Foblgate adds D’CENT and Trust as supported external wallets

Victory Securities granted approval for retail crypto trading in Hong KongHong Kong’s Securities and Futures Commission (SFC) has given the green light to Victory Securities, a well established investment firm headquartered in the Chinese autonomous territory, for retail virtual asset trading.Photo by Carlos Alberto Gómez Iñiguez on UnsplashFirst licensed corporationThe license will allow the investment firm to expand its crypto trading and advisory services to retail investors. The publicly traded company announced its crypto licensing achievement via a press release published to its website on Friday. In that statement, the company expressed the hope that “by connecting traditional finance with virtual assets, customers can configure assets in a flexible and convenient way, and [we] can provide general investors with investment advice on virtual assets and publish relevant research reports.”This approval marks Victory Securities as the first licensed corporation in Hong Kong to offer such services to the retail market, joining the ranks of already approved firms like HashKey Exchange and OSL Digital Securities. It builds upon previous licensing approval that the company received from the SFC to offer a full range of trading and advisory services in respect of virtual assets to institutional clients in November 2022.The move reflects Hong Kong’s commitment to crypto regulation, as earlier this year, the region established a framework enabling the provision of crypto services to retail clients. This development positions Hong Kong as a key player in the Asian crypto market, where firms seem to be receiving more regulatory clarity compared to their counterparts in the United States. The regulatory initiative gains significance in light of the recent JPEX scandal, involving an alleged HK$1.6 billion ($204 million) fraud.Bringing retail into cryptoVictory Securities, currently listed as an applicant on the SFC’s recently published roster of virtual asset trading firms, is navigating this regulatory landscape to bring retail investors into the crypto market. In parallel, HashKey Group, another Hong Kong-based cryptocurrency firm, has launched the city’s first SFC-approved trading app since the JPEX incident. HashKey Exchange’s app, boasting “full mobile trading capabilities,” became operational this month, a notable progression given its prior limitation to professional investors.Through HashKey’s app, local traders can now engage in bitcoin and ether transactions using funds from their Hong Kong or U.S. dollar bank accounts. In addition to pioneering retail crypto trading, HashKey has introduced its crypto over-the-counter (OTC) trading service, HashKey Brokerage, aligning with local securities regulations and the recently implemented cryptocurrency regulatory framework by the SFC.The Hong Kong regulator is also believed to be currently weighing up whether to allow retail investors the ability to access spot crypto exchange-traded funds (ETFs). Despite these advancements, the SFC maintains restrictions on retail traders engaging in stablecoin transactions until new regulatory arrangements are established. This decision follows the SFC’s consultation paper on regulating crypto activities, emphasizing the need to address risks associated with stablecoins and their regulation.The regulator aims to ensure appropriate management of stablecoin reserves to maintain price stability and safeguard investors’ redemption rights, underscoring the potential significant implications for stablecoin stability if these risks are not effectively managed.As Hong Kong solidifies its position in the evolving crypto landscape, Victory Securities’ approval signifies yet another milestone in the region’s journey toward fostering a regulated and inclusive crypto market for retail investors.

