Bitget Report Finds Gen Z Dominates Crypto Copy Trading

Superblock Rolls Out Crypto Wallet, Garnering Over 680K Pre-RegistrantsSouth Korean blockchain startup Superblock has successfully rolled out its own cryptocurrency wallet, named Over Wallet, according to a report by local news outlet Newsis. The wallet has already amassed over 680,000 pre-registrants since April, ahead of its official release.Photo by Shubham’s Web3 on UnsplashAccessibility and cost reductionOver Wallet serves as the mobile crypto wallet for the Over Protocol, a blockchain mainnet developed based on the paper published by Superblock’s CEO, Kim Jae-yun. The Over Protocol distinguishes itself through its accessibility, offering enterprises interested in the Web3 industry an opportunity to reduce costs associated with infrastructure investment and service operation.With the introduction of Over Wallet, Superblock empowers users with the capability to collect and manage Over points. The company plans to add functions for the management and transfer of token assets to provide an even more optimized user experience.Currently, Over Wallet is available for download on the Apple App Store and Google Play Store.Mainnet launch next yearAs part of the preparations leading up to the Over Protocol’s mainnet launch in the first half of next year, the Over Community Access Program (OCAP) has also been unveiled. OCAP enables users to earn Over points by completing various tasks. These accumulated points can then be used at the Over Protocol pop-up store, a side event scheduled for the annual blockchain conference, Korea Blockchain Week 2023, taking place in Seoul in September. The event will collaborate with KREAM, a resale and trading platform catering to collectors of limited editions.Superblock CEO Kim has a notable background, having founded Decipher, a blockchain study group at Seoul National University, in 2018. During the establishment of Superblock, Kim successfully secured funding from investors Spring Camp and Naver Z, both affiliates of the Korean search engine giant Naver.There has been additional support that underpins Superblock’s commitment to blockchain ventures. Last October, the company partnered with Shinhan Securities for technological cooperation. Subsequently, in February of this year, Superblock raised a Series A funding round of 9 billion KRW ($7 million). Investors in this round include notable names like conglomerate SK Inc., game developer Netmarble, and venture capital firm DSC Investment.

Huobi Aims for Hong Kong License Within 6–12 MonthsAccording to Justin Sun, the founder of layer one blockchain Tron and advisor to Huobi, the cryptocurrency exchange could have obtained a crypto trading license in Hong Kong by the end of the year.Photo by Pixabay on PexelsApplication submissionIn an interview with CoinDesk TV on Friday, Sun revealed that Huobi recently submitted an application to become a virtual asset service provider (VASP) in Hong Kong. While the approval process typically takes up to 18 months, Sun expressed optimism that a decision could be reached within the next six to twelve months.A legacy Chinese cryptocurrency exchange was driven out of the country a few years ago following the implementation of a crypto trading ban, and is now a Seychelles-headquartered company which currently has offices in Singapore, Japan, South Korea, and the United Kingdom.It had been previously understood that at least 10 companies with Chinese founders, including OKX, Bybit, and Huobi, had either announced or were known to be planning to announce their bid for licenses in Hong Kong. Sun’s comments today add clarity to the matter.Sun highlighted that during this grace period, which spans the next 18 months, the specific details of regulations will be developed. This includes guidelines on compliance with customer withdrawals and anti-money laundering requirements. He further explained that with the approval, Huobi Hong Kong will be able to operate, onboard customers, establish banking relationships, and serve its user base effectively.In a strategic move, Huobi relocated its headquarters from Singapore to Hong Kong, driven by the city’s aspirations to become a leading virtual asset hub as early as this summer. The exchange’s decision to establish a presence in Hong Kong positions it favorably to leverage the emerging opportunities in the region.Expectations of more applicantsWhile it’s not entirely clear who else has applied, Sun speculated that five to six other major players could follow suit. Among the potential contenders mentioned were OKX, Gate.io, Bitget, and ByBit. This suggests a potential wave of interest in Hong Kong as a regulatory-friendly jurisdiction for virtual asset trading.When asked about Huobi’s plans to enter the Canadian market and compete with established players like Coinbase and Kraken, Sun made it clear that Huobi has no immediate intentions to operate in Canada. He emphasized the importance of prioritizing friendly jurisdictions, with a specific focus on regions like the Caribbean, Hong Kong, and Japan.Hong Kong’s regulatory approach towards cryptocurrencies and virtual asset service providers has gained attention in recent months. The city’s commitment to establishing a robust framework for digital asset trading and ensuring compliance with international standards has drawn interest from industry players seeking regulatory clarity and stability.As Huobi progresses through the application process and awaits a decision on its VASP license, the outcome will have significant implications not only for the exchange itself but also for the broader crypto ecosystem in Hong Kong. The successful acquisition of a license by Huobi could set a positive precedent, attracting more exchanges to establish a presence in the region and further solidifying Hong Kong’s position as a leading virtual asset hub in Asia.The developments in Hong Kong’s regulatory landscape will be closely monitored by industry participants as they shape the future of virtual asset trading in the city.

