SGX to list Bitcoin perpetual futures in H2

SK Telecom and Polygon Labs Team Up for Web3 Ecosystem DevelopmentSouth Korean telecommunications giant SK Telecom (SKT) and global blockchain firm Polygon Labs have joined hands to foster the growth of the Web3 ecosystem.Photo by GuerrillaBuzz on UnsplashThe two companies signed a memorandum of understanding (MOU) on Thursday at SK-T Tower located in Euljiro, Seoul. SKT’s Web3 Chief Officer, Oh Se-hyeon, and Polygon Labs’ CEO, Marc Boiron, were in attendance.Polygon Labs is the operator of the Polygon blockchain network, which is critically acclaimed for its superior blockchain performance, scalability, Ethereum compatibility, and more. The firm is also well-known for its engagement with various global enterprises and Web3 projects.“Polygon Labs has developed optimal blockchain technology for the popularization of Web3, and we expect our collaboration with SKT to serve as a key opportunity to offer Web3 experiences and services to a wider audience,” said Polygon CEO Boiron.Empowering NFT trade and connectivityAccording to the agreement, SKT’s NFT marketplace “TopPort” and the company’s upcoming Web3 wallet will operate on Polygon’s blockchain network. On the other hand, Polygon Labs will aid in integrating SKT’s Web3 services into its global ecosystem.This will enable NFT creators who use TopPort to trade their NFTs on the Polygon network. In addition, NFTs issued on TopPort will now be tradable on other NFT marketplaces within the Polygon network, enhancing global compatibility and scalability.SKT and Polygon also plan to allow SKT’s Web3 wallet to be used across various decentralized applications (dApps) within the Polygon ecosystem. Furthermore, they are exploring the possibility of facilitating NFT trading on TopPort using Polygon’s native token, MATIC.Promoting the advancement of Web3This partnership aims to drive sustained growth within the Web3 ecosystem, particularly by finding and incubating promising Web3 enterprises. To do so, Polygon Labs is considering investments in Web3 startups endorsed by SKT through its investment arm Polygon Ventures.SKT’s Web3 Chief Officer Oh expressed high hopes for the synergy between SKT’s blockchain service technology and expertise and Polygon Labs’ infrastructure technology and ecosystem, saying, “This collaboration could become a cornerstone for the future popularization of Web3.”All of these efforts are geared towards paving the way for Web3’s mainstream adoption, as these two industry giants combine their strengths to spearhead the evolution of the Web3 ecosystem.

HKEX Launches Blockchain-Based Settlement PlatformHong Kong Exchanges and Clearing Limited (HKEX) has unveiled a blockchain-based settlement platform in a move that could potentially transform the landscape of international stock trading, bolstering transparency, efficiency, and operational security.Photo by Ruslan Bardash on UnsplashHKEX SynapseAccording to an announcement on Wednesday (local time), the new platform is called Synapse, and it is set to launch on October 9. The platform utilizes smart contracts developed in the DAML programming language, offering a range of benefits for market participants.Synapse’s primary objective is to streamline post-trade workflows, minimize settlement risks, and enhance transparency in the financial markets. It will be deployed on HKEX’s Stock Connect, a program that allows international investors access to over 1,000 mainland Chinese stocks through Hong Kong routing.With an average daily turnover of RMB 109.3 billion ($15.18 billion) in the first half of 2023, up 5% from the previous year, with a 50% increase from 2020 levels, Stock Connect has established itself as an important channel for international investment.DAML-based smart contractsOne of Synapse’s standout features is its use of DAML, an open-source smart contract language. DAML has the capability to synchronize data across both blockchains and centralized databases, which can significantly improve operational efficiency. By incorporating smart contracts into the settlement process, Synapse enables automatic generation of settlement instructions, reducing the time and manual effort required for trade confirmation. This not only reduces the likelihood of errors but also accelerates settlement, enhancing liquidity and boosting investor confidence.Additionally, Synapse facilitates concurrent processing by simultaneously generating settlement instructions for all parties involved in the trade. This near-instantaneous status update mechanism is especially crucial when connecting traders across different markets. HKEX’s connection to Hong Kong’s Depository Trust and Clearing Corporation via its Institutional Trade Processing service further centralizes cross-border transaction matching, creating a robust ecosystem for seamless trading.Synapse’s launch reflects HKEX’s interest in nurturing international participation where Mainland China’s equity markets are concerned. Glenda So, HKEX Group Head of Emerging Business and FIC, expressed her enthusiasm for the platform’s potential to strengthen both market and investor growth strategies. She believes that Synapse will not only enhance post-trade efficiencies but also contribute to building a more resilient financial ecosystem.Established interest in crypto/blockchainThis is not HKEX’s first expression of interest in blockchain-based technology. In a report it published earlier this year, the Hong Kong stock exchange concluded that crypto exchange-traded funds (ETFs) have the potential to play an important part in building the next phase of digital asset expansion in Asia. Trading in the first crypto ETFs commenced on the platform in December of last year.It’s worth noting that Hong Kong has been rapidly evolving into a hub for Web3 firms, further emphasizing the importance of platforms like Synapse to enhance the efficiency and security of financial transactions in this dynamic environment. While developments in the crypto space are ongoing, Synapse’s blockchain-based settlement platform represents yet another milestone in the evolution of crypto and blockchain-centric financial infrastructure in the region.

FD International joins hands with Lbank to expand global blockchain ecosystemFD International, the parent company of blockchain consulting and IT company Blockchain Innovation, announced on Friday (local time) that it has signed a memorandum of understanding (MOU) to collaborate with the global cryptocurrency exchange LBank.Photo by Shubham Dhage on Unsplash“Blockchain-related industries are growing exponentially worldwide, and we hope to create an ecosystem that can have a positive impact on many people through our well-prepped collaboration with LBank,” said FD Group CEOs Jeon Da-seul, Lee Seo-yeon, and Jeon Sol.Lbank’s global presenceEstablished in 2015 in Indonesia, LBank currently boasts a user base of over 10 million people and a daily trading volume of up to $1.5 billion. It currently supports over 50 fiat currencies, several major cryptocurrencies like Bitcoin and Ethereum and a wide variety of payment methods including Apple Pay. It also operates branches in other countries like the U.S. and Canada.Navigating regulatory landscapesFD International has been working on creating Travel Rule solutions for Korean exchanges such as Bithumb, Coinone and Korbit in accordance with relevant regulatory guidelines like the Act on Reporting And Using Specified Financial Transaction Information. The Travel Rule refers to the Financial Action Task Force’s (FATF) Recommendation #16, which outlines that VASPs must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount.The firm has also been leveraging its expertise in the blockchain and IT fields to help accelerate major companies such as Klaytn and Everscale. Notably, the company adapts its solutions and technological capabilities to regulatory trends, such as the Financial Services Commission’s (FSS) regulations on security token offerings (STOs) and the European Union’s Markets in Crypto-Assets Regulation (MiCA) legislation.