Bitget Exec Speaks to Utility of Enhanced KYC

Matrixport Focuses on US Market With New AppointmentMatrixport, the Singapore-based cryptocurrency trading and lending platform, has announced a new appointment to lead its operations in the United States.US institutional-focused businessThat’s according to a recent report published by The Block. Mo Zhou, previously the Chief Operating Officer (COO) for Matrixport in the US, will now take charge of the company’s institutional-focused business lines in the country. This move comes as Anthony DeMartino, the former US CEO, steps down from his role and assumes an advisory position within the company.Anthony DeMartino, a seasoned trading veteran, joined Matrixport approximately a year ago from Coinbase, where he led Coinbase Risk Strategies. Prior to that, he held senior trading positions at prominent financial institutions such as UBS, Barclays, and HSBC, culminating in his role as the Head of LATAM Rates Trading at HSBC.When DeMartino was hired, Matrixport highlighted its international growth plans in the US, expressing its commitment to expanding its presence despite regulatory challenges faced by crypto businesses in the country.The recent announcement reaffirms that Matrixport’s plans for growth in the US remain intact. Ross Gan, Head of Public Relations and Brand for Matrixport, stated that Anthony DeMartino has transitioned to an advisory role while Mo Zhou, the newly appointed COO, will oversee the day-to-day operations in the United States.Photo by Sora Shimazaki on PexelsProminent Asian crypto businessMo Zhou brings a wealth of experience to his new role, having worked in derivatives and mergers and acquisitions (M&A) for ten years. He is a Harvard-trained lawyer and is well-equipped to lead Matrixport’s institutional-focused business lines in the US.As one of the larger cryptocurrency businesses in Asia, Matrixport boasts a global workforce of over 290 employees. The company’s impressive figures include more than $700 million in outstanding loans and a monthly trading volume of $5 billion, as stated on its website.Bullish price predictionMatrixport has garnered some attention for its Bitcoin price predictions over recent weeks. Last month, the company pointed out that its Bitcoin Greed & Fear Index had surged towards the greedier end of the spectrum. At the time, the Bitcoin price stood at $31,200. The firm predicted a cooling over the shorter term in that price action. At the time of publication, the Bitcoin unit price stands at $30,300, having dipped below the $30,000 mark on a number of occasions.Last week, Matrixport’s Head of Research and Strategy, Markus Thielen, suggested that Bitcoin is heading towards a unit price of $125,000 by the end of 2024. Thielen maintained that Bitcoin recording a one year high unit price on June 22 signified the end of the bear market, and the start of a bull market. Thielen and Matrixport find themselves in good company as on Monday, international financial services firm Standard Chartered predicted a Bitcoin unit price of $50,000 by year end and a price of $120,000 by the end of 2024.Matrixport’s appointment of Mo Zhou reflects its ongoing commitment to expanding its operations and solidifying its presence in the United States. With Zhou at the helm of the company’s US business, the company is positioning itself to navigate the evolving cryptocurrency landscape and continue its growth trajectory in this developing market.

