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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.

Korean Crypto Expert Claims NFTs and Security Tokens Shouldn’t Be a Priority for Investors YetAlthough there has been a lot of speculation recently regarding the prospects of non-fungible tokens (NFTs) and security tokens as lucrative investment opportunities, these topics should not be of concern yet, said Kim Dong-hwan, CEO of Korean crypto consulting firm Wonder Frame, at Tuesday’s 2023 FNTimes Investment Forum hosted in Seoul by the Korean Financial Times.Photo by Markus Winkler on UnsplashFrom a price-to-earnings perspective, these types of investments should not be of priority to the average investor, Kim said, stating that this argument is rooted in historical context. Bitcoin, the kingpin of cryptocurrencies, had its first breakthrough in 2012 when its price was around $13. Since then, its value has skyrocketed nearly 2,000 times. Those who profited from Bitcoin then went on to invest in Ethereum, the second-largest cryptocurrency by market capitalization. Ultimately, the money earned from Bitcoin was constantly circulating in the crypto market.Grappling for liquidityHowever, Bitcoin’s liquidity — the frequency at which assets are bought and sold, which can be deemed the most important aspect of investing in and trading cryptocurrencies — is currently down. Liquidity in the crypto market usually flows in order from Bitcoin first, to altcoins, then to NFTs, Kim explained, because investments in NFTs are made by people who hold cryptocurrencies, not Korean won. Therefore, NFTs, which have now experienced more than a 90% decline from their peak, must depend on Bitcoin’s price recovery for their own resurgence.Securing liquidity for security tokens is also difficult, considering the fact that while these assets share common characteristics with cryptocurrencies, they are subject to strict regulatory oversight by financial authorities such as the Korea Exchange. Therein lies the difficulty in forecasting the prospects for security tokens.Kim thus questioned whether there would be market makers or liquidity providers that would be willing to boldly step into the role of satisfying the market, given the close scrutiny of authorities such as Korea’s Financial Services Commission (FSC) and Financial Supervisory Service (FSS). Although crypto exchanges like Upbit act as market makers by facilitating daily trading worth trillions of won, speculation suggests that securities firms that are responsible for supplying security token liquidity may find it challenging to do the same.Weak investments and negative perceptions of DeFiAnother concern for security tokens is fractional investments, which tend to be concentrated on assets of lower value. “Security tokens are fundamentally about dividing underlying assets and then selling them. However, in many cases, these underlying assets are of lower value or have no choice but to be traded this way,” Kim said.Kim also mentioned the regulatory hurdles hindering decentralized finance (DeFi) in general, despite its reputed appeal. “DeFi is perceived by international organizations like the Financial Stability Board (FSB), the US Federal Reserve System, and the European Union (EU) as a public enemy that causes financial instability in the real world,” he said.Taking all these factors into consideration, Kim recommended against investing in security tokens or NFTs at this time, given the current situation where even Bitcoin’s liquidity is at an all-time low. He suggested that, with market interest rates approaching 5%, unless there is a specific need to invest in virtual assets, it may be better to explore investment options positioned for higher interest rates.Kim is an industry expert who has previously written articles for crypto news site CoinDesk Korea for four years and has taken on the role of Chief Business Development Officer (CBDO) at Blitz Labs, a virtual asset research firm. He founded Wonder Frame in 2022, where he currently works as a professional consultant.

Hong Kong Lawmaker Explores Digital Asset Links With MainlandIn a move aimed at bolstering its position as a rising global Web3 hub, Hong Kong Legislative Council member Johnny Ng has expressed his aspiration to foster greater collaboration between digital asset platforms in Hong Kong and a Shanghai-based exchange.Photo by Simon Zhu on UnsplashDigital asset exchange interconnectivityAs Hong Kong continues to position itself as a key player in the emerging Web3 landscape, Ng envisions a future where licensed virtual asset exchanges in Hong Kong could be interconnected with their counterparts in Shanghai.Ng’s remarks came during an interview with Chinese media outlet The Paper. Drawing a parallel with the established Shanghai-Hong Kong Stock Connect program that seamlessly connects the stock markets of both cities, Ng raised the question of whether a similar connection could be established for licensed digital asset exchanges. Ng’s idea hinges on the potential to bridge appropriate platforms in Shanghai with those licensed in Hong Kong for virtual asset trading.Interconnected talent poolThe lawmaker’s enthusiasm for interconnectivity also extends to the talent pool. He expressed his desire for more Web3 talent exchanges between Hong Kong and the mainland, recognizing Shanghai’s status as a financial hub boasting numerous exceptional financial enterprises.Hong Kong’s approach to the Web3 landscape stands in contrast to mainland China’s stringent cryptocurrency regulations. While China banned cryptocurrency transactions in 2021, Hong Kong has embraced crypto firms, even encouraging partnerships between these firms and local banks.This year, Hong Kong authorities unveiled a series of cryptocurrency-related policy statements, aimed at fortifying its stature as a global financial center. A significant step followed in December, when the Hong Kong Legislative Council passed an amendment introducing a comprehensive licensing framework for virtual asset service providers (VASPs).In a recent development underscoring Hong Kong’s pro-crypto stance, HashKey and OSL have become the pioneering recipients of licenses for retail trading under the new regulatory regime, which commenced on June 1.Differing policy approachesPeople following developments in crypto and Web3 in China and East Asia have been speculating if the strategic positive shift in Hong Kong towards developing as a regional hub relative to the sector is indicative of a softening in the approach of mainland China towards the industry. It appears that Hong Kong’s pursuit of crypto business has been sanctioned by Beijing.Commentators have been monitoring the emergence of further encouraging signals. In May, Chinese state television featured a segment that covered cryptocurrency and in particular Bitcoin. Binance CEO Changpeng Zhao (CZ) was sufficiently encouraged by the development to suggest that it was “a big deal,” although the clip was later removed from the broadcaster’s website.Ng’s proposal aligns with the broader narrative of Hong Kong’s ambitious push into the Web3 landscape, capitalizing on its favorable regulatory environment to attract crypto-related ventures. As discussions evolve around the potential interconnectivity between Hong Kong and Shanghai’s digital asset exchanges, the global cryptocurrency community watches with interest to see if there are any emerging signs that Beijing will reciprocate positively.