Hyperithm invests in Japanese yen stablecoin issuer JPYC Inc.

EDX Markets, a crypto-trading platform backed by Citadel Securities and Fidelity Digital Assets, is planning to establish a new crypto exchange in Singapore. EDX ClearingThe plan was revealed in a recent Bloomberg article. In tandem with the report, a press release published on Tuesday also provided further detail on its recently-launched digital asset clearinghouse, EDX Clearing. Unlike traditional exchanges, EDX operates its own clearinghouse, following a non-custodial model in collaboration with Anchorage Digital. This approach allows institutional investors to execute trades without the need for pre-funding in fiat currency or crypto, contributing to capital efficiency and risk management. Since its launch in October, EDX Clearing has cleared more than $3.1 billion of transactions. The recent approval of bitcoin exchange-traded funds has further intensified trading activity, with substantial volumes traded following their launch. EDX Markets offers a unique platform for institutional investors to directly trade major cryptocurrencies like bitcoin, ether and litecoin. EDX addresses institutional players' needs with a non-custodial model, emphasizing risk management and infrastructure that aligns with traditional market practices.Photo by Julien de Salaberry on UnsplashFresh funding infusionThe company is also introducing spot and perpetual futures trading, following a successful additional funding round led by new investor Pantera Capital and existing supporter Sequoia Capital. The recent funding infusion, the exact size of which was not disclosed, empowers EDX Markets to enhance its technology and expand its global footprint. The firm’s CEO, Jamil Nazarali, highlighted Singapore's strategic significance, citing its favorable environment for trading a diverse range of tokens and perpetual futures, along with its pool of financial talent. The platform has gained support from traditional finance heavyweights such as Charles Schwab and Miami International Holdings, alongside original backers Citadel Securities, Virtu Financial and Fidelity Investments' digital-asset arm. The recent funding round saw investors buying in at double the initial share prices from 2022. According to Paul Veradittakit, Managing Partner at Pantera Capital, EDX mirrors traditional market expectations, incorporating speed and capital efficiency while adapting to the unique features of the crypto landscape. Taking to the X social media platform, Veradittakit wrote:”We believe that EDX markets reduces counterparty risk for institutions through its non-custodial clearing model.” EDX Markets has witnessed noticeable trading volumes, with over $1.4 billion in notional volume traded in December alone. The company, headquartered in Hoboken, New Jersey, plans to build out its technology independently and transition away from its initial partnership with MEMX (Members Exchange). Singapore expansionThe expansion into Singapore involves seeking approval from the Monetary Authority of Singapore (MAS) to operate an exchange offering both spot and perpetual futures trading. In December, EDX's clients traded more than $1.4 billion in notional volume. Following the approval of spot bitcoin exchange-traded funds (ETFs), EDX customers executed trades totaling more than $100 million in a single 24-hour period this month. While many in the sector welcome the involvement of TradFi in the crypto space, some have concerns with regard to how things play out over the longer term. Community member Joe Kerr took to social media on the subject, stating:”My concern is that they’ll use the ETFs to buy from public exchanges, custody with Coinbase but when shares sell, the Bitcoin is bought through EDX and locked behind an ‘institutions only’ firewall.”

