BitMEX Launches Bespoke Service in Hong Kong

Singapore Exchange Limited (SGX), the city-state’s primary asset exchange, is in the process of establishing Bitcoin perpetual futures trading on the platform.Photo by Kanchanara on UnsplashInstitutional product offeringAccording to a report published by Bloomberg earlier this week, the exchange platform intends to launch Bitcoin futures sometime during H2 2025. The product launch will be subject to regulatory approval from the Monetary Authority of Singapore (MAS). A spokesperson for the company told Bloomberg that the product offering will be geared exclusively towards institutional investors and traders in an effort to “significantly expand institutional market access.” Retail access to the product will be prohibited. Once launched, these Bitcoin perpetual futures contracts, being offered through a traditional finance (TradFi) outfit like SGX, will help to blur the lines between TradFi and the emerging crypto sector. Perpetual futures have no expiry date. They offer a means for traders to bet on price changes in an underlying asset while doing away with the need to take ownership of the asset itself. Cautious approachSGX has been cautious in listing crypto assets and derivative products. Last year the firm’s CEO, Loh Boon Chye, said that the time was not yet right for such listings.  His concern back then was that any such product launches would need “sustainable ecosystem support,” adding that “that means demand, that means governance, that means structure.” While spot Bitcoin exchange-traded funds (ETFs) had been approved in the United States at that point, there has been much further development in the crypto-sphere since then, following the election of a pro-crypto administration in the U.S. That event has had knock-on effects globally. Singapore’s SGX isn’t the only traditional exchange platform to respond. Japanese futures exchange, the Osaka Dojima Exchange (ODEX), is gearing up to file an application with the Financial Services Agency (FSA) to list a Bitcoin futures product later this month. Closer to home, an American digital asset marketplace that focuses on institutional trading, EDX Markets, has plans to introduce Bitcoin perpetual futures products to the Singaporean market, according to a report which emerged in January. In May 2024, EDX launched EDXM Global, a settlement platform, in Singapore. This product launch by SGX serves the purposes of decision-makers in Singapore, who have been trying to position the city-state as a digital asset industry hub. Additionally, the move will bring greater acceptance of the digital assets sector from traditional market participants. Crypto perpetual futures contracts were first pioneered by crypto derivatives exchanges like BitMEX back in 2016. Since then, other crypto-native platforms like Binance and OKX have offered these products. In the case of unregulated offshore exchanges, the products have proven to be controversial, as at times, they have been used in a manner that has exposed market participants to counterparty risk. Failed crypto exchange FTX, together with its sister company Alameda Research, relied on the products in their trading activities. SGX, as a seasoned, regulated TradFi operator, which holds an Aa2 rating from Moody’s, is likely to prove to be a more palatable option for institutional players.

Wemade Expands Blockchain Game Platform with Lithuanian and Japanese DevelopersSouth Korean gaming company Wemade has taken strides in expanding its global blockchain game platform, WEMIX PLAY, by signing onboarding contracts with two gaming firms: Lithuania-based game publisher Skyjet Software and Japan-headquartered game developer MetaTokyo Studio. Each of the two firms will present a blockchain game on WEMIX PLAY.Photo by Karol D on Pexels3D helicopter shooting gameUnder the agreement, Skyjet Software is gearing up to introduce Skybreakers, a 3D helicopter shooting game, on WEMIX PLAY. The game offers players the opportunity to customize helicopters and weapons, enabling them to engage in thrilling player-versus-player (PvP) battles.First-person, role-playing shooterMeanwhile, MetaTokyo Studio is currently in the development phase of Chromata, a science fiction game that combines elements from both first-person shooter and role-playing genres. Utilizing Unreal Engine 5, a software framework designed by Epic Games for game development, Chromata boasts a futuristic universe with over 120 characters.Global expansionWemade has been actively establishing partnerships with various game developers worldwide, inviting them to leverage its blockchain platform. In its pursuit of diversification, the Korean game publisher aims to add more games of different types and genres.Web3 event in JapanTo showcase its commitment to the blockchain gaming industry, Wemade CEO Jang Hyun-kook will deliver a presentation on blockchain games next month at the highly anticipated annual international Web3 conference, WebX, in Tokyo. As part of this event, Wemade will also organize a networking session aimed at fostering connections with influential figures and major companies in order to strengthen its foothold in the blockchain sector.

SK C&C to Spearhead Establishment of Korea’s First Alternative Trading SystemSK C&C, the information communications technology arm of South Korean conglomerate SK Group, is set to launch the country’s first Alternative Trading System (ATS) — a securities trading venue that is more loosely regulated than an exchange — in the second half of next year.The firm announced on Wednesday that it will commence the multilateral trading system construction project for Nextrade, a corporation dedicated to preparing the ATS.Photo by Kanchanara on UnsplashCollaborative effort of securities institutionsNextrade was initiated by seven securities firms, including the Korea Financial Investment Association, and was jointly established by 34 participating institutions, including 19 securities companies, three securities-related institutions, and four tech companies in November of last year.SK C&C in particular has been working with Nextrade since 2019. When the corporation was still a consultative body of securities firms, the SK subsidiary was in charge of consulting on various matters regarding the establishment of the ATS and functional system requirements.Establishing a solid foundationThe aforementioned construction project aims to establish a multilateral trading system and an operation and management system to support the trading, brokerage, and agency functions of listed securities and depositary receipts on the ATS, which Nextrade will proceed with upon its official approval in the second half of next year. SK C&C will take on a major role in leading this task.“Based on our digital IT service capabilities that we have accumulated within the financial sphere, we will establish an efficient and reliable multilateral trading system that is on par with regular exchanges,” said Kim Nam-sik, head of the SK C&C Financial Digital2 Group.Besides facilitating multilateral trading, SK C&C will develop an information distribution system that processes investment information in connection with the Korea Exchange and the Korea Securities Depository, as well as a trading support system responsible for product information management, trading statistics, and administration.Trading after hoursThe ATS will allow trading past normal trading hours, which are usually from 9 AM to 3:30 PM — an especially attractive selling point for buyers and sellers. This will be made possible by compiling product information based on closing prices after the market closes, which will create an environment that allows for trading after hours.This service will not only be convenient for office workers but also help them refer to official announcements and the status of overseas markets to make more informed decisions, SK C&C said.Securities that can be traded after hours will be limited to listed stocks and depository receipts on the Korea Exchange for the time being, but SK C&C is reportedly looking into allowing trading of security tokens, non-security virtual assets, and NFTs.Ensuring uninterrupted operationsNotably, there will also be a Disaster Recovery Center, which will serve to protect the ATS’ major systems and data assets and ensure business continuity. A data backup system will be set up to reduce backup time and swiftly recover from any failures in case of potential security threats.Furthermore, the ATS plans to introduce new types of orders to enhance investor benefits in the domestic capital market, setting it apart from the Korea Exchange.