BlackRock Investment Marks its Return to India

BIT Exchange Unveils XRP Options TradingBIT Exchange, a cryptocurrency derivatives platform, has announced the introduction of XRP options trading in a move that provides for more advanced trading dynamics within the digital assets space.The development, disclosed via a blog post published to the company’s website on Thursday, offers users the unprecedented opportunity to engage in XRP options trading without the need to possess the actual cryptocurrency.Photo by Kanchanara on UnsplashUS dollar settlementA distinguishing feature of this initiative is that profit and loss settlements will be conducted in US dollars. To ensure a seamless experience, BIT Exchange has partnered with OrBit Markets to maintain robust order book liquidity. This expansion of offerings complements the exchange’s existing suite, which already includes stalwarts like Bitcoin (BTC), Ether (ETH), Cardano (ADA), Toncoin (TON), and Milady (LADYS).Facilitating hedgingFor the uninitiated, options are derivative contracts that empower the holder with the right to buy or sell the underlying asset at a predetermined price before a specified date. Call options grant the holder the buying privilege, while put options provide the selling prerogative. Typically deployed for hedging purposes, options play a pivotal role in mitigating bullish or bearish risks, and they can also act as a supplementary revenue source when traders “write” options alongside their spot market holdings.Justin Buitendam, BIT Exchange’s Global Head of Institutional Sales, remarked on the milestone, stating: “We’re excited to be among the early platforms offering XRP options trading to institutional and retail traders, providing both long and short options trading opportunities.”XRP boostAs of now, XRP boasts a market capitalization of $26.5 billion, positioning it as the world’s fifth-largest cryptocurrency. Notably, XRP, akin to several other alternative cryptocurrencies, exhibits greater volatility compared to the more established Bitcoin and Ether.The native token of the Ripple global payments network has experienced a market resurgence in recent weeks, following a positive outcome to a lawsuit taken by the Securities and Exchange Commission (SEC) against Ripple Labs in the United States. In the wake of that decision, many cryptocurrency exchanges that had delisted the token immediately reinstated it. BIT Exchange’s strategic move to introduce XRP options aligns with those recent legal developments.Ripple, as the issuer of the XRP token, garnered a partial victory in its ongoing legal battle against the SEC. The court ruled that XRP is not classified as a security when traded on centralized exchanges. However, a different classification may apply when XRP is directly sold to institutions.The matter is far from settled, however. More recently, the SEC has sought permission to challenge the court’s verdict, underscoring the dynamic and evolving landscape of cryptocurrency regulations.BIT Exchange was spun out of Singapore-based crypto financial services platform, Matrixport. Both have been co-founded by Jihan Wu, better known for having founded leading Chinese crypto mining outfit Bitmain.

Busan City Aims to Cultivate Growth in Blockchain and Fintech IndustriesThe South Korean Ministry of SMEs and Startups (MSS) convened a meeting at the Korea Technology Finance Corporation today to address issues related to emerging industries, including blockchain and fintech, and devise strategies for their growth in Busan, a city rapidly establishing itself as a global hub. That’s according to a report by local news media News1.Photo by Minku Kang on UnsplashBlockchain, fintech, and hydrogenThe meeting saw the presence of MSS Minister Lee Young, Lawmaker Park Soo-young, Busan government officials, and university representatives. Local business leaders specializing in blockchain, fintech, and hydrogen also attended to provide their opinions.During the meeting, two presentations were delivered, each focusing on key policies. The first presentation outlined Busan’s strategic initiatives aimed at bolstering the finance and hydrogen sectors. The second presentation detailed the plans of the MSS’ Busan branch to support innovative enterprises.Following the presentations, local businesses put forth additional ideas pertaining to the policies. Minister Lee presided over a 100-minute discussion, facilitating an in-depth exploration of these ideas and extracting valuable insights. The proposed ideas encompassed mid-to-long-term strategies aimed at strengthening the connections between innovative firms, streamlining inspection standards for hydrogen containers, and promoting systematic research and development to address the sluggish adoption of new services in the fintech industry.Government’s visionExpressing the government’s commitment, MSS Minister Lee stated that up to ten global innovation clusters will be established across the nation by 2027, accompanied by expanded R&D support for new technologies. She called upon local governments and businesses to collaborate and spearhead innovation in the region.Meanwhile, in February, the MSS implemented a regulatory forecasting system to provide small businesses with advance notice of forthcoming regulations and gather their opinions for consideration. Additionally, the MSS intends to select two municipalities outside of the Seoul metropolitan area by October to enable businesses to drive innovation with minimal regulatory barriers.Busan’s blockchain driveBusan has been actively promoting blockchain initiatives through various events. An example of such an event, as reported by local news outlet Erounnet, is an upcoming three-day educational program on blockchain technology, organized by the Busan Creative Economy Innovation Center. The program will take place from July 25 to 28, followed by another event scheduled for September.

