Korean Travel Rule Solution Provider Partners with ACAMS to Enhance AML Measures

Wintermute Asia executes inaugural options block trade via CMEWintermute Asia Pte. Ltd, the digital asset derivatives trading arm of the well-known algorithmic trading firm and crypto market maker Wintermute Group, has successfully executed its first options block trade through the CME Group.The BTC/USD block trade was conducted in collaboration with U.K.-based liquidity and data solutions specialist TP ICAP. It was successfully cleared by ABN AMRO, marking a significant milestone for Wintermute Asia in the digital assets space.Photo by Kanchanara on UnsplashMeeting institutional investor needsInstitutional interest in secure and alternative avenues for exposure to digital assets continues to build momentum. It’s likely with that in mind that Wintermute Asia is strategically expanding its derivatives product offerings with this latest move. It’s also no surprise that Wintermute’s Singapore-based team was involved in this development, given a recent expansion of its Singapore base and the fact that its derivatives business is dealt with in Singapore.Presently, Wintermute Asia provides vanilla options in BTC, ETH and various altcoins, featuring expiration periods ranging from 1 day to 6 months. The platform also caters to more sophisticated needs with the inclusion of exotic options.Evgeny Gaevoy, CEO of Wintermute Group, expressed enthusiasm about Wintermute Asia’s evolving product offering, stating:“Wintermute Asia is excited to offer a range of OTC derivatives solutions to our counterparties that can accommodate all of their trading needs. Our growing suite of derivative instruments allows investors to easily hedge and manage risks, generate yield, and gain synthetic exposure to the underlying digital assets.”The move towards facilitating options block trades aligns with the increasing diversification of institutional portfolios into the digital asset sector. Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, emphasized the significance of the partnership with Wintermute Asia. He commented:“We are pleased to provide Wintermute and its counterparties with access to our highly liquid, regulated suite of benchmark cryptocurrency futures and options on bitcoin and ether.”Involving TradFi heavyweightsCME is a cornerstone TradFi financial derivatives exchange, first established in 1898 and headquartered in Chicago in the United States. Its CEO Terry Duffy pushed back against proposals from convicted fraudster and FTX Founder Sam Bankman Fried in 2022 to alter the futures clearing model on the basis that such a move would introduce significant risk into the financial system. A year on from the failure of FTX and many other crypto platforms, a move towards involving established TradFi firms like CME, as Wintermute is doing, is far more appealing to institutional investors.Sam Newman, Digital Assets Head of Broking at TP ICAP, acknowledged Wintermute as another participant in block trading CME Group cryptocurrency products. TP ICAP, a key player in digital asset broking services since 2020, has been instrumental in price discovery and liquidity through global coverage on regulated exchanges. Newman expressed excitement about witnessing crypto-native firms like Wintermute accessing traditional products and services, indicating the market’s maturation.Earlier this year, CME Group upgraded its BrokerTec Stream from version 1.5 to 2.0. The upgrade aims to enhance performance and reduce latency for clients, introducing features such as sweepable matching and firm price improvements. Recently, CME became the second largest bitcoin futures exchange, second only to global crypto exchange Binance.

