NPIXEL Wraps Up 2nd Community Test for Web3 Game “Gran Saga: Unlimited”

Real-World Asset Investment Platform Alterna Launches in JapanMitsui & Co. Digital Asset Management (Mitsui & Co. DAM) has unveiled Alterna, a novel platform designed to offer retail investors the chance to invest in real-world assets (RWAs). The service launched on Monday following receipt of the necessary regulatory approvals.Photo by Louie Martinez on UnsplashRWA-backed security tokensAlterna enables users to conveniently invest in RWAs that generate stable rental income and other returns. RWAs encompass a wide range of assets, including large-scale real estate properties and infrastructure such as logistics facilities and power plants. By offering security tokens, Alterna opens the door to previously out-of-reach investment opportunities, allowing individuals to invest with a minimum of 100,000 yen. This new service represents an exciting alternative for individuals traditionally more comfortable with cash savings.The first investment opportunity on the platform will be “Stage Grand Nihonbashi Ningyocho,” a residential building located in the Nihonbashi district. The application begins on June 2.The platform’s name, Alterna, emphasizes its role as an alternative investment service, offering a fresh approach distinct from conventional options such as bank deposits, stocks, and investment trusts.More effective portfolio managementCompared to traditional investment types like stocks and bonds, RWAs offer unique risk-return characteristics. With RWA-backed investments, investors can potentially achieve more effective portfolio management. These alternative assets have been garnering interest from institutional investors as well.The Japanese Government Pension Investment Fund (GPIF), the world’s largest institutional investor, has been investing in alternative assets since 2014. To pursue yields, the GPIF has been expanding its investment portfolio in real assets like real estate and infrastructure.Easy investment with smartphonesTraditionally, retail investors encountered difficulties investing in large-scale real estate and infrastructure assets. Mitsui & Co. DAM aims to establish an environment where such investments can be made easily via security tokens using smartphones.Interest in Alterna has been substantial even before its official launch, with over 10,000 pre-registrations recorded earlier this month.

Unprecedented surge in trading volumes on HashKey exchangeHong Kong-based cryptocurrency exchange HashKey has experienced an unprecedented surge in daily trading volumes over the course of the past week, reaching approximately $4.5 billion, a notable increase from its usual levels.Photo by Jungwoo Hong on UnsplashToken rewards programThe surge, highlighted in a report published by The Block on Monday, occurred on Friday, and is being attributed to the company’s token rewards program, according to a spokesperson from HashKey Group.A HashKey Group spokesperson clarified that the surge in volumes was a result of the company’s recent HSK rewards campaigns, which involve the distribution of HSK tokens or EcoPoints. Introduced in April, these incentives were designed to encourage trading activity on the platform. The spokesperson emphasized the company’s commitment to operating within the regulatory framework, stating:“At HashKey, we operate strictly within the regulatory framework, and any actions of misconduct are not tolerated.”Last Thursday, HashKey issued a post on X (formerly known as Twitter), detailing one of its incentive campaigns. The post announced the introduction of a DOT/USD trading pair and encouraged users to explore additional ways to earn through ongoing campaigns. Despite receiving only 15 likes, the post aimed to attract users with the promise of HSK rewards for logging in, trading and participating in the platform’s campaigns.Licensing approval in AugustHashKey had obtained the first license to offer retail crypto trading in Hong Kong in August under the new regulatory regime, with an upgrade of its type 1 and type 7 licenses. Officially opening to traders on November 1, it quickly garnered attention in the crypto community. In the same month, it also launched an app, offering full mobile trading capabilities.While daily trading volumes on Sunday dropped to $275 million, still higher than the usual levels but closer to the volumes recorded in its initial month, the significant spike on Dec. 1 was particularly noteworthy. Comparatively, Binance, the world’s largest crypto exchange, recorded $11.3 billion in volume over the past 24 hours.Wash trading ruled outSpeculation arose on X regarding the possibility of wash trading contributing to the sudden surge in volumes. Wash trading involves intentionally matching a large number of orders to create artificial trading activity. However, HashKey’s spokesperson dismissed these claims, stating that no misconduct has been detected.Justin d’Anethan, Head of Business Development in Asia for Keyrock, a crypto market-making firm, commented on the situation, stating:“Many people in the crypto space assumed wash trading was taking place… But it’s almost unbelievable.”He noted that if one wanted to appear more active, it would be done gradually, rather than in a single surge.Market sentiment and trading volume trendOver the course of the past 24 hours, the Bitcoin unit price has surged from $39,500 to almost $42,000, with Asian trading believed to have contributed significantly to that trading momentum. The overall crypto market capitalization has reached $1.5 trillion for the first time since early 2022. Bitcoin trading volume over the past 24 hours hit $39 billion, with a bitcoin market dominance rate of 51%.

Banking Difficulties Remain in Hong Kong for Crypto Start-UpsWhile Hong Kong has demonstrated a very clear crypto-friendly stance over the course of the past six months, crypto start-ups are still struggling with banking in the Chinese autonomous territory.Photo by Manson Yim on UnsplashLicensing backlogAll the signs are that Hong Kong is striving to develop itself as a regional hub for crypto and blockchain related business. Encouraged by that stance, against a background of the United States becoming openly hostile to crypto over that very same time frame, applications are streaming in from international firms to be licensed to operate their businesses in the city.In discussion with crypto start-up applicants, CoinDesk has established that the issue extends to firms that have already obtained a license to operate. To compound matters, the Hong Kong regulator, the Securities and Futures Commission (SFC), has a shortage of manpower, with just eight officials currently working on the applications of eighty crypto firms.Speaking to that backlog, Amy Yu, APAC CEO for Swiss crypto financial services company, SEBA Bank, stated: “This probably would have been a different story six or nine months ago.”A known problemIt appears that both the SFC and its regulatory peer, the Hong Kong Monetary Authority (HKMA) were aware of the issue and tried to get out ahead of it. Late last month, both regulators convened a meeting with bank officials and virtual asset service providers (VASPs).The objective was to try to forge a path forward such that banks could amend their approach, enabling greater facilitation and acceptance of crypto businesses such that the banks would be more inclined to approve bank account applications from those fledgling businesses.Arthur Yuen, Deputy CEO of the HKMA addressed the matter in a blog post published to the regulator’s website on April 27. Yuen was clear in calling on the banks to enable banking for VASPs:“With the implementation of the regulatory regime for VA [virtual assets] activities in Hong Kong and the strengthening of supervisory regimes in different jurisdictions according to the international standards, and as the banking industry develops a better understanding of the VA industry over time, we expect that regulated virtual asset service providers (VASPs) will be able to successfully apply for a bank account through a reasonable process.”Banker resistanceElaborating on the matter further, it’s clear that Yuen and his colleagues understand the importance of banking in enabling this nascent business sector such that the broader strategy of a pro-crypto business environment is affected in Hong Kong. “To attract businesses from new markets, it is crucial to have high quality financial services, while enhancing corporate access to bank accounts would be one of the key priorities,”he stated.An attendee at that regulator-organized round-table last month said that “It was more like a wish list from the regulator,” and that “whether the banks fully embrace it is another matter.” The issue remains as a major impediment to the ability of crypto start-up companies to operate, Some are being forced to try and work around the stumbling block, relying instead on overseas banking partners.