Assemble Protocol’s Native Token Now Supported by Ceffu’s Custody Solution

Hong Kong-based ZA Bank has published a “2023 in review” blog post that suggests that the virtual bank is preparing to bring virtual asset trading to retail customers through its ZA Bank App.Photo by David McBee on PexelsEmbracing retailIn the blog article which was published to its website last week, Hong Kong’s largest virtual bank expressed its dedication to bolstering Hong Kong’s aspiration to emerge as a global hub for Web3. As the city embraces a new licensing regime for virtual asset trading platforms, ZA Bank unveiled its plans to introduce fiat currency-based virtual asset trading services for retail investors through the ZA Bank App. The bank first aired the notion of such an offering back in May. Its renewed coverage of the topic would seem to suggest that such a product offering is much closer to launch. Additionally, the bank anticipates the launch of its U.S. stock trading service after obtaining necessary approvals, promising a stream of innovative and exciting services in the future. Regulatory trendNews of the bank’s proposed retail offering aligns with moves being made by local regulators over the course of recent months to enable retail access to crypto-based products within the Chinese autonomous territory. In June, a regulatory framework was put in place by the Securities and Futures Commission (SFC) to enable licensed virtual asset platforms to market to retail investors. In recent days it has emerged that regulators are prepared to accept applications for spot crypto exchange-traded fund (ETF) products which would be made available to retail investors. Banking the crypto sectorZA Bank also announced that it has been providing banking support to more than 80 Web3 companies since the beginning of this year, aligning with its commitment to “Banking for Web3,” introduced in April. Notable among the roster of supported companies is OKX Hong Kong, with ZA Bank serving as the trusted banking partner for locally licensed virtual asset trading platforms (VATPs) such as HashKey and OSL. The bank, which was established by ZhongAn Online and Beststar in 2018, has served an important banking role in respect of the digital assets sector in Hong Kong in 2023. While the authorities in Hong Kong appear to have pulled out all of the stops over the course of the past year to nurture crypto business, banking was identified as an area of difficulty. In June, the Hong Kong Monetary Authority (HKMA) explicitly questioned the reluctance of some major banks to extend services to crypto companies, applying pressure on them to do so. Given that background, ZA Bank, being a first mover in embracing the industry, has played an important role in Hong Kong. ZA Bank’s impact is evident in its notable market presence, with one in 10 Hong Kong adults choosing the institution for their banking needs. The ZA Bank App earned the distinction of being the highest-rated banking app on Hong Kong’s Google Play in 2023. The bank has surpassed HKD 10 billion in customer deposits and secured the top spot in Asia in the Sia Partners 2023 International Mobile Banking Benchmark, maintaining the sixth position globally. 

Shanghai’s Blockchain Development Plan Paves the Way for Web3 InnovationShanghai has set its sights on a global leadership role in blockchain technology by 2025. This commitment comes following the recent unveiling of an action plan by the Shanghai municipal government, designed to accelerate the city’s blockchain technical development.The plan, published on Wednesday, places emphasis on several critical aspects of the blockchain ecosystem, reaffirming Shanghai’s dedication to advancing Web3 technologies.Photo by Vin Jack on UnsplashTargeting key areas in blockchainUnder this comprehensive plan, Shanghai aims to achieve significant breakthroughs in multiple key areas within the blockchain realm. These include enhancing blockchain system security, advancing cryptographic algorithms, developing specialized blockchain processors, refining smart contract capabilities, achieving cross-chain interoperability, optimizing storage solutions, enhancing privacy computing, and establishing robust regulatory frameworks.These advancements will serve as pillars supporting the city’s digital transformation across various sectors, such as government affairs, cross-border trade, supply chain management, finance, the metaverse, and data element circulation.Human capital development stands as a central pillar of Shanghai’s blockchain strategy. To ensure a well-rounded and skilled workforce in the blockchain industry, the plan encourages research institutes and companies to leverage China’s foreign talent recognition standards to attract blockchain professionals.Furthermore, the city aims to guide educational institutions and businesses in nurturing young talents within the blockchain sector. Interdisciplinary and cross-industry platforms will be created to facilitate talent exchange and provide opportunities for growth and leadership.Zeroing in on ZK proofsOne notable objective within the plan is the advancement of zero-knowledge proofs, a cryptographic technique enabling parties to validate the authenticity of statements without disclosing specific information. Shanghai is committed to improving the efficiency and usability of zero-knowledge proof protocols, with a clear target of doubling efficiency by 2025.Major Chinese tech giants, including Alibaba and Tencent, have been actively developing their consortium blockchains while contributing significantly to the country’s leadership in blockchain innovation. Additionally, Beijing released a white paper in May with a strong emphasis on fostering growth and innovation in the Web3 industry. This positions the city as a global hub for digital economic advancements.Building upon 3-year action planShanghai’s determination to excel in blockchain development is not a recent occurrence. In June, the city unveiled a comprehensive document outlining its ambitious plans to enhance blockchain infrastructure by 2025. It also explored potential collaborations with international cities like Hong Kong and Singapore to test cross-chain applications. Despite China’s strict measures against cryptocurrency transactions in September 2021, the country remains optimistic about the potential of domestic blockchain technology.Shanghai’s ambitious blockchain development plan underscores China’s determination to lead in the blockchain space and reinforces its commitment to technological innovation and digital transformation. Leveraging its strengths in research, talent cultivation, and strategic partnerships, the city “on the sea” is positioning itself to make substantial contributions to the evolving landscape of Web3 technologies. By 2025, it aims to emerge as a global leader in blockchain innovation, setting a precedent for other cities worldwide.

WEMIX token leads gaming crypto asset marketWEMIX, a cryptocurrency issued by blockchain gaming company Wemade, has been marked as having the largest constituent weight in terms of market capitalization in the gaming sector in the latest Crypto Sector Indices released by Sygnum, a global digital asset banking group headquartered in Switzerland and Singapore.Photo by Christian Wiediger on UnsplashUnveiling insightsSygnum’s Crypto Sector Indices is a comprehensive report analyzing the world’s leading crypto asset projects to allow investors to view real-world use cases, compare market capitalizations and identify more influential or promising assets with greater constituent weight proportions. It is divided into seven core sectors — Layer 1, Layer 2, Centralized Finance (CeFi), Decentralized Finance (DeFi), Web3, Gaming and Metaverse.WEMIX’s continued successAccording to the banking group’s analysis of the world’s gaming cryptocurrencies by market capitalization, WEMIX has the largest share at 16% — up from 10% in January — beating out other game tokens like The Sandbox and Gala. Axie Infinity also has a 16% share. Out of more than 21,000 protocols, only those that constitute at least 0.01% of the total crypto market capitalization are eligible for inclusion in the indices.WEMIX has thus proven itself as one of the leading cryptocurrencies in the global blockchain gaming industry. Last month, Wemade also hosted the world’s first blockchain-assisted golf tournament, WEMIX Championship 2023, where the prizes for winning golfers were distributed in WEMIX.