Binance Behind New Hong Kong Crypto Exchange Pursuing License

Fujitsu Launches Blockchain Collaboration With Asian Development BankFujitsu, the Tokyo-based global information technology solutions company, announced that it will be launching a new blockchain-based platform at the end of this month.The announcement was made via a press release published to the Japanese company’s website on Thursday. This comes after the successful completion of a year-long pilot trial using Fujitsu’s blockchain technology, ConnectionChain. The trial focused on enhancing cross-border settlements of securities in various regions, including Japan, China, South Korea, and Southeast Asian nations, as stated in the company’s press release.Photo by Shubham Dhage on UnsplashInitial trial project successBuilding upon the positive outcomes of the trial project, Fujitsu is set to introduce the Fujitsu Web3 Acceleration Platform at the end of June. The pilot initiative commenced in January 2022 in collaboration with the Asian Development Bank, based in the Philippines, along with ConsenSys, a blockchain infrastructure company, enterprise technology firm R3, and Soramitsu, a blockchain tech company headquartered in Tokyo.Fujitsu intends to further explore the potential of blockchain technology and the decentralized nature of the emerging internet wave known as Web3 to foster market connections and societal growth. The company is part of a consortium of prominent Japanese firms that announced the establishment of a “Japan Metaverse Economic Zone” on February 23. By leveraging blockchain and the metaverse, which is an essential component of Web3, Fujitsu envisions opportunities for expansion and development across various industries and economies.Metaverse use caseThere’s a growing need for a genuine metaverse to serve as a hub that connects different industries, emphasizing the suitability of blockchain for this purpose. Companies often have their own Application Programming Interfaces (APIs) that they prefer to use exclusively. To overcome this fragmentation, a transparent and decentralized medium is required, which blockchain technology can provide.Fujitsu is a significant player in the Japanese digital technology services sector, with consolidated revenues of 3.7 trillion yen ($28 billion) for the fiscal year that ended on March 31, according to information available on its website. The company’s commitment to exploring the potential of blockchain and its involvement in the creation of the “Japan Metaverse Economic Zone” showcases its interest in driving innovation and connectivity in the evolving digital landscape.Late last year, the company entered into a strategic agreement with SettleMint, a low-code platform for blockchain application development, in an effort to accelerate development of its enterprise blockchain and track and trust solutions. In February, the firm announced the launch of its Web3 Acceleration Platform, which it describes as “a future community for users in start-ups, partner companies, and universities working to build the next generation of Web3 applications and services.”As Fujitsu prepares to launch its new platform, the industry eagerly anticipates the impact it will have on cross-border settlements and market connectivity. With the potential for blockchain and the metaverse to revolutionize industries and economies, Fujitsu’s foray into this space adds further confidence in Web3 development given the company’s stature.

Anboto Labs Reveals $3M Funding and Platform LaunchHong Kong-based crypto trade execution specialist Anboto Labs has successfully secured $3 million in funding and unveiled an institutional-grade non-custodial trading platform.Investors who participated in the funding round included Kronos Ventures, Cherry Crypto, Mechanism Capital, XBTO, and Singaporean digital assets financial services platform Matrixport, contributing to this funding round during the third quarter of this year. Anboto Labs, known for its crypto trading execution tools, has been on a steady growth trajectory, having raised $1.9 million last year, elevating its valuation to $35 million, according to Guillaume Forcade, the company’s co-founder.Photo by Csaba Nagy on PixabayCrypto trade executionFrom its inception, Anboto Labs has consistently generated revenue, and now it’s ready to introduce its execution platform to a broader audience of experienced traders. The public launch of the platform will enable Anboto to scale up to support thousands of traders simultaneously.The newly released platform underwent an extensive 18-month closed beta phase, during which it processed $4 billion in trading volume across 20 exchanges and blockchain networks. Anboto Labs is attempting to distinguish itself in the market with its execution algorithms, including TWAP, VWAP, and iceberg, which are designed to optimize pricing and execution quality.TWAP, or time-weighted average price, can be incorporated into a trading algorithm with a view towards optimizing a trade’s average price while executing the trade over a predefined time period. In recent days, the project’s Head of Quantitative Research, Suren Markosov, took to blogging site Medium to outline how Anboto’s TWAP algorithm is geared up to save on trading costs. According to Markosov, the firm’s approach could lead to traders saving between two and eight basis points in costs.VWAP, or volume-weighted average price, can be used to filter out the “noise” in the market to determine the real buy/sell price that exists within the market within a given period. Meanwhile, an iceberg order is executed such that it is sliced up into smaller orders. In this way, the impact cost of overall trade execution is minimized.Focus on securityAnboto Labs also places a strong emphasis on security. It allows users to sign up without the need for a time-consuming Know Your Customer (KYC) process, offering a streamlined experience. Additionally, the platform provides multi-factor authentication and the option to whitelist IP addresses, further enhancing security measures.Brett Sun, an investor with Cherry Crypto, took to X (formerly Twitter) to recognize Anboto’s platform launch. Sun stated:“Big strides from @guiviaje and the team at @anboto_labs. They’ve come out of beta to democratize access to professional-grade trading tools for all traders.”WOO Network integrationEarlier this week, Anboto announced the integration of Taipei-based liquidity provider WOO Network into its platform. Forcade said that the integration will enable the firm to offer even more efficient trading tools to its users.In the coming months, Anboto Labs plans to expand its trading features with the aim of democratizing access to institutional-grade execution tools for all crypto traders. With a track record and fresh funding behind it, Anboto Labs is setting itself up to potentially make a significant impact in the cryptocurrency trading space, offering traders the tools they need for success in the crypto market.

