Puzzle Monsters Wins Investment from CRIT Ventures for Web3 Game Expansion

Creditcoin listed on UpbitCreditcoin (CTC) — an ERC20 token issued on the Creditcoin Network — was listed on South Korea’s largest cryptocurrency exchange Upbit on Tuesday evening (KST), according to an official announcement on the Upbit website.Photo by Maxim Hopman on UnsplashThe token was initially listed on Upbit’s BTC trading market, then on the Korean won-denominated market (CTC/KRW) trading market shortly after. In the announcement, the exchange clarified that it can only be deposited through the Ethereum network and not others like BNB Smart Chain (BSC).Major growthUpbit is the third Korean exchange that CTC has been listed on after Bithumb and Gopax. “Through this listing on Upbit, we expect that CTC’s liquidity will be boosted significantly since it will be traded in a broader market,” said Gluwa, the developer of the Creditcoin Network. Notably, the token’s price jumped 171.14% in just a day following the listing. It is currently $0.64 as of this writing, according to CoinMarketCap.Revolutionizing RWA investmentsCTC tokens power the Creditcoin Network’s global real-world asset (RWA) ecosystem, which functions as a platform for connecting investors and fundraisers. Fundraisers initiate offers on the network, which are pegged with CTC, and investors can choose which offers to invest in based on assessing the risk by examining the fundraisers’ decentralized and public credit history. In this process, blockchain technology plays an important role by facilitating direct contact between fundraisers and investors, building a sustainable cryptocurrency ecosystem and allowing users to share credit history without disclosing personal information to centralized institutions or intermediaries.Since its major Creditcoin 2.0+ mainnet update that transitioned the protocol from a proof of work (PoW) to a fully nominated proof of stake (NPoS) consensus model, Creditcoin has experienced an increase in the number of network participants and the amount of staked CTC.

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).

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.