Crypto.com Becomes Preferred Platform for Paypal’s PYUSDIn an ever-tightening integration of conventional financial systems with the realm of cryptocurrencies, Singapore’s Crypto.com has forged a strategic alliance with PayPal and Paxos.Photo by Brett Jordan on PexelsProviding liquidity for PYUSD trading pairsAccording to a press release published by the crypto trading platform on Thursday, the alliance will fortify Crypto.com’s status as the foremost exchange platform for PayPal’s USD-pegged stablecoin, PYUSD. The implications of this collaboration extend far and wide, affecting both individual retail traders and institutional investors.With this move, the platform solidifies its position as the premier destination for managing PYUSD, boasting the most extensive global liquidity for PYUSD trading pairs. PYUSD, masterminded by digital asset solutions firm Paxos Trust Company, is a stablecoin backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents. This robust backing provides the digital asset with stability and dependability.Gathering momentumThe new stablecoin is rapidly gaining recognition and prominence, securing placements on major cryptocurrency exchanges such as Bitstamp, Coinbase, and Kraken. It also functions as a preferred payment option on platforms like BitPay and MetaMask. Most notably, the New York State Department of Financial Services has given its seal of approval to PYUSD, categorizing it under its coveted “green list” of regulated cryptocurrencies.The collaboration between Crypto.com, PayPal, and Paxos is an extension of their preexisting partnership that allowed users to fund the Crypto.com visa card using PayPal. Joe Anzures, Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, pointed towards Paxos’ status as a stablecoin issuer and emphasized the potential to connect more than 80 million Crypto.com users with cutting-edge crypto innovations while providing vital support to PayPal’s extensive global network of consumers and merchants. Anzures remarked:“Connecting our more than 80 million users to the latest crypto innovations, as well as supporting PayPal’s global network of consumers and merchants, will be pivotal in our continued pursuit of crypto to every wallet.”Importance of stablecoinsThe collaboration also shines a spotlight on the growing importance of stablecoins within the cryptocurrency ecosystem. As stablecoins continue to gain traction and become more accessible, this partnership is poised to expedite the widespread adoption of digital assets in the global financial landscape.In a related development, leading USD stablecoin issuer Circle struck up a strategic partnership earlier this month with Singapore super app Grab, with Circle’s Web3 services platform being integrated into the Grab app as part of the deal.Meanwhile, the local regulator, the Monetary Authority of Singapore (MAS), announced the outline of a new regulatory framework in respect of stablecoins in August.Crypto.com’s partnership with PayPal and Paxos represents a significant leap forward in the cryptocurrency space. The collaboration will likely boost the exchange’s reputation as a premier destination for PYUSD trading, fostering accessibility to cryptocurrencies and contributing to the ongoing convergence of traditional finance with the digital asset landscape.As stablecoins like PYUSD continue to garner regulatory approval and broader acceptance, the cryptocurrency ecosystem continues its journey toward mainstream recognition.