OPNX Confirms Significant VC Backing

Pakistan’s newly appointed Minister of State for Crypto and Blockchain, Bilal bin Saqib, has been spending time in the United States recently with a view towards collaborating with the Trump administration and Wall Street on matters related to digital assets and digital asset regulation. Pakistani TV channel 24 News HD reported on June 4 that bin Saqib met with Bo Hines during a visit to the White House in Washington, D.C. Hines was appointed by U.S. President Donald Trump earlier this year as the executive director of the President’s Council of Advisors on Digital Assets. Ways to broaden cooperation between Pakistan and the U.S. with regard to the digital assets sector were a primary topic covered during their meeting. Consideration was given to the potential for future partnerships between the two nations, with a particular emphasis on strategic alignment on digital asset policy.Photo by Kanchanara on UnsplashStrategic Bitcoin ReserveBitcoin was also a topic of conversation during the meeting. Last week, bin Saqib, who also heads up the South Asian nation’s newly formed Pakistan Crypto Council (PCC), appeared at the Bitcoin 2025 conference in Las Vegas to announce that “the Pakistani government is setting up their own government-led Bitcoin Strategic Reserve.” In his keynote address, he stated that Pakistan would hold Bitcoin in a national wallet and would “never ever sell them.” Following his meeting with Hines, bin Saqib took to X, stating:”We’re building strong bridges with the U.S. on Bitcoin reserves, stablecoins, and digital asset frameworks.” Responding to bin Saqib’s X post, Faizan Siddiqi, a Pakistani expat and COO of Canadian advertising services firm, MonetizeMore, underscored the importance of the meeting for an emerging generation in Pakistan inspired “to believe in a brighter, decentralized future.” In addition to meeting with Hines, bin Saqib also met with officials from the White House Counsel’s office, engaging with them on blockchain governance and legal framework matters. New York meetingsFollowing his meeting in Washington, D.C., bin Saqib moved on to New York. A video clip posted by the PCC to the X social media platform on June 6 showed bin Saqib meeting with New York City Mayor Eric Adams. The Pakistani minister thanked Adams for all he is doing for the crypto ecosystem, while inviting him to visit Pakistan and to consider a partnership between New York and the PCC. While in New York, bin Saqib also met with Brandon Lutnick, chairman of global financial services firm Cantor Fitzgerald and son of former Cantor Fitzgerald Chairman Howard Lutnick, who was appointed by U.S. President Donald Trump to the position of secretary of commerce back in February.  While Cantor Fitzgerald is a well-established traditional finance (TradFi) firm founded in 1945, the company has embraced digital assets more recently. Cantor has taken on leading stablecoin issuer Tether as a client, having also invested in the company. Last month, the firm launched its first Bitcoin fund. It’s understood that bin Saqib discussed tokenization, Bitcoin mining, the future of Web3 in Pakistan and potential for collaboration with Lutnick. Last month, Pakistan allocated 2,000 MW of surplus electricity to Bitcoin mining and AI data centers.

