Avalon integrated with Bybit to offer Bitcoin yield

Matrixport Focuses on US Market With New AppointmentMatrixport, the Singapore-based cryptocurrency trading and lending platform, has announced a new appointment to lead its operations in the United States.US institutional-focused businessThat’s according to a recent report published by The Block. Mo Zhou, previously the Chief Operating Officer (COO) for Matrixport in the US, will now take charge of the company’s institutional-focused business lines in the country. This move comes as Anthony DeMartino, the former US CEO, steps down from his role and assumes an advisory position within the company.Anthony DeMartino, a seasoned trading veteran, joined Matrixport approximately a year ago from Coinbase, where he led Coinbase Risk Strategies. Prior to that, he held senior trading positions at prominent financial institutions such as UBS, Barclays, and HSBC, culminating in his role as the Head of LATAM Rates Trading at HSBC.When DeMartino was hired, Matrixport highlighted its international growth plans in the US, expressing its commitment to expanding its presence despite regulatory challenges faced by crypto businesses in the country.The recent announcement reaffirms that Matrixport’s plans for growth in the US remain intact. Ross Gan, Head of Public Relations and Brand for Matrixport, stated that Anthony DeMartino has transitioned to an advisory role while Mo Zhou, the newly appointed COO, will oversee the day-to-day operations in the United States.Photo by Sora Shimazaki on PexelsProminent Asian crypto businessMo Zhou brings a wealth of experience to his new role, having worked in derivatives and mergers and acquisitions (M&A) for ten years. He is a Harvard-trained lawyer and is well-equipped to lead Matrixport’s institutional-focused business lines in the US.As one of the larger cryptocurrency businesses in Asia, Matrixport boasts a global workforce of over 290 employees. The company’s impressive figures include more than $700 million in outstanding loans and a monthly trading volume of $5 billion, as stated on its website.Bullish price predictionMatrixport has garnered some attention for its Bitcoin price predictions over recent weeks. Last month, the company pointed out that its Bitcoin Greed & Fear Index had surged towards the greedier end of the spectrum. At the time, the Bitcoin price stood at $31,200. The firm predicted a cooling over the shorter term in that price action. At the time of publication, the Bitcoin unit price stands at $30,300, having dipped below the $30,000 mark on a number of occasions.Last week, Matrixport’s Head of Research and Strategy, Markus Thielen, suggested that Bitcoin is heading towards a unit price of $125,000 by the end of 2024. Thielen maintained that Bitcoin recording a one year high unit price on June 22 signified the end of the bear market, and the start of a bull market. Thielen and Matrixport find themselves in good company as on Monday, international financial services firm Standard Chartered predicted a Bitcoin unit price of $50,000 by year end and a price of $120,000 by the end of 2024.Matrixport’s appointment of Mo Zhou reflects its ongoing commitment to expanding its operations and solidifying its presence in the United States. With Zhou at the helm of the company’s US business, the company is positioning itself to navigate the evolving cryptocurrency landscape and continue its growth trajectory in this developing market.

Growing Concerns about Single Crypto Exchange Listings in KoreaAccording to Yonhap Infomax, there is increasing concern about single crypto exchange listings in the Korean market, following the recent arrest of two former Coinone employees.©Pexels/RODNAE ProductionsCrypto listing briberyThe individuals were detained by the Seoul prosecution for allegedly accepting about 3 billion KRW (equivalent to over $2.2 million) in bribes to list a certain cryptocurrency on the exchange.Prosecutors are investigating if these suspects were also involved in the listing of the Puriever token, which is reportedly connected to the kidnapping and murder of a woman in her forties in Gangnam, Seoul.Single exchange-listed cryptosA recent report by the Financial Services Commission (FSC) revealed that 389 cryptocurrencies were listed on a single Korean exchange in the second half of last year, a decrease from the previous year’s 403. Despite the decrease, the trend of single exchange listings continued. Exchanges often exclusively list specific cryptocurrencies to gain a competitive edge, as investors typically prefer larger exchanges with greater liquidity.However, these cryptocurrencies may lack proper review and management and are often highly volatile. The FSC report showed that 34% of cryptocurrencies listed on a single exchange had a market cap of less than 100 million KRW (~$76,000). The Financial Intelligence Unit also warned investors about price fluctuations and liquidity shortages.High volatile cryptocurrencies are attractive to exchanges, as they can lead to increased transaction fee profits.Transparent listingTo address this issue, experts advocate for a transparent listing process.One lawyer in the crypto industry noted that there is a global trend of regulating cryptocurrencies as securities, and if relevant bills pass in Korea, their issuance and disclosure will be regulated. Clear guidelines on disclosures could resolve the issues of single crypto exchange listings, the legal advisor added.Another industry insider has called for investor caution, stressing the need to consider the potential delisting of these crypto assets.

Japan's Financial Services Agency (FSA) is proposing new legislation in an effort to prevent the assets of Japanese investors held on crypto exchanges from being transferred overseas. According to local news outlet Jiji Press, the Japanese regulator recently put forward the idea of drafting such a bill. It’s thought that the move suggests that the Japanese regulators have learned from the collapses of cryptocurrency exchanges Mt. Gox and FTX. Photo by Jaison Lin on UnsplashLearning from past failuresWhile Japan already had a higher standard of regulation in place prior to the FTX collapse, likely as a consequence of the authorities having experienced the downfall of Mt. Gox in February 2014, there is still room for improvement.  While funds had been ring-fenced for FTX Japan users, those who accessed services advertised in Japan through the FTX app were deemed to have been accessing a service which fell under an international jurisdiction, denying them the same protections otherwise offered to FTX Japan platform users as a consequence of the regulations that had been put in place. Incorporating a holding orderJapanese media outlet Nikkei described this latest move by the Japanese FSA as follows: “The Financial Services Agency is moving towards creating a new ‘holding order’ in the Payment Services Act, which regulates cryptocurrency exchanges, that will order them not to take domestic assets entrusted to them by customers overseas.” Consequently, the regulator is looking to add this as the latest proposed amendment to the Payment Services Act. Back in September it emerged that amendments to that existing legislation were being looked at with a view towards making it easier for businesses to incorporate digital assets into their service offerings. The regulator has also been mulling over the reclassification of crypto as a financial instrument by amending the Payment Services Act accordingly. Additionally, a more generous tax policy is being proposed. Currently, the Japanese authorities impose a tax rate of up to 55% on cryptocurrency-related revenues. Corporate holders of digital assets have to apply a 30% tax rate, irrespective of income or profits. With that, a 20% tax rate is being considered. The matter became a political issue prior to the East Asian nation’s recent elections, with the leader of the Democratic Party for the People (DPP) backing the application of a 20% crypto tax rate. The application of a holding order has applied previously to companies that have been registered under the Financial Instruments and Exchange Act. This proposed amendment would see it applied to virtual asset trading platforms as part of the Payment Services Act. Guarding against bankruptcy lossesIf applied, the amendment would prevent loss of Japanese investor funds in circumstances where a crypto exchange platform goes into bankruptcy. Legal precedent set in the FTX bankruptcy in the United States means that if a user’s funds go into a non-individually segregated hot wallet belonging to an exchange, any property rights, even if explicitly outlined in the terms of service, are lost.  A company can make a case to go into bankruptcy in any international jurisdiction, which means that this precedent has potential implications for all market participants. The proposed amendment from the Japanese FSA would serve to protect investors from such an eventuality.