UAE’s RAK DAO Partners with HBAR Foundation to Support Web3 StartupsRAK Digital Assets Oasis (RAK DAO), the world’s first free zone dedicated to digital and virtual asset companies located within the United Arab Emirates (UAE), has announced a collaboration with the HBAR Foundation which aims to provide growth and funding opportunities to members of the free zone.Leveraging blockchain technologyThe Cayman Islands-based HBAR Foundation, the project team behind the Hedera public ledger, will assist RAK DAO members in leveraging cutting-edge technologies, including blockchain, and building economies and applications on Hedera.In a joint statement released on Tuesday, the partners outlined the benefits of the collaboration, which include a grant program, financial backing processes, and specialized expert support in technology, marketing, and business development. They also aim to support the scaling of adoption and innovation of new ideas in the Web3 space.Photo by Mostafa Ashraf Mostafa on UnsplashRas Al Khaimah free zoneSheikh Mohammed bin Humaid Al Qasimi, Chairman of RAK Digital Assets Oasis, expressed his excitement about the partnership, stating: “Together, we are unlocking a world of new possibilities, empowering entrepreneurs, and propelling innovation forward. This collaboration is a testament to our shared commitment to driving sustainable growth and shaping a future where Ras Al Khaimah emerges as a global leader in the digital economy.”Ras Al Khaimah is the largest city within the Emirate of the same name. It’s the sixth largest city in the UAE and home to the RAK DAO free zone.In March, Ras Al Khaimah enacted a law to establish RAK Digital Assets Oasis, demonstrating its commitment to diversification, attracting new businesses, and positioning itself as a global tech center. The free zone is exclusively focused on digital and virtual asset companies operating in various sectors such as the metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens, decentralized autonomous organizations (DAOs), decentralized applications, and other Web3-related businesses.Various initiativesAs part of the collaboration, RAK Digital Assets Oasis and HBAR Foundation will undertake several initiatives, including start-up and scale-up pitching sessions, opportunities for partners and investors to connect, and exploration of joint projects such as venture studios or accelerators. Grantees of the HBAR Foundation will also benefit from discounted set-up and licensing packages to establish their presence within RAK Digital Assets Oasis.Shayne Higdon, CEO of HBAR Foundation, acknowledged the UAE’s reputation as a dynamic hub for Web3 innovation and its ability to attract global enterprises and top-tier talent. Higdon stated: “Through this exclusive relationship we are honored to provide grantees with greater access to the UAE while working together to establish RAK Digital Assets Oasis as a major hub for the Web3 and digital assets sector.”The UAE has been actively investing in its infrastructure and implementing policy reforms to attract more entrepreneurs and businesses, aiming to grow its non-oil sector. The country’s digital economy is projected to surpass $140 billion by 2031, up from nearly $38 billion at present, according to a report by the Dubai Chamber of Digital Economy in February.