Partnerships enable AsiaNext to launch crypto derivative trading

Haechi Labs Joins Hands with Oasys for Entry into Japanese MarketHaechi Labs, a South Korean blockchain service and digital wallet provider, announced Thursday that it has signed a business deal with Japanese blockchain gaming platform Oasys to establish a footing in the Japanese market.Photo by Erika Fletcher on UnsplashFostering collaborationThrough the new partnership, the companies plan to share their technical expertise and promote mutual growth. In particular, Haechi Labs’ digital wallet, Face Wallet, will be onboarded on the Oasys mainnet. This integration will allow Oasys users to easily access Web3 services using their existing social media accounts. Face Wallet supports login through various social media platforms such as Google, Discord, Twitter, Facebook, Apple, and Kakao, thereby reducing entry barriers for users who are new to Web3.Haechi Labs will also provide a software development kit (SDK) for Face Wallet, enabling game developers operating their games on the Oasys platform to integrate the wallet into their services.“We expect that Face Wallet’s integration into the Oasys mainnet will streamline the onboarding process for Web3 games,” said Moon Geon-gi, CEO of Haechi Labs. “We will continue to pursue close cooperation with various companies in the future.”Gaming focusOasys’ multi-layered blockchain network is centered around gaming, consisting of a built-in L2 scalability solution. It has worked with various major gaming companies such as SEGA, Ubisoft, Bandai Namco, Nexon, and Netmarble, who participate in the network as validator nodes.

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.  

Over the course of the past two weeks, the unit price of Ethereum (ETH) has surged 32%, with a report from a Singapore-based crypto financial services firm asserting that the Asian market has had a large part to play in that increase. Taking to X on July 16, Matrixport, a crypto financial services platform, provided its daily analysis in which it suggested that “Ethereum’s recent outperformance appears to be heavily influenced by Asia.”Photo by DrawKit Illustrations on UnsplashAsian market influenceThe company included a graph in which it had plotted Ethereum’s recent performance during Asian trading hours, asserting that as much as 17% of the uptick in the Ether unit price can be accounted for by the actions of market participants within the Asian market. It added:"The influence of the Asian market in the pricing of crypto assets is continuing to rise, whether in terms of volatility or trading momentum.” ETH ETFs in Hong KongSpot ETH exchange-traded funds (ETFs) were approved in Hong Kong in April 2024. Hong Kong ETH ETF volumes have risen substantially in July, with significant inflows being recorded related to both retail and institutional investors.  In the past, many commentators have suggested that the addition of staking would be an attractive prospect for institutional investors who like the idea of accumulating an ongoing yield. With that, Asian investors may be enticed to delve further into Ethereum positions going forward, given that ETF issuers are trying to add that component to their offerings. Huaxia Fund, a subsidiary of China Asset Management (ChinaAMC), is preparing to launch staking as part of its ETH ETF. Another potential driver for ETH in Asia in the future lies with the ongoing enablement of trading via established institutions. Earlier this week, China Merchants Bank’s brokerage arm received a virtual asset license in Hong Kong to trade crypto assets. It’s the first mainland China-affiliated brokerage to be awarded such a license, with licensing enabling it to offer trading services related to assets like Ether. Global assetWhile Asia is playing a role in ETH’s recent move upwards, the asset is traded globally and with that, factors further afield are also playing a role. Tom Lee, founder of American financial research firm Fundstrat, pointed out on X that ETH had been range-bound since 2021. However, he believes that the rise of stablecoins, which by and large run on Ethereum, together with ongoing growth in the tokenization of real-world assets (RWAs), is driving demand for the digital asset. While Bitcoin treasury companies have played a significant part in driving Bitcoin in recent months, Ethereum is starting to see similar activity. Lee made the point that Strategy (formerly MicroStrategy) “set the standard for Treasuries,” but that now BitMine “wants to be the Microstrategy of Ethereum.” The crypto mining and treasury firm confirmed on July 17 that it now holds $1 billion worth of Ethereum. Arthur Hayes, co-founder of BitMEX and chief investment officer (CIO) at Hong Kong family office, Maelstrom, said that it was “ETH szn” and that the Maelstrom Fund is buying the digital asset. Tom Dunleavy, head of venture at Varys Capital, asserts that ETH will hit a unit price of $10,000 by the end of 2026.