Changpeng Zhao denied second request to travel to UAE before sentencing

Mystic Land token to be listed on LBankReal-time open metaverse platform Mystic Land’s governance token is set to be listed on global centralized cryptocurrency exchange LBank’s USDT market at 6 a.m. UTC on Friday under the ticker symbol MYTH, according to an official announcement on the platform’s Medium page.Photo by Markus Winkler on UnsplashExploring decentralized innovationMystic Land is a decentralized open metaverse that is operated in real time. It is open to anyone at any time, and individual participants can earn rewards for creating goods and services, selling and investing assets and more. It also facilitates interoperability with data, digital assets and content, bringing users together in an interactive online environment.MysticLand tokens are the basis of the metaverse’s ecosystem and can be mined in the metaverse platform in a Play-to-Earn (P2E) fashion through participation in various activities like content creation. They can also be used to purchase services and items on various decentralized applications (dApps) in Mystic Land.Empowering global tradersBoasting over nine million users around the world, LBank offers products like spot and margin trading, staking, peer-to-peer (P2P) transactions and crypto futures. According to CoinMarketCap, it is currently the 34th top cryptocurrency spot exchange with a spot trading volume of approximately $1 billion in the last 24 hours.

A Beijing-headquartered venture capital firm has invested $30 million in Hong Kong’s HashKey Exchange. That’s according to a report published by Bloomberg on Feb. 14, citing unnamed sources understood to be familiar with the matter. HashKey’s capital injection has come from Gaorong Ventures.  The Chinese VC firm was founded in 2014, initially known as Banyan Capital before rebranding as Gaorong Ventures in 2018. The VC firm focuses on early and growth-stage investments, with a specific interest in new technology.  Gaorong has 23 IPO portfolios on its books, together with 30 projects valued at in excess of $1 billion. It has been an early-stage investor in Chinese tech firms such as Chinese shopping platform Meituan and online retailer PDD Holdings.  Last year, the company participated in a funding round for Dongchedi, the car information and trading platform belonging to ByteDance, the parent company of TikTok.Photo by Towfiqu barbhuiya on UnsplashBeyond unicorn statusIn this instance, the funds were invested with HashKey Group weighing in with a post-money valuation in the region of $1.5 billion. That puts the company well beyond unicorn status, which it achieved in a previous $100 million funding round over a year ago. At that time, HashKey didn’t disclose the names of investors other than to state that they were “prominent institutional investors” and “leading Web3 institutions.” It’s understood that the round included both existing and new investors. Surging VC investment in crypto startups This latest investment comes amid a backdrop of a surge in venture capital investment into the crypto sector. Well-known American venture investors Sequoia Capital and Andreessen Horowitz (a16z) invested almost $1.2 billion in crypto projects last month.  In 2024, $13.7 billion was invested in crypto and blockchain startups by venture capital firms, marking a 28% increase on the previous year. In Q4 2024, the United States took first place, accounting for 46% of investment into startups across the market in general. Hong Kong weighed in with 17% in second place.HashKey is also playing its own role in crypto and blockchain startup investment. HashKey Exchange’s sister company, HashKey Capital, is an institutional asset manager that also invests in crypto startups. In recent weeks, the company has invested in SignalPlus, a crypto trading software firm focused on the Asian market, and Kelpr, a Cosmos (ATOM) ecosystem wallet project. More crypto VC investment in 2025In January, HashKey Capital CEO Deng Chao told Cointelegraph that he expected more VC capital investment in crypto startups in 2025. He stated: “As we enter into a supportive macro environment driven by stimulative US policies and the formalization of crypto regulatory frameworks, these macro tailwinds are set to drive more VC investments heading into 2025.” Meanwhile, the overarching HashKey Group is positive in its outlook with regard to the crypto and blockchain sector in 2025. Last month, it outlined that it expects Bitcoin and Ethereum to surge in price, the share of the market held by decentralized exchanges (DEXs) to increase, capital inflows into the sector from institutions to grow, the approval of more crypto ETFs and further development of layer-2 networks over the course of the year.

Korea Exchange sets the stage for security token tradingStarting next year, South Koreans may have the opportunity to trade security tokens, as the Korea Exchange (KRX), the sole securities exchange operator in the country, has officially begun preparations to establish a security token market. The Busan Digital Asset Exchange (BDX), slated for launch next year, is expected to play a pivotal role in spearheading the growth and development of this emerging security token market.Photo by Tierra Mallorca on UnsplashSeeking approval from financial regulatorsAs reported by local news outlet Busan Ilbo, KRX applied to the FSC last month for registration as an innovative financial service under the financial regulatory sandbox scheme. On Nov. 19, the FSC approved the creation of pilot markets for investment contract securities and non-cash trust beneficial certificates. KRX’s recent initiative is a follow-up to this development. The financial regulator is set to make a final decision after holding a main committee meeting to review KRX’s application.Investment contract securities and non-cash trust beneficial certificates represent two distinct types of security tokens. Investment contract securities provide a means for fractional investments in real-world assets (RWAs). This can include a diverse range of assets such as artworks, music copyrights, beef and carbon credits, allowing investors to own a portion of these assets. On the other hand, non-cash trust beneficial certificates function as secondary investment instruments. These certificates enable individuals to invest in financial products that themselves have invested in security tokens, offering an indirect pathway to participate in the security token market.Fractional investments on the horizonVarious industries are poised to benefit from the emerging digital market, especially platforms focused on fractional investment in artworks. Companies like Yeolmae Company, Art Together and Seoul Auction Blue are keen on this opportunity and have applied to the FSS for permission to register security tokens. Upon receiving regulatory approval, these platforms plan to accept subscription requests, enabling investors to participate in the art market in a more accessible way.The development of security token markets is expected to positively impact BDX, which is currently seeking an operator. Initially, when BDX’s operation plan was unveiled in September, it excluded security tokens due to regulatory constraints. However, with KRX now involved, it’s more probable that the Busan exchange will feature security tokens as major trading assets. Experts believe the success of these token exchanges will largely depend on the quality and appeal of the underlying assets.A local securities industry official emphasized the significant role of the security token market in enhancing the stature of Busan as a blockchain hub. The growth of this market is seen as pivotal in boosting the value and utility of BDX. The official noted that BDX’s appeal to investors would increase if it offered a diverse range of underlying assets or unique security tokens. This development could mark a significant turning point for Busan in the blockchain industry.