Paxful’s Ray Youssef heads up Noones financial app startupNoones, a financial communication app launched in 2023, has officially appointed Ray Youssef as its CEO with a visionary goal of reaching a billion daily active Bitcoin users within the next seven years.Empowering Global South financial freedomThis announcement aligns with Noones’ mission to empower financial freedom in the Global South by streamlining the movement of money, liberating users from traditional banking constraints. Youssef believes that “Africa alone has the potential to make NoOnes a trillion dollar company but when you factor in the rest of the global south the sky’s the limit.”Founded on the belief that peer-to-peer systems constitute the world’s only true free market and that Bitcoin represents the new global financial architecture, Noones seeks to uplift individuals in Africa, Latin America and Southeast Asia.Startups in the digital assets space tend to be more international in nature than in any other sector. According to the firm’s LinkedIn, Noones is headquartered in Dubai. Notwithstanding that, many of its team appear to be Estonia-based while its website’s terms of service specify Panama as being the relevant jurisdiction, making for a truly international setup.Photo by Arpit Rastogi on UnsplashMoving on from Paxful turbulenceYoussef, the former CEO of peer-to-peer crypto platform Paxful and a seasoned expert in strategic planning, product innovation, growth hacking and operations management, brings his wealth of experience to lead Noones. Youssef’s tenure at Paxful, where he played a pivotal role in the company’s success, underscores his ability to drive transformative change in the fintech industry.However, Youssef’s departure from Paxful in April, amidst a legal dispute with Co-Founder Artur Shaback, marked a turning point. Paxful unexpectedly closed its operations amid a broader trend in the industry. Youssef attributed Paxful’s closure to the legal action initiated by Shaback, alleging a pursuit of significant financial gains. Shaback countered, stating that the dispute arose from differences in business direction and governance, accusing Youssef of migrating Paxful’s assets to his new venture, Noones.Promoting prosperity through bitcoinDespite the turbulence at Paxful, Youssef remains resolute in his commitment to leveraging Bitcoin for social good. While Noones, with its focus on decentralized financial opportunities, requires a Know-Your-Customer (KYC) onboarding process, Youssef continues to champion Bitcoin as a tool for poverty eradication and empowerment in the Global South.Noones, under Youssef’s leadership, aspires to simplify financial transactions and provide decentralized, borderless opportunities to its users. Youssef envisions Bitcoin playing a crucial role in promoting prosperity in the Global South, with Noones aiming to create an interoperable pan-African clearing layer. This initiative aims to elevate intra-African trade, bringing it to levels comparable to intra-European trade.In a statement, Youssef expressed his confidence in the transformative power of Bitcoin, stating:”For the past 8 years, I have fought for financial sovereignty for the Global South. Finally, I am glad to be able to fulfil the mission I began almost a decade ago. I’m confident that Bitcoin will play a crucial role in promoting the prosperity of our continent, and I’m thrilled and privileged to contribute to the company’s ambition and growth.”