Boyaa Interactive Greenlights $5 Million Investment in Bitcoin and Ether

XRP, the native asset of the XRP Ledger (XRPL), a blockchain network developed by Ripple Labs, is destined for further institutional adoption in Asia due to the launch of the region’s first XRP tracker fund. Crypto-focused institutional asset manager HashKey Capital recently announced the launch of its HashKey XRP Tracker Fund, which has been devised to track the performance of what is the world’s fourth-largest crypto asset by market cap, after Bitcoin (BTC), Ether (ETH) and U.S. dollar stablecoin Tether (USDT).Photo by Kanchanara on UnsplashEnabling institutional accessThe fund enables investors to gain exposure to XRP without having to take direct ownership and custody of the digital asset. Bitcoin and Ethereum exchange-traded funds (ETFs) have become popular in a number of markets, including the United States, as they allow institutional investors to gain exposure to these digital assets where they may have been uncomfortable with direct ownership due to concerns around custody and counterparty risk or regulatory concerns. According to HashKey’s press release, investors can buy into the fund through cash or in-kind subscription and subscribe or redeem shares monthly. The fund will be measured and compared against a benchmark index provided by CF Benchmarks, a provider of crypto-related indices. HashKey Partner Vivien Wong acknowledged the potential that XRP has in the market, stating:“XRP stands out as one of the most innovative cryptocurrencies in today’s market, attracting global enterprises who use it to transact, tokenize, and store value.”She added that the new fund simplifies access to XRP within the region, while catering to a growing demand for investment opportunities related to digital assets.Potential ETF fund conversionThis marks HashKey’s third product that tracks digital asset pricing, with the company having launched both Bitcoin and Ethereum exchange-traded funds (ETFs) previously. On X, HashKey Capital outlined that the XRP Tracker Fund could potentially evolve into a fully fledged ETF, subject to regulatory approval, within the next 1-2 years. The new fund, which was launched on April 18, also incorporates a strategic partnership with XRP developer Ripple Labs. In what is understood to be the first of a number of collaborations, Ripple will fulfill the role of being the fund’s anchor investor. Ripple’s Managing Director for the Asia-Pacific (APAC) region, Fiona Murray, cited the development as proof that institutional adoption of digital assets continues to go from strength to strength.  Ripple CEO Brad Garlinghouse stated last month that he expects a number of spot XRP ETFs to be approved in the United States later this year. Earlier in March, analysts at American investment bank JPMorgan had estimated that spot XRP ETF approval in the U.S. could result in net inflows of $8 billion into such products.At the time of writing, XRP was trading at $2.09. The asset has increased in price by 300% over the course of the past 12 months, largely due to a changing regulatory environment in the United States and optimism that a settlement can be reached to end its multi-year legal battle with the Securities and Exchange Commission (SEC).

Key appointment sees Turkey’s central bank enhance crypto expertiseTurkey’s President, Recep Tayyip Erdogan, has taken a step in integrating blockchain and cryptocurrency expertise into the nation’s monetary policy by appointing Professor Fatma Ozkul to the central bank’s rate-setting committee.Photo by Engin Yapici on UnsplashIncorporating digital financial knowledgeThis decision, which became effective on Saturday, marks a significant move towards incorporating digital financial knowledge within the economic framework of Turkey.As part of Turkey’s economic strategy, President Erdogan has been restructuring the economic management team since his victory in the May general election. This reshuffling included the appointment of ex-Goldman Sachs banker Hafize Gaye Erkan as the central bank’s governor in June.That appointment led to a series of policy rate increases, totaling 3,400 basis points, bringing the rate to 42.5%. Further changes in the Monetary Policy Committee (MPC) occurred in July, reinforcing the trajectory of monetary tightening.Crypto credentialsProfessor Fatma Ozkul, a lecturer at Istanbul’s Marmara University, joins the MPC with a primary focus on accounting, finance and auditing. Notably, she brings expertise in blockchain technology and crypto assets, having conducted courses on these subjects. Her recent work has delved into the implications of blockchain and crypto assets on finance, culminating in the publication of a book on crypto asset accounting in 2022.While Ozkul’s appointment may not immediately alter the current monetary policy direction, it reflects an understanding of the need to incorporate digital financial tools when formulating economic and monetary policy. Her extensive knowledge in digital finance is expected to contribute significantly to the process of setting benchmark interest rates, a critical instrument in controlling inflation within Turkey.President Erdogan’s emphasis on digital banking aligns with Turkey’s proactive steps in this direction. The central bank introduced a digital Turkish lira collaboration platform in 2021 and successfully tested digital lira transactions in late 2022. Additionally, the government is anticipated to submit a draft law regulating crypto assets in the coming year.Crypto adoptionThe political and economic climate in Turkey has shown a growing interest in cryptocurrencies, particularly Bitcoin. Chainalysis, a blockchain analytics company, reports that Turkey recorded nearly $170 billion worth of cryptocurrency transactions between July 2022 and June 2023, ranking fourth globally in terms of raw transaction volumes.A report by KuCoin earlier this year identified a noteworthy increase in the overall number of crypto investors in Turkey over the course of the past 18 months. That growth in adoption was found to be youth-driven. The importance of the Turkish market within the crypto sector is further evidenced by the recent revelation that the Turkish Lira is the most dominant fiat trading pair on leading global crypto exchange Binance.In response to this surge, the Turkish government has been working on cryptocurrency regulations, focusing on licensing and taxes. This regulatory move aims to remove Turkey’s name from the Financial Action Task Force’s “gray list” and align the country with global financial norms.As Professor Ozkul assumes her role, her expertise and input may well play a pivotal part in shaping Turkey’s evolving position and approach where digital assets, blockchain and cryptocurrencies are concerned.

South Korean cryptocurrency exchange Flybit, which is operated by the Korean Fintech Industry Association, has passed the post-audit for its Information Security and Privacy Management System certification (ISMS-P), according to local news website News1 on Wednesday (KST).Photo by FlyD on UnsplashRigorous certification standardsThe ISMS-P is a security management system jointly operated by South Korea’s Ministry of Science and ICT and the Personal Information Protection Commission, representing the highest level of security management in the country. It combines 80 requirements for Information Security Management System (ISMS) certification and 22 requirements for Personal Information Management System (PIMS) certification, totaling 102 requirements that must be met. Once obtained, certification is valid for three years, and annual post-audits are required to maintain its validity. Flybit’s commitment to security"Cryptocurrency exchanges are businesses that manage customers' valuable assets. All Flybit members approach their work by recognizing the fact that the protection of personal information is our most important value,” the exchange said. "We will continually strive to maintain security accidents since the establishment of the exchange." Flybit first obtained the ISMS certification in December 2020 and the ISMS-P certification two years later in December 2022. The most recent ISMS-P follow-up audit was conducted last month. After a thorough examination, the results of the audit were delivered by the Korea Internet and Security Agency (KISA) on Dec. 12, which stated that the exchange could maintain its certification. In October last year, the firm also received the highest rating in the comprehensive anti-money laundering (AML) evaluation conducted annually by the Financial Intelligence Unit (FIU) under the Financial Services Commission.