Bitcoin records this year’s highest in Korean market, surpassing KRW 60MBitcoin, the world’s largest cryptocurrency, exceeded the KRW 60 million (approximately $45,700) mark in the South Korean market on Wednesday (local time), reaching its highest value of the year.So far today, the nation’s leading crypto exchange, Upbit, saw Bitcoin’s price soaring to a daily peak of KRW 60,642,000. Meanwhile, another major trading platform, Bithumb, observed Bitcoin’s value touching a daily high of KRW 60,775,000.Photo by André François McKenzie on UnsplashHighest since November 2021This is the first time Bitcoin went above the KRW 60 million mark since November 2021. Amid this development, the Kimchi premium, a term indicating the gap in crypto prices between Korean exchanges and their foreign counterparts, has exceeded 4%. According to data from crypto information platform CoinNess, at the time of publication, the average price of Bitcoin on Korean platforms is KRW 59,986,250, while the average price of Bitcoin on foreign platforms is KRW 57,605,406.Ethereum prices are also on the rise. On Upbit, Ethereum reached its highest point of the day at KRW 3,163,000, and on Bithumb, it peaked at KRW 3,162,000.Rate hike halt and Bitcoin halvingThe ongoing surge in Bitcoin’s value is widely believed to be influenced by a halt in global interest rate hikes and the anticipated Bitcoin halving event scheduled for April 2024. Additionally, the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission is seen as another significant factor contributing to the rise in the digital currency’s prices.Meanwhile, the Crypto Fear and Greed Index from software comparison platform Alternative.me currently indicates a sentiment of “Greed” with a score of 72. This index assesses various factors, including volatility, market momentum and volume, social media buzz, market dominance and trends. The scale ranges from 0 to 100, where 0 signifies “Extreme Fear” and 100 represents “Extreme Greed.” Scores nearer to 0 suggest increasing fear among investors, potentially signaling a buying opportunity. On the other hand, scores approaching 100 imply growing greed, hinting at the possibility of a market correction.Korean won as the top fiat trading pairDuring this latest Bitcoin rally, where the cryptocurrency climbed to over 50% of its highest price in almost two years, South Korean crypto traders have played a significant role, Bloomberg reported, citing data from CCData. In November, the South Korean won exceeded the U.S. dollar as the top fiat trading pair in the crypto market for the first time.

Busan to Host Blockchain Week in Busan 2023 Next MonthThe South Korean port city of Busan is set to host this year’s Blockchain Week in Busan (BWB) from November 9 to 10 (local time) at the Signiel Busan Hotel. Touting the theme “Target 2026 Blockchain Busan,” local and overseas experts in the field of blockchain and Web3 will come together to discuss the prospects and potential of Busan to become an urban blockchain hub by 2026. The event will be co-hosted by local newspapers Busan Ilbo and Maeil Business Newspaper and jointly organized by entrepreneurship base camp Nonce, contents commerce network JJ Global, and Busan-based media company Bonmedia.Photo by Minku Kang on UnsplashPreparing for the future of blockchain development and financial innovationThe first day of the event will kick off with an opening speech by the city’s mayor Park Heong-joon as well as presentations on Busan’s trajectory for nurturing blockchain development. In addition, Kim Sang-min, the leader of Busan’s initiative to establish its own digital asset exchange, will present the three-year vision for the Target 2026 goal. Various Web3 companies will also gather for the inauguration of the Busan Blockchain Alliance.“BWB 2023 will give us the chance to envision how blockchain technology can change Busan and to visualize how the field will transform in ten years’ time,” Kim commented.A subsequent panel discussion will feature Rory Knight, the Chairman of Oxford Metrica, and Dimitrios Psarrakis, a financial economist who contributed to the EU’s Markets in Crypto-Assets Regulation (MiCA), who will speak on the Korean government’s digital asset regulations.Several professionals including Patrick Yoon, CEO of Crypto.com’s Korea branch, and Kim Ji-yun , CEO of blockchain software firm DSRV, are set to talk about various concepts under the umbrella of bridging blockchain and finance. This includes blockchain-based payment systems, digital IDs, and central bank digital currencies.In particular, loan officers from major investors like the Korea Development Bank, Korea Investment Venture Corporation, and BNK Financial Group will also be in attendance, giving Web3 companies an opportunity to introduce their business models and pitch their ideas for the architectural development of Busan’s urban blockchain infrastructure.Global investment insights and regulatory prospectsInvestment managers from overseas venture capital firms will be at the center of the second day’s events, covering a panel discussion about the global Web3 investment ecosystem and Busan’s integration into it. Caroline Pham, a Commissioner of the US Commodity Futures Trading Commission, is also set to speak with Jin Kang, Head of Legal at blockchain venture capital firm Hashed, on suggestions on crypto regulations for innovation.Meanwhile, Korean representatives of global mainnet projects plan to discuss the role of business directors in the Korean cryptocurrency market.“In pursuit of the vision that we will present at this year’s BWB, Busan is fully dedicated to becoming a global blockchain hub and a leading first mover in the industry by merging finance and blockchain technology,” said Mayor Park.