HKEX to launch digital asset index with real-time pricing within Asian time zone

BIT Exchange Unveils XRP Options TradingBIT Exchange, a cryptocurrency derivatives platform, has announced the introduction of XRP options trading in a move that provides for more advanced trading dynamics within the digital assets space.The development, disclosed via a blog post published to the company’s website on Thursday, offers users the unprecedented opportunity to engage in XRP options trading without the need to possess the actual cryptocurrency.Photo by Kanchanara on UnsplashUS dollar settlementA distinguishing feature of this initiative is that profit and loss settlements will be conducted in US dollars. To ensure a seamless experience, BIT Exchange has partnered with OrBit Markets to maintain robust order book liquidity. This expansion of offerings complements the exchange’s existing suite, which already includes stalwarts like Bitcoin (BTC), Ether (ETH), Cardano (ADA), Toncoin (TON), and Milady (LADYS).Facilitating hedgingFor the uninitiated, options are derivative contracts that empower the holder with the right to buy or sell the underlying asset at a predetermined price before a specified date. Call options grant the holder the buying privilege, while put options provide the selling prerogative. Typically deployed for hedging purposes, options play a pivotal role in mitigating bullish or bearish risks, and they can also act as a supplementary revenue source when traders “write” options alongside their spot market holdings.Justin Buitendam, BIT Exchange’s Global Head of Institutional Sales, remarked on the milestone, stating: “We’re excited to be among the early platforms offering XRP options trading to institutional and retail traders, providing both long and short options trading opportunities.”XRP boostAs of now, XRP boasts a market capitalization of $26.5 billion, positioning it as the world’s fifth-largest cryptocurrency. Notably, XRP, akin to several other alternative cryptocurrencies, exhibits greater volatility compared to the more established Bitcoin and Ether.The native token of the Ripple global payments network has experienced a market resurgence in recent weeks, following a positive outcome to a lawsuit taken by the Securities and Exchange Commission (SEC) against Ripple Labs in the United States. In the wake of that decision, many cryptocurrency exchanges that had delisted the token immediately reinstated it. BIT Exchange’s strategic move to introduce XRP options aligns with those recent legal developments.Ripple, as the issuer of the XRP token, garnered a partial victory in its ongoing legal battle against the SEC. The court ruled that XRP is not classified as a security when traded on centralized exchanges. However, a different classification may apply when XRP is directly sold to institutions.The matter is far from settled, however. More recently, the SEC has sought permission to challenge the court’s verdict, underscoring the dynamic and evolving landscape of cryptocurrency regulations.BIT Exchange was spun out of Singapore-based crypto financial services platform, Matrixport. Both have been co-founded by Jihan Wu, better known for having founded leading Chinese crypto mining outfit Bitmain.

A new report indicates that the global use of cryptocurrency is not only growing but also quickening, with the Asia-Pacific (APAC) region setting the pace. According to the sixth Chainalysis Global Crypto Adoption Index, released on Sept. 2, India has emerged as the new leader in overall adoption across 151 countries. The index analyzes where value is being transferred, how new users are entering the ecosystem, and which areas are experiencing the most rapid expansion.Photo by Naveed Ahmed on UnsplashIndia leads global crypto adoptionIndia now holds the top spot in the overall index, with the U.S. following in second place. The APAC region demonstrates significant momentum, with Pakistan (3rd), Vietnam (4th), Indonesia (7th), and the Philippines (9th) all securing positions in the top ten. Further down, South Korea and Japan are ranked 15th and 19th, respectively.2025 Global Crypto Adoption Index Top 20 Source: ChainalysisThe picture changes when the data is adjusted for per capita GDP, which highlights grassroots movements. By this measure, Ukraine ranks first, followed by Moldova, Georgia, and Jordan. Hong Kong comes in fifth, Vietnam sixth, while Singapore and South Korea rank 16th and 18th, respectively.2025 Global Crypto Adoption Index Top 20 (Pop. adjusted) Source: ChainalysisRegional transactions surge as APAC gains groundOn-chain transaction data confirms a shift in economic gravity. In the year ending June 2025, APAC's transaction value soared by 69% year-over-year, climbing from $1.4 trillion to $2.36 trillion. While Europe ($2.6 trillion) and North America ($2.2 trillion) still handle larger absolute volumes, growth is accelerating nearly everywhere. APAC's growth rate more than doubled from 27% to 69%, while Latin America's rose from 53% to 63%. In terms of capital entering the crypto market via centralized exchanges, the U.S. leads as the largest fiat on-ramp, processing over $4.2 trillion. This is approximately four times the volume of South Korea (over $1 trillion), while the EU recorded just under $500 billion. Asset preferences also show regional variations; Bitcoin accounted for 47% of purchases in the U.K. and 45% in the EU, but just over 20% in South Korea.  India's top ranking aligns with the latest domestic developments, such as the Independence Day launch of the Bitcoin Policy Institute India, which aims to focus on sovereign mining, policy, and education. Legal and security challenges in IndiaHowever, this rapid growth is accompanied by notable legal and security hurdles. In a high-profile case, an Indian anti-corruption court sentenced 14 individuals, including 11 police officers, to life in prison for a 2018 kidnapping and crypto extortion scheme. In another development, creditors of India's crypto exchange WazirX approved a new restructuring plan over a year after a $234 million hack allegedly linked to North Korea’s Lazarus Group. An earlier proposal was rejected by the Singapore High Court in April. The revised plan shifts oversight of recovery tokens—representing outstanding balances—from WazirX’s Singapore entity to Zanmai India, regulated by India’s financial authority, with repayments funded by profits and recovered assets. Some 150,000 creditors, representing $206 million in claims, voted between July 30 and Aug. 6 as WazirX also moved operations to a Panama-based unit called Zensui. Separately, on April 16, India’s Supreme Court dismissed a petition from 54 hack victims, ruling it lacked authority to legislate on crypto policy. While India’s headlines highlight the frictions of rapid growth, the broader picture is clearer. The Chainalysis index illustrates a global crypto market expanding across all income levels for varied reasons. In developed nations, clearer regulations and institutional involvement are key drivers. In many emerging economies, factors like remittances and access to U.S. dollars via stablecoins are more prominent. 