Recent developments relative to governance of the CRO token, a native token belonging to the Cronos blockchain, have proven controversial, with many in the community unhappy with the actions of Singapore-headquartered Crypto.com.Photo by Markus Winkler on UnsplashProposal controversyThe controversy surrounds a proposal put forward by Crypto.com, which originally developed the Cronos blockchain in 2021, to mint 70 billion CRO tokens. The move would effectively roll back a CRO token burn that took place in 2021. The governance process applicable to the proposal meant that CRO token holders could vote on the proposal between March 2 and March 16. For the majority of that voting period, the outcome appeared to be uncertain. The “yes” vote had a narrow lead, but it would have been insufficient to reach the required 33.4% quorum of eligible votes. Exceeding the quorumHowever, at 14:00 UTC on Sunday, a last-minute influx of 3.35 billion tokens tipped the balance firmly in favor of the proposal while well exceeding the minimum turnout as 70.18% of eligible votes were cast. 61.18% voted in favor, with 17.61% against. Many CRO token holders who opposed the proposal are aggrieved at the manner in which this late voting surge came about. It’s understood that these last-minute votes came from blockchain validators controlled by Crypto.com. Crypto.com is understood to hold in the region of 80% of the voting power. In exercising that voting clout, many CRO holders feel that it has undermined the will of the community. Some commentators believe that increasing the token supply will result in a loss of trust in the project, damaging investor confidence going forward. Earlier this month, Crypto.com CEO Kris Marszalek responded to community pushback against the proposal. Marszalek suggested that the proposal ties in with an overall strategy for the success of the Cronos blockchain and its CRO token in the long term.  He pointed to four items that are relevant in achieving success for an altcoin like CRO. These included finding product-market fit, the need to redeploy free cashflows, successfully launching exchange-traded funds (ETFs) and participating in reserve-building initiatives.  ‘Free to vote and free to sell’The strategy relies upon building demand in order to achieve longer-term success. On X, Marszalek wrote: “People who do not agree that this is the right approach are free to vote & free to sell. We will stay laser focused on building towards new ATHs [all-time-highs].” In another X post on March 19, the Crypto.com CEO outlined that the company generated $1.5 billion in revenue in 2024 while servicing the needs of 140 million users on the platform. The company spent $700 million on branding, user acquisition and user incentives in 2024. Its operations turned a net profit of $300 million.  Crypto.com has also made further headway on the compliance front over the course of the past week. The company received licensing approval in Dubai to offer derivatives from the Virtual Assets Regulatory Authority (VARA). On March 17 the company announced that it had successfully achieved Virtual Asset Service Provider (VASP) registration with the Argentine regulator.

Despite reports emerging on Monday that it had invested in Array, an algorithmic currency system, Singaporean state-owned conglomerate and global investment firm Temasek has denied any such investment.In a very brief statement published to its website on Tuesday, Temasek stated:“We have seen news articles and a tweet from Array about Temasek’s investment in it. This news is incorrect. Temasek has not invested in Array and we have no relationship with them.”CoinTelegraph had taken to reporting the claim on Monday. The article had outlined a $10 million investment by the Singaporean state investor into Array, the developer of an algorithmic currency system that relies upon smart contracts and artificial intelligence. Reputational lossIf it had been true, such an investment would have been seen as a positive for the crypto space as it would be indicative of a renewed appetite for crypto-based projects from the giant Southeast Asian investor.Temasek was a key investor in failed cryptocurrency exchange, FTX. In November 2022, the company had to write down its entire investment of $275 million into the fraudulently managed exchange business. To an onlooker, a $275 million write-down may seem like an extraordinary loss.However, given that the Singaporean investing behemoth has a $403 billion dollar portfolio, the loss represents just 0.09% of that portfolio, hardly making a dent in the health of the company.The greater loss for Temasek relative to the FTX collapse has been reputational. Top tier venture capital investors like Temasek, who had otherwise been assumed to be the most diligent of actors in the professional investing world, were all sharply criticized for failing to identify the extent of the mismanagement and fraud that had occurred at the now bankrupt cryptocurrency exchange. Bogus ClaimsIn fairness to those who had reported the fake news, they were acting on information that Array had put out into the ether and as of yet, has not corrected. At the time of publication, the project’s website features a list of renowned investors including Temasek. Alongside Temasek, Array claims to have obtained investment from Standard Chartered, Coinbase Ventures, Spark Capital, Khosla Ventures, The Blackstone Group, Binance Labs, Sequoia Capital and a16z.In the case of Binance Labs, a spokesperson for the venture arm of the global exchange told The Block that it is not an investor in the project. To further dispel the claim, Temasek took to Twitter, stating:”Fake news about Temasek’s investment in @Array_Protocol. We have seen news articles and a tweet from Array about Temasek’s investment in it. This news is incorrect. Temasek has not invested in Array and we have no relationship with them.” Further instances of misinformationThe misinformation follows a similar scenario that played out with OPNX, a newly launched platform that offers spot and futures trading, alongside the ability for investors to trade bankruptcy claims.A couple of weeks ago, the platform, which had been founded by Kyle Davies and Su Zhu, the key executives behind failed crypto hedge fund, Three Arrows Capital, asserted that it had the backing of some notable investors. Almost immediately, venture capital and market maker DRW and venture capital firm Nascent denied that they were investors in OPNX.