Bitget Introduces Innovative MPC Wallet for Enhanced Security

Recent developments relative to governance of the CRO token, a native token belonging to the Cronos blockchain, have proven controversial, with many in the community unhappy with the actions of Singapore-headquartered Crypto.com.Photo by Markus Winkler on UnsplashProposal controversyThe controversy surrounds a proposal put forward by Crypto.com, which originally developed the Cronos blockchain in 2021, to mint 70 billion CRO tokens. The move would effectively roll back a CRO token burn that took place in 2021. The governance process applicable to the proposal meant that CRO token holders could vote on the proposal between March 2 and March 16. For the majority of that voting period, the outcome appeared to be uncertain. The “yes” vote had a narrow lead, but it would have been insufficient to reach the required 33.4% quorum of eligible votes. Exceeding the quorumHowever, at 14:00 UTC on Sunday, a last-minute influx of 3.35 billion tokens tipped the balance firmly in favor of the proposal while well exceeding the minimum turnout as 70.18% of eligible votes were cast. 61.18% voted in favor, with 17.61% against. Many CRO token holders who opposed the proposal are aggrieved at the manner in which this late voting surge came about. It’s understood that these last-minute votes came from blockchain validators controlled by Crypto.com. Crypto.com is understood to hold in the region of 80% of the voting power. In exercising that voting clout, many CRO holders feel that it has undermined the will of the community. Some commentators believe that increasing the token supply will result in a loss of trust in the project, damaging investor confidence going forward. Earlier this month, Crypto.com CEO Kris Marszalek responded to community pushback against the proposal. Marszalek suggested that the proposal ties in with an overall strategy for the success of the Cronos blockchain and its CRO token in the long term.  He pointed to four items that are relevant in achieving success for an altcoin like CRO. These included finding product-market fit, the need to redeploy free cashflows, successfully launching exchange-traded funds (ETFs) and participating in reserve-building initiatives.  ‘Free to vote and free to sell’The strategy relies upon building demand in order to achieve longer-term success. On X, Marszalek wrote: “People who do not agree that this is the right approach are free to vote & free to sell. We will stay laser focused on building towards new ATHs [all-time-highs].” In another X post on March 19, the Crypto.com CEO outlined that the company generated $1.5 billion in revenue in 2024 while servicing the needs of 140 million users on the platform. The company spent $700 million on branding, user acquisition and user incentives in 2024. Its operations turned a net profit of $300 million.  Crypto.com has also made further headway on the compliance front over the course of the past week. The company received licensing approval in Dubai to offer derivatives from the Virtual Assets Regulatory Authority (VARA). On March 17 the company announced that it had successfully achieved Virtual Asset Service Provider (VASP) registration with the Argentine regulator.

Foblgate adds D’CENT and Trust as supported external walletsSouth Korean cryptocurrency exchange Foblgate will allow users to register the external digital wallets D’CENT and Trust on their accounts, offering more options for managing and trading crypto assets, according to local news site Etoday on Tuesday (KST).Photo by Shubham’s Web3 on UnsplashD’CENT is a hardware wallet that safeguards users’ assets through a robust security system employing biometric technology, encrypted storage, firmware authentication and security certification. It supports some 3,000 cryptocurrencies and allows users to create up to 80 addresses in a single wallet. Trust, on the other hand, is a one-stop Web3 wallet where holders can trade and swap crypto, earn rewards, manage NFTs and enjoy various decentralized applications (dApps). Like D’CENT, it is known for securing customer assets and privacy.“By providing support for external wallets, we are striving to enhance user convenience, respond to various demands and create a safe and convenient trading environment on Foblgate,” Ahn Hyun-jun, CEO of Foblgate, emphasized.Travel Rule requirementsAs per the Travel Rule under Korea’s Act on Reporting and Using Specified Financial Transaction Information, any user who wants to transfer cryptocurrencies worth more than KRW 1 million (approximately $775) via a personal wallet must register that wallet beforehand. The Travel Rule refers to the Financial Action Task Force’s (FATF) Recommendation #16, which outlines that VASPs must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount. This is aimed at preventing money laundering and other illicit activities.Expanded optionsFoblgate currently supports several other external wallets as well, including MetaMask, Blockchain.com, MyEtherWallet, Klip and Burrito Wallet, which was added at the end of last month. The two newest additions, D’CENT and Trust, bring the total number of supported wallets to seven. The exchange has also uploaded a guide on its website on how to add external wallets.

Hong Kong regulator, the Securities and Futures Commission (SFC), which oversees Hong Kong’s securities and futures markets, is understood to be planning to give the go-ahead for crypto derivative products to be offered to professional investors within the Chinese autonomous territory. Chinese English-language newspaper China Daily reported on June 4 that the proposed move forms part of Hong Kong’s efforts to expand its digital assets-related product offering in order to further bolster its position as a leading regional hub for the sector. Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, told the publication that the SFC will open up crypto derivatives trading to professional investors in the city “in an orderly, transparent and secure manner.”Photo by Florian Wehde on UnsplashBoosting liquidity to spot marketsChina Daily claimed that the SFC outlined that the crypto derivatives product will enable efficient risk transfers, while boosting the liquidity of the underlying spot markets. TokenInsight data suggests that the global crypto derivatives market has reached $21 trillion in trading volume over the course of Q1 2025. By comparison, derivatives trading dwarfs spot trading, given that spot trading weighed in at just $4.6 trillion over the same period. Liquidity in the underlying spot markets can be enhanced by a broadening of crypto derivatives product offerings in instances where digital assets are traded for immediate payment and delivery. Their availability will also appeal to professional traders and investors who need access to derivatives as part of their overall strategies in order to hedge positions and add leverage when required. Industry interestReaction to news of the Hong Kong SFC’s plans has largely been positive. Back in February, Jean-David Péquignot, chief commercial officer (CCO) with the world’s largest crypto derivatives exchange Deribit, told the South China Morning Post that opening up availability of crypto derivatives products was the one item missing from Hong Kong’s push towards development as a hub for the digital assets sector. At the time, he stated:“Hong Kong is this central financial hub in the world and a big one in Asia. If regulators can solve the derivatives piece, it is a place where we love to be.” On that basis, Péquignot suggested that Deribit, headquartered in Dubai, would be interested in establishing itself in Hong Kong, suggesting that “Asia is a big market for derivatives.” He added:“We want to be in Asia. We just need to find the right place and time to engage with regulators and get a regulatory framework to work with.” The company’s acquisition by Coinbase was announced last month for $2.9 billion. Regulatory approach questionedWhile many see the move towards the approval of crypto derivatives in Hong Kong as bullish, not everyone perceives the regulator’s approach in this instance to be positive. Pseudonymous crypto trader “Pickle Cat” outlined on X that “opening crypto derivatives only to 'professional investors' isn’t progress.”  The trader points out that good regulation would concentrate on controlling issuance and not circulation. Suggesting that the SFC has missed the point in its approach, the trader claims that the regulator would serve the crypto derivatives market best by verifying what backs such products while not restricting how such tokens move.