Switzerland and Singapore-based crypto bank Sygnum has successfully closed a funding round, securing over $40 million in capital, with plans to expand its service offering in Asia. On the brink of unicorn statusThe funding round was achieved based upon a post-money valuation of $900 million, with Sygnum edging closer to unicorn status. Led by global asset management group Azimut Holdings, the funding surpassed the initial target of $35 million, reinforcing Sygnum's position in the rapidly evolving digital assets space. In a press release, Mathias Imbach, Sygnum's co-founder and CEO, expressed excitement about the successful funding round, highlighting the company's commitment to building trust through regulation and good governance. Imbach stated:”Our core thesis has always been that Future has Heritage, and our strategy to build trust via regulation and good governance has guided us throughout all market cycles. ” Gerald Goh, Sygnum's co-founder and CEO of its Singapore operations, emphasized the importance of staying ahead as clients' needs and activities grow more sophisticated. The fresh funds will enable Sygnum to continuously upgrade and enhance its product and service offerings in response to evolving market demands.Photo by Towfiqu barbhuiya on UnsplashAsian focusThe funds raised in this round will be instrumental in expanding Sygnum's geographical reach into new markets in 2024, within the Asia-Pacific (APAC) region as well as within the European Union. Sygnum has already made in-roads in Asia. Having started out in Switzerland, in 2019 the company set up a base in Singapore, establishing Sygnum Singapore and obtained a capital markets license from the Monetary Authority of Singapore (MAS). Last June, the firm achieved in-principle approval for a Major Payment Institution (MPI) license from MAS. It fulfilled the regulator’s requirements to bring about full approval in October. Goh told Bloomberg that the company envisages achieving growth in Asia and Europe through acquisition.  Developing fully regulated productsThis latest capital injection has also been earmarked to accelerate the development of fully regulated products, including the bank-to-bank platform that currently powers crypto offerings for more than 15 banks and financial institutions worldwide. Sygnum's assets under management have surged to $4 billion, with a client base exceeding 1,700 from over 60 countries. At the end of 2023, the firm reported an annualized revenue run rate (ARRR) exceeding $100 million, marking a significant milestone for the company's financial health and positive cash flow. Sygnum's expansion efforts include collaborations with key players in the industry. In November, the bank furthered its partnership with the Singapore arm of 174-year-old private bank Bordier & Cie, strengthening their initial collaboration that started in Geneva in 2021. Giorgio Medda, CEO of Azimut Holding, highlighted the strategic partnership between Azimut and Sygnum since 2021, emphasizing their joint development of the first tokenization of a private credit portfolio in Europe. Despite the recent challenges in the crypto industry, Sygnum remains optimistic about the future. The broader industry is witnessing a resurgence, with investors and market participants seeking partnerships with trusted and well-managed financial institutions. This sentiment aligns with Sygnum's vision to provide fully regulated solutions and support investors as they increase exposure to the asset class.