’s estate. Tan also welcomed the opportunity to move on from the 3AC entanglement, stating:“The past 18 months have seen a concentration of bad news hit our industry from large-scale failures to more overzealous regulators. A thorough cleansing of the system has taken place and we are looking forward to rebuilding with our partners and team.”Equally WOO Network community members are happy with the outcome, with one stating on X (formerly Twitter): “This is a huge win for the project and its community.”By repurchasing these shares and tokens, WOO Network has effectively severed its ties with 3AC and its creditors, paving the way for a more focused growth trajectory in the upcoming year. Jack Tan observed that the cryptocurrency industry has faced an influx of adverse developments in recent times, including significant failures and heightened regulatory scrutiny. He emphasized that a comprehensive restructuring of the system has occurred and expressed optimism about the future, looking forward to rebuilding alongside their partners and team.In light of these recent developments, WOO Network is poised to move forward with renewed vigor, leaving behind the tumultuous period of the 3AC fallout. This strategic resolution not only ensures a fair and equitable outcome for shareholders but also heralds a promising future for WOO Network in the ever-evolving world of cryptocurrency.According to data from CoinGecko at the time of publication, the WOO Network token price experienced an increase of 1.45% over the past 24 hours, settling at $0.1709, with its trading volume increasing by 2.8% to $8.79 million. However, over the past 30 days, the crypto token has recorded gains of nearly 10.8%, indicating resilience and a positive outlook as it navigates the evolving landscape of the digital asset market.This development, along with the cryptocurrency’s recent performance, underscores the potential for growth and renewed promise within the WOO Network ecosystem. More clarity has been brought to the future of the business as a consequence of bringing finality to this contentious issue.