Sygnum Bank, a digital asset bank based in Switzerland and Singapore, has conducted a survey which has identified that investors in Singapore are more interested in increasing their allocation to crypto than their international peers. The bank’s 2024 Future Finance survey states that while a global average of institutional investors of 47% plan to increase their exposure to crypto next year, in the case of Singapore-based institutional investors, 57% of them expressed the view that they would increase their crypto holdings in 2025.Photo by Precondo CA on UnsplashThe report states:  "Singapore investors exhibit a higher risk appetite and motivation to invest on average than respondents from other countries.” The annual survey, which was published on Nov. 14, collated insights garnered from more than 400 institutional and professional investors, distributed across 27 countries, with average investor experience of in excess of 10 years. 121 of the survey’s participants were based in Singapore, with the survey having been conducted during Q3 2024. Long-term confidenceSingaporean respondents suggested that they were confident in the long-term potential and outlook where cryptocurrencies are concerned. While the main reason for investing in crypto was to gain exposure to digital assets in line with a global trend (56%), 41% of respondents from the city-state cited portfolio diversification as their reason for investing in the emerging asset class.  75% of investors expressed the belief that regulatory clarity has improved recently. Growing confidence among institutional investors generally is likely to be developing due to increasing certainty relative to digital asset regulation. While Donald Trump had not been elected in the United States at the time that survey participants responded, it was looking increasingly likely that he would win the election.  That’s likely to have had a bearing on investor outlook, not just within the United States but internationally, given the implications in terms of positive regulation and an overall positive approach to crypto. 39% of Singaporean respondents cited yield-generation opportunities as their motivation in investing in digital assets. The recent advent of spot crypto exchange-traded funds (ETFs) stood out as another motivation for investors.  Breaking down specific areas of interest within the crypto sector, 71% of Singaporean respondents were interested in investment in layer-1 blockchain networks. Meanwhile, 56% expressed an interest in Web3 infrastructure investment options, with 41% showing an interest in layer-2 blockchain networks. Interest in asset tokenizationIn relation to tokenization, 47% of those surveyed in Singapore indicated an interest in tokenizing mutual funds and corporate bonds over and above other financial assets and products. When first proposed, real estate was considered the most obvious asset primed for tokenization but mutual funds and corporate bonds now appear to be gaining more traction. Asset tokenization has been garnering considerable attention in mainstream finance but especially so in Singapore. Local regulator, the Monetary Authority of Singapore, (MAS) has been running Project Guardian, a collaboration between MAS and the financial services industry with an emphasis on asset tokenization. The project recently brought in the German central bank, the World Bank, HSBC and markets infrastructure firm Euroclear as participants. 

Survey Reveals Favorable Public Opinion on Binance’s Acquisition of Korean Exchange GopaxCratos, a South Korean blockchain-based polling app, conducted a survey from June 12 to June 14 to gauge public opinion on whether the Financial Services Commission (FSC) should approve the request of Korean cryptocurrency exchange Gopax’s operator Streami to change its representatives, as reported by local news outlet The Stock. This change is necessary for global crypto exchange Binance to acquire Gopax.The survey, which involved 2,093 participants, revealed that 64.6% of respondents favored approving the acquisition, while 35.4% opposed it. More than half of the participants believed that approving the acquisition would safeguard investors’ assets deposited in Gopax.Photo by Heesang Park on PexelsSurvey resultsWhen analyzed by age group, the survey found that respondents in their teens and 20s were more likely to disagree with the acquisition, with 69.4% and 52.3%, respectively. However, those in their 30s were more inclined to support it. Notably, over 70% of respondents in their 50s agreed with the acquisition.Among those who favored Binance’s acquisition, 55.5% chose investor protection as their reason. 33.5% believed there were no legal grounds to refuse the acquisition (33.5%), and 11.0% expressed concerns about the potential shrinkage of the crypto market (11.0%).On the other hand, the most common reason given by respondents for opposing the acquisition was the risk of Binance’s opaque business and financial structure (45.8%). This was followed by the ineligibility of executives, representatives, and other major shareholders (37.4%) and the risk of disrupting the crypto market (16.8%).Consensus on investor protectionCratos CEO Kang Dong-won explained that the crypto winter, characterized by declining crypto asset values, has been prolonged due to a series of negative news at home and abroad, including the US Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase, poor performance of crypto exchanges, and controversy over a Korean lawmaker’s alleged holding and investment of crypto assets. Kang believes that the survey findings reflect falling crypto yields, leading to a growing consensus on the need for investor principal protection and victim relief.On March 7, Streami submitted a report to notify the Financial Intelligence Unit (FIU) under the FSC about the change of its representatives. However, the Korean financial watchdog has been pending its decision amid Binance’s legal issues.The concern is that if Binance fails to acquire Gopax, investors could suffer losses since their assets worth KRW 56.6 billion are held in GoFi, the exchange’s crypto deposit service. On June 8, GoFi users sent a public inquiry to the FIU regarding the reasons for the delay in approving the exchange operator’s request. In the meantime, Streami is exploring ways to address this challenge by announcing its board meeting scheduled for next week. The meeting will discuss changing its CEO from Leon Sing Foong, Asia Pacific Head at Binance, to Lee Joong-hoon, Gopax’s current Vice President, as it is believed that appointing a Korean national as the CEO would facilitate smoother communication with the government.