Hang Seng Ponders Crypto Product Offering

Hong Kong’s Metalpha Secures $5M Investment from BitmainMetalpha Technology Holding, a Hong Kong-headquartered crypto-based wealth management company, has recently announced a significant milestone for its Next Generation Fund I. The fund, put together in collaboration with NextGen Digital Venture Limited, has secured a strategic investment of $5 million from Bitmain, a prominent player in the crypto space.Photo by Pixabay on PexelsFund expansionThe timing of this investment is noteworthy as Metalpha’s licensed fund products are experiencing rapid growth. These products cater to the increasing demand for exposure to cryptocurrencies among institutional investors, family offices, and high net worth individuals. The Next Generation Fund I serves as a regulated and compliant avenue for investing in the Grayscale Trust’s digital asset investment products through structured derivatives.Having set a target capital raise of $100 million, the fund had already secured $20 million by March of this year, demonstrating a strong market interest. This additional $5 million investment from Bitmain further solidifies Metalpha’s position and potential for expansion.Adrian Wang, the President of Metalpha, commented on the development: “We aim to capitalize on the fast growing digital assets industry here in Hong Kong and provide our clients with competitive, complaint products worldwide.”Founded in 2015, Metalpha aims to provide customers with high-quality investment products and trading capabilities. The company, which went public in October 2017, claims to deliver the best structured derivative products to participants in the cryptocurrency market.Strategic investmentThe strategic investment from Bitmain not only brings substantial financial backing to Metalpha’s Next Generation Fund I but also signifies the confidence that industry leaders have in the company’s potential. Bitmain’s reputation as a prominent manufacturer of cryptocurrency mining hardware lends credibility to the investment and serves as a testament to Metalpha’s position in the market.The digital assets sector has had to deal with a 2022 bear market and macroeconomic headwinds. Notwithstanding that, the investment is timely and while we are not in bull market conditions, the space remains progressive, working towards ongoing adoption. Institutional investors, in particular, are increasingly seeking exposure to digital assets as part of their diversified portfolios. Metalpha’s licensed fund products provide a regulated and compliant solution to meet this demand, offering investors a secure and structured way to access the cryptocurrency market.Asian hubHong Kong, as a global financial hub and aspiring crypto hub, has witnessed substantial interest in digital assets in recent months. The region’s supportive regulatory environment, combined with its proximity to major Asian markets, makes it an attractive destination for companies like Metalpha to operate and grow. The autonomous Chinese territory’s credentials have been bolstered in that respect recently with a move to permit retail crypto trading while enabling aspiring digital asset unicorns.The $5 million investment from Bitmain will enable Metalpha to further enhance its fund offerings, expand its reach, and strengthen its position as a leader in crypto-based wealth management. With the financial support and industry expertise of Bitmain, Metalpha can leverage this partnership to drive innovation and develop new investment opportunities for its clients.As the digital assets industry continues to evolve and mature, companies like Metalpha play a crucial role in bridging the gap between traditional finance and the crypto space. By providing regulated investment products and maintaining compliance with regulatory frameworks, Metalpha contributes to the overall growth and legitimacy of the cryptocurrency market.

Wemade to Participate as Main Sponsor in G-STAR 2023South Korean blockchain game developer Wemade will participate as the main sponsor in this year’s G-STAR 2023, the global game exhibition to take place from November 16 to 19 in the southern port city of Busan. This marks the company’s second consecutive year as a main sponsor of the event, highlighting its commitment to promoting Korea’s rapidly growing global blockchain gaming market.“We hope that G-STAR will mark a turning point for Wemade as a blockchain pioneer in the domestic gaming market,” said Henry Chang, the company’s CEO.Leading the future of gamingAt the exhibition’s B2C section, Wemade will unveil its upcoming releases set to enter the global market via WEMIX PLAY, its blockchain gaming platform. The developer said it will showcase games including the MMORPG “Legend of YMIR,” which is currently in the works at Wemade’s extended reality subsidiary Wemade XR, and the baseball game tentatively titled “Round 1 Baseball” under development by Round 1 Studio, which Wemade will publish.Photo by Jack B on UnsplashWemade also plans to participate in discussions regarding potential collaboration opportunities with other domestic and international gaming and blockchain companies in the B2B section.CEO Chang is set to deliver the opening keynote speech at G-CON 2023, a conference to be held at the exhibition, on November 17 at 10 AM. He will present his insights into the future vision for the blockchain gaming market.Moreover, various outdoor events are being prepared to create a festive atmosphere for visitors to enjoy throughout different areas of Busan.Wemade plans to publish an online page for G-STAR 2023 to provide detailed information about their showcased works and general details about the event.Success storyNotably, at last year’s G-STAR, Wemade unveiled “Night Crow,” — an MMORPG made by Madngine, a game-developing company that Wemade invested in this year — which drew the attention of the attendees. The game has since topped popularity and sales rankings following its domestic release in April. A blockchain version of the game utilizing tokenomics is also set to launch in the global market at the end of this year.

GS Group Supports Blockchain Startups in Korean Retail IndustryThe GS Challenge, an innovative startup accelerator established through a partnership between South Korean conglomerate GS Group and early-stage venture capital fund Bluepoint Partners, has launched a program dedicated to providing support to innovative startups, including blockchain ventures, in the retail industry.Photo by Alexandru Tugui on UnsplashBlockchain & other retail solutionsThe application window for this program opened on June 16 and will remain accessible until July 13. To be eligible, applicants have to be startups that possess retail technology and have a team consisting of two or more members. Retail technology encompasses a wide range of solutions aimed at improving businesses’ understanding of their customers, streamlining inventory management, and optimizing promotional events. These solutions leverage cutting-edge technologies such as artificial intelligence, big data, cloud computing, blockchain, and the Internet of Things (IoT).Three-month programThe screening process for applicants will involve thorough document reviews and meetings conducted by both entities. Successful applicants will have the opportunity to participate in a comprehensive three-month acceleration program scheduled from August to October. This program will offer valuable guidance on various aspects of running a startup, including consultations on legal, human resources, and financial matters.Extensive retail networkAdditionally, the selected startups will gain access to the GS Retail infrastructure to test their technologies and products. GS Retail boasts an extensive network consisting of 16,000 convenience stores, 400 supermarkets, as well as infomercial and e-commerce channels. This opportunity will enable the startups to test their technology and products in a real-world retail environment, facilitating practical application and market integration.Expressing the insights gained from a decade of startup investments, Lee Sung-hwa, the VP of Corporate Development at GS Retail, emphasized the value derived from collaborating with startups. Recognizing the mutual benefits, Lee highlighted that this collaboration would prove advantageous for both GS Retail and the participating startups. GS Retail can foster innovation in the industry, while the startups can accelerate their growth by leveraging the extensive GS Retail network.