Crypto.com Holds Twitter Giveaway for PSG Fans

Komainu Partners with Copper to Enable Off-Exchange SettlementsKomainu, a well-established and regulated custody service provider and subsidiary of Japanese financial services conglomerate Nomura, has recently unveiled a new partnership with Copper, a digital asset solutions firm.This collaboration offers institutional clients of Komainu a means through which they can access off-exchange settlements. At a broader level, it is another significant development in progressing digital assets infrastructure.Photo by Gerd Altmann on PixabayClearLoop network accessKomainu, which was originally launched by Nomura in conjunction with Ledger and CoinShares, will be accessing Copper’s ClearLoop network as part of this collaboration. This partnership brings a host of possibilities for institutional clients of Komainu.What makes this collaboration particularly noteworthy is its ability to merge Komainu’s regulated, on-chain custody with the advanced off-exchange settlement capabilities of ClearLoop. As the institutional adoption of digital assets continues to gain momentum, the focus on managing custody and counterparty risk has never been more critical. Recent events, such as the collapse of the crypto exchange FTX alongside a plethora of crypto lending platforms, have served as stark reminders of the significance of robust custody solutions in this space.ClearLoop network growthClearLoop, with its distinctive feature of holding assets until just before a trade execution, effectively mitigates counterparty risk by seamlessly connecting multiple exchanges within a single trading network. This innovative approach eliminates the need to transfer assets to an exchange-based wallet, streamlining and fortifying the institutional trading process.UK-based Copper has been making market in-roads with its off-exchange settlement tool which it first launched in 2020. In March crypto exchange platform Huobi signed a memorandum of understanding (MOU) with Copper with the intention of joining the ClearLoop Network. Bitstamp, the world’s oldest crypto exchange, followed in April with its intention to integrate with ClearLoop.Singapore’s Matrixport was next to join in May, followed by Seychelles-headquartered crypto exchange Bitget in August.The leaders of both companies, Nicolas Bertrand, CEO of Komainu, and Dmitry Tokarev, CEO of Copper, expressed their enthusiasm for this partnership. Bertrand highlighted the importance of diversifying counterparty risk and commended the partnership’s ability to offer clients the best of both worlds. He emphasized that by combining Copper’s proven processes and connectivity with Komainu’s on-chain, segregated, and regulated custody platform, this partnership is set to raise the industry’s standards significantly.UK regulatory approvalEarlier this month, Komainu achieved a further milestone when it received regulatory approval from the UK’s Financial Conduct Authority (FCA) to operate as a custodian wallet provider. This achievement aligns with the regulatory framework established to combat money laundering, terrorist financing, and fund transfers.In a landscape where institutions are increasingly embracing digital assets, the partnership between Komainu and Copper demonstrates that the industry is moving towards ushering in a new era of more secure, efficient, and trustworthy financial markets. With the FCA’s regulatory approval, Komainu is solidifying its attempts towards adhering to the industry’s most rigorous security and compliance standards.

Korbit Joins Zero-Fee Crypto Trading Trend in South KoreaSouth Korean cryptocurrency exchange Korbit reduced trading fees to zero on October 20 (local time) for all of the cryptocurrencies supported on the platform. This move follows in the footsteps of Bithumb, another Korean exchange that introduced zero-fee trading earlier this month.Photo by Jeremy Perkins on UnsplashNo extra registration requiredKorbit users can now benefit from zero-fee trading immediately, with no special registration required. This arrangement will continue indefinitely until further notice.Market maker incentives continueKorbit’s market maker incentive program will remain in place. Under this program, users earn 0.01% of the transaction value whenever they place an order.Oh Se-jin, CEO of Korbit, underscored the exchange’s commitment to enhancing user satisfaction. He pointed out several initiatives they’ve undertaken, including enhancing the login system, raising the daily Korean won (KRW) deposit and withdrawal limits, and eliminating transaction fees. He further noted that by removing trading fees, they aim to alleviate the cost pressures of crypto trading for their users and breathe new life into the market.

PantherTrade applies for Hong Kong trading licensePantherTrade (Hong Kong) Limited, a subsidiary of Futu Holdings, had been reported last month as being in the process of preparing a licensing application to trade in Hong Kong. According to recent reports in local media, it appears that the company has now submitted such an application to the Hong Kong authorities.Photo by Simon Zhu on UnsplashKey appointmentsThis move aligns with the broader trend, as a total of six companies have submitted applications to the Securities and Futures Commission (SFC) of Hong Kong. It’s understood that PantherTrade submitted its application on Nov. 15. The move follows a similar application made by Hong Kong-based Meex Holdings on Oct. 12.Key strategic appointments within PantherTrade underscore the company’s vision for its virtual asset trading venture. Chen Zhihu, former Investment Director at Huobi Asset Management (Hong Kong), has joined as a director. The corporate establishment of PantherTrade in March also saw the addition of Hong Yimin, while the initial director, Fang Xingzhi, has a background with Jingdong Securities Co., Ltd.Interest from mainland ChinaRegulatory attention has intensified on PantherTrade and another applicant, Yax, affiliated with Tiger Brokers employees, according to reports from Nikkei Asia. Yax is another platform with mainland China ties, which was reported in October as intending to apply for a license to trade within Hong Kong.It’s understood that the local entity of Chinese enterprise blockchain firm OK Group, OKX Hong Kong FinTech Company Limited, submitted its own trading license application on Nov. 16.Licensing uptakeHong Kong’s regulatory environment has undergone a significant shift, with the city granting the first licenses to cryptocurrency companies under a new framework in August of the current year. The regulatory changes, effective in 2023, allow retail investors to trade crypto on exchanges licensed by the SFC. Importantly, the city has removed the restriction on crypto trading, no longer confining it to professionals with a minimum of $1 million in bankable assets.This regulatory evolution is part of Hong Kong’s broader strategy to position itself as an international hub for cryptocurrencies. The city aims to attract fresh capital and talent, especially in the aftermath of the pandemic. The licensing race among virtual asset trading platforms signifies a pivotal phase in Hong Kong’s vision to lead the digital asset industry in Asia.There had been some short-lived concern that momentum was moving against Hong Kong’s efforts to further the Web3 sector when it emerged recently that crypto derivatives platform Bitget was exiting the Hong Kong market and abandoning efforts to secure a trading license. That concern dissipated when Bitget’s motivations became clearer, following BGX, a related Bitget entity, making an investment into BC Technology Group, the owner of the already Hong Kong-licensed OSL exchange.PantherTrade’s application for a virtual asset exchange license in Hong Kong adds momentum to the city’s evolving crypto landscape. The strategic hires and the broader industry trend highlight the growing significance of Hong Kong in the global digital asset arena. As the regulatory framework becomes more conducive, the city aims to foster innovation and become a key player in the international crypto space.