Bitget invests in Morph layer 2 networkBitget, the Seychelles-incorporated crypto derivatives exchange, has injected a multi-million dollar investment into Morph, a Layer 2 blockchain that puts consumer experience at the forefront.Photo by Shubham Dhage on UnsplashCombining zero knowledge and optimistic rollupsThe collaboration, unveiled on Monday, signals a significant stride toward cultivating a novel, value-driven decentralized application (dApp) ecosystem. Morph, formerly known as Morphism, has garnered attention for its unique use of roll-up technology. By seamlessly blending optimistic and zero-knowledge (ZK) roll-ups, Morph aims to revolutionize scalability, reduce cost barriers, expedite dispute resolutions and ensure secure and adaptable transactions.The project’s modular framework allows individual components of the ecosystem to evolve independently, staying abreast of rapid innovations in consumer applications.Combating MEVA distinctive feature of Morph’s design is the Decentralized Sequencer Network, a mechanism that ensures swift and cost-effective Layer 2 transactions. This challenges the dominance of maximal extractable value (MEV) and eradicates central points of control. MEV involves the maximum amount of value that can be extracted from a block on a blockchain network. It may be manipulated through the ordering and sequencing of transactions on the chain.Technological innovation is not the sole objective of the Morph development team. Their ambition extends to creating a space where dApps seamlessly integrate into users’ daily lives, delivering tangible value. This consumer-centric approach prioritizes user experience through easy onboarding processes and intuitive interfaces. The network is attractive to developers due to lower cost barriers and accelerated dispute resolution.Gracy Chen, Managing Director of Bitget, underscored the significance of the collaboration, praising Morph’s exceptional team, multicultural approach and strategic capabilities. Chen notes that Morph’s emphasis on a decentralized and consumer-centric approach aligns seamlessly with Bitget’s vision. This partnership, she believes, has the potential to transform the blockchain space, making the technology more accessible for everyday use and unlocking widespread consumer adoption.Cecilia Hsueh, Co-Founder and CEO of Morph, expressed gratitude for Bitget’s support, emphasizing that the recent capital infusion underscores confidence in Morph’s unique value proposition, setting the stage for an upcoming seed funding round. The strategic alliance with Bitget provides Morph with a robust platform for growth, tapping into Bitget’s expansive user base of 20 million exchange users and 12 million Bitget Wallet users. Notably, Morph had previously entered into a strategic alliance with Foresight Ventures, a crypto fund based in Singapore.Looking ahead, Morph is gearing up for significant milestones as it develops further. The project plans to intensify the refinement of its technical framework and broader ecosystem in the coming months. Notably, Morph is slated to launch its public testnet in January 2024, followed by the beta mainnet of its Optimistic zkEVM, which is scheduled for Q2 2024.As Bitget continues to forge ties with up-and-coming Web3 entities, this collaboration with Morph has the potential to propel the project towards its strategic goals but also sets the stage for a transformative shift in the landscape of Layer 2 solutions.

South Korea is taking new steps to bring cryptocurrencies more firmly into its legal, financial, and payment systems, with recent developments pointing to both wider institutional adoption and continued regulatory caution.Photo by Traxer on UnsplashCrypto status comes under reviewA research institute affiliated with South Korea’s judiciary has recommended amending the Civil Act to give cryptocurrencies clearer status as property. Digital Asset reported that the Judicial Policy Research Institute made the proposal in a February paper, arguing that the law should reflect how digital assets are already controlled, traded, and contested in legal disputes, even though the current Civil Act is built around physical objects. The institute said the lack of clear property status can create uncertainty in cases involving custody, hacking, bankruptcy, and asset recovery. It also called for a legal concept of “control” over digital assets, similar to possession in the physical world. The recommendation does not change the law on its own, but it strengthens the case for crypto legislation that deals not only with market oversight and investor protection, but also with ownership and legal remedies. Crypto holdings are also set to be included in government debt-relief screening. According to Yonhap News, the Financial Services Commission said a revised Credit Information Use and Protection Act passed the National Assembly, allowing government-backed debt relief agencies to review applicants’ deposits, securities, cryptocurrencies, income, and property records when assessing repayment capacity. The measure is intended to reduce the risk of applicants hiding assets while seeking public support and to improve fairness in debt-relief programs. Payment pilots meet regulatory limitsIn payments, fintech platform Toss has signed an agreement with KOMSCO, South Korea’s state-run mint and identity-document agency, to develop blockchain-based payment infrastructure, according to Yonhap Infomax. The partnership will initially focus on linking Toss’s payment network with public-sector payment infrastructure, before exploring tokenized payment tools such as deposit tokens and stablecoins. The deal pairs one of Korea’s largest consumer fintech platforms with a public agency that already runs municipal voucher programs and digital gift certificates. Regulators, however, remain cautious about token projects launched before a broader legal framework is in place. Aju Business Daily reported that the Korea Insurance Institute has not yet received approval from the Financial Services Commission for proposed changes that would allow it to issue a token tied to its training programs and establish or invest in an AI subsidiary. The institute says the plans are still under regulatory review, but the delay reflects concerns over whether token issuance fits its role as a training body for insurance professionals.