Kiln, the Paris-based Ethereum staking platform, has successfully secured $17 million in a recent funding round, as revealed in a press release on Thursday. Round led by 1kxThe financing round was spearheaded by 1kx, with participation from Crypto.com, Wintermute Ventures, Thailand’s KXVC and Hong Kong’s LBank and IOSG. This infusion of capital brings Kiln's total funding to $35 million, marking a milestone in the company's growth trajectory. The latest funding follows a previous investment of $17.6 million in 2022 from Illuminate Financial, LeadBlock Partners, Sparkle Ventures, Alven and Blue Yard Capital, among others. Kiln opted not to disclose the valuation associated with the recent funding round. In 2021, Canadian blockchain infrastructure and staking firm Figment reached unicorn status with a $1.4 billion valuation. The Kiln platform has witnessed significant growth, increasing its staked assets under management to $4.2 billion in 2023. Acknowledging that growth on Jan. 4, Fred Lardieg, partner at Abu Dhabi sovereign fund Mubadala wrote:”This little-known French startup called @Kiln_finance has been killing it in the #Ethereum #Staking space, by relentlessly releasing new features throughout 2023. They're now the #1 operator of Ethereum validator nodes according to @ratedw3b.” The firm’s expansion is attributed to strategic integrations with various custody solutions, wallets and exchanges over the past year.Photo by DrawKit Illustrations on UnsplashRegional headquarters in SingaporeThe funds raised will be instrumental in facilitating Kiln's global expansion initiatives, including the establishment of its Asia-Pacific (APAC) headquarters in Singapore during the first quarter of the year. Additionally, the company aims to allocate resources for further product development to enhance its offerings in the decentralized finance (DeFi) space. Laszlo Szabo, CEO and co-founder of Kiln, articulated the company's mission, stating: "Our mission is to democratize value creation in the digital assets ecosystem, providing millions of users with easy access to rewards through our platform." The funds will support Kiln's commitment to making value creation in the digital assets space more accessible globally. The company plans to use the funding not only for expansion but also to introduce additional reward mechanisms in the rapidly evolving DeFi landscape. Regulatory uncertaintyWhile Ethereum staking offers users the opportunity to earn yields by validating transactions on the blockchain, the regulatory landscape remains uncertain. The U.S. Securities and Exchange Commission (SEC) has taken legal action against several exchanges involved in crypto staking, with SEC Chairman Gary Gensler expressing views on Ethereum-like tokens as potential securities. Despite regulatory challenges, Kiln's staking platform caters to institutional clients, allowing them to stake assets and offer white-label solutions to their customers. With a focus on proof-of-stake blockchains, Kiln holds a significant portion of staked assets on Ethereum, exceeding $3.1 billion, according to its Dune Analytics dashboard. 1kx Founding Partner Christopher Heymann emphasized the increasing role of financial institutions in the crypto space, stating:  "Financial institutions will become a dominant force in crypto, leveraging the immense market opportunity as they stake on behalf of their customers." By utilizing smart contracts, Kiln allows users to stake smaller amounts, overcoming the traditional barrier of a 32 ETH minimum requirement for native ether staking. This approach aligns with Kiln's goal of fostering inclusivity in the rapidly expanding world of decentralized finance.  

Hanwha Resorts Partners with Blockchain Donation Platform CherrySouth Korean hospitality company Hanwha Hotels & Resorts (H&R) has announced on Tuesday a collaboration with Cherry, a blockchain-powered donation platform, to raise awareness for charitable giving, according to news outlet Economic Review.Photo by Markus Winkler on UnsplashTracking donations in real-timeCherry became the first mobile app in Korea to enable users to track their donations in real-time using blockchain technology. The platform offers various donation methods, including participation in dance challenges, which have attracted the interest of younger generations.Supporting through NPOThrough this partnership, Hanwha H&R will launch a donation campaign called Sneakers’ Day. The campaign will support underprivileged children’s leisurely travel through the non-profit organization (NPO) Yana once participants’ total steps reach 6 million. Users can join the event by clicking the Hanwha H&R campaign button on the Cherry app and walking.The app counts users’ steps and ranks them, fostering a competitive atmosphere and encouraging more participation. The campaign will take place from May 15 to 31, and is open to everyone.Rewards for participantsThe top three walkers will receive Hanwha H&R vouchers worth 100,000 KRW, 70,000 KRW, and 50,000 KRW. Participants who share a picture of their successful donation on social media will be entered into a random draw to win one of 10 travel kits. Additionally, walkers who achieve over 10,000 steps will have a chance to win one of 10 Starbucks gift cards.A Hanwha H&R official revealed that the company held a similar event for its employees last month, reaching the goal in just 10 days. The company plans to continue participating in various environmental, social, and governance (ESG) activities to maintain its commitment to social responsibility.