Bybit enables stock trading with USDT

ADDX Expands to Tap into MENA’s Thriving Private MarketSingapore-based global private market exchange ADDX has revealed plans to extend its blockchain-enabled private market exchange platform into the Gulf Cooperation Council (GCC) and the broader Middle East and North Africa (MENA) regions.In a recent announcement, the company stated that the move aims to bridge the existing financing gap between private enterprises and capital providers, positioning ADDX strategically relative to global financial transformation.Photo by Kyle Glenn on UnsplashExploiting MENA potentialThe MENA region has seen a surge in demand for strategic growth capital, particularly from micro, small, and medium-sized enterprises (MSMEs) and innovative startups. These enterprises are expected to play a pivotal role in driving sustainable economic growth across the region. By introducing its platform, ADDX aims to provide these enterprises with a seamless pathway to access early-stage, high-growth private investment opportunities, blending cutting-edge technology with rigorous compliance standards.ADDX’s primary objective is to catalyze the growth of innovative enterprises that are key to the region’s sustainable economic diversification by facilitating the inflow of capital. This initiative aligns with the region’s focus on cutting-edge sectors such as artificial intelligence, Web3, and sustainable construction practices.Since its establishment in 2017, the platform has secured $140 million in funding from institutions such as the Singapore Exchange and Korea’s KB Financial Group. With its expansion into the MENA market, ADDX aims to act as a conduit for strategic growth capital, enabling pre-IPO companies in the region to access local and global financial resources.Simultaneously, this expansion is expected to open up numerous investment opportunities in thriving Asian enterprises for fund managers based in MENA, further strengthening the economic ties between the Asia-Pacific (APAC) and MENA regions.Danny Toe, CEO of ADDX, shared his vision for the company, saying: “The ability to safely and securely open private markets to capital investment presents tremendous opportunities for governments and regulatory bodies to add to the financial infrastructure of the regions.”Blockchain relevanceManuel Jaeger, ADDX’s Head of Business Development at the firm, expanded on the transformative potential of this move, emphasizing the role of blockchain in revolutionizing private market investing. Jaeger stated:“The rise of blockchain-powered platforms has changed the game and transformed how investors view private market investing. Our next step is to replicate in MENA the approach we have taken in APAC. This involves working closely with financial institutions, regulators and government organizations as well as leaders across the Middle East region to create an open flow of capital across private markets for the long-term benefit of investors, private companies and the global economy.``Tokenization of real-world assets and investment products is expected to be a growing trend over the next few years. That development has not been lost on ADDX. In May, the company collaborated with Singapore’s oldest bank, OCBC Bank, to launch a tokenized equity-linked structured note.The firm has cottoned on to the relevance of crypto in the investing arena, becoming the first financial institution in Singapore in 2022 to recognize crypto assets in reckoning if clients achieve the minimum personal wealth levels to be onboarded as accredited investors.

Arthur Hayes: Chinese monetary policy could ignite crypto marketArthur Hayes, Co-Founder of Seychelles-incorporated crypto exchange and derivatives platform BitMEX, suggests that China could inject a substantial amount of credit into its economy, potentially giving a boost to Bitcoin and the broader crypto market.Photo by Eric Prouzet on UnsplashPotential flood of yuan creditThe firebrand crypto OG outlined his thoughts on the matter in a blog post which was published on Monday. Hayes discussed how, although China has currently made credit expensive in order to hold back credit growth and inspire confidence in the economy, its monetary authorities might be gearing up to flood the economy with yuan credit, creating a favorable environment for cryptocurrencies.He outlined a series of factors contributing to this potential surge in Chinese credit. He pointed to the interplay between U.S. monetary policy and the Chinese yuan, emphasizing how recent U.S. actions are laying the groundwork for China to issue substantial credit, particularly to its struggling property sector.Describing U.S. policy as “weakening the dollar by issuing more Treasury bills,” Hayes noted the consequent decline of the dollar index (DXY) throughout November. He argued that the weaker dollar gives China the flexibility to increase yuan credit without significant depreciation, possibly even leading to yuan appreciation.If the Federal Reserve at a minimum holds rates and better still, starts to cut rates, China will be in a position to pursue the stimulus needed for its property market and for infrastructure spending.Hong Kong as the gateway to capital marketsAccording to Hayes, the global monetary dynamics set in motion by these factors could be advantageous for Bitcoin and the broader cryptocurrency market. He explained that the bulk of the financing will trickle down into speculation within the financial markets. If China starts printing yuan, the capital is likely to flow into global markets, supporting the prices of various risk assets.But how can this happen, given that speculation and crypto trading are prohibited in China? Hayes’ view is that Hong Kong is now China’s gateway to the global capital markets. Wealthy Chinese individuals now bank via Hong Kong. As we have seen, the autonomous Chinese territory has a workable regulatory framework in place and is now actively licensing crypto exchanges and brokers. Consequently Bitcoin and crypto, generally, could be among the risk assets benefiting from an influx of capital.Furthermore, the BitMex co-founder believes that as yuan credit becomes abundant, the global demand for dollar credit and liquidity may decrease. Given that the dollar is a primary funding currency, a fall in the price of credit could lead to a rise in fixed-supply assets like Bitcoin and gold in dollar terms.Hayes concluded what is a long and detailed blog post by stating:“I will continue moving money out of T-bills and into crypto because I want to get in now before it becomes apparent through the data that China’s money printer is going brrrrr.”He suggested that Chinese New Year, which occurs in mid-February of next year, could be the time in which that extra credit materializes in China. Hayes’ latest assertion comes on the back of a bold claim he made last month when he suggested that bitcoin could reach a unit price of $1 million by 2026.

Hodlnaut to proceed to liquidationCryptocurrency lender Hodlnaut, based in Singapore, is set to undergo liquidation, according to former interim judicial managers, Aaron Lee and Angela Ee.The High Court of Singapore has lifted the protection order it had put in place in respect of the business and efforts to restructure it in August 2022. The decision, formalized with a winding-up order filed on Friday in the High Court, follows a period of trading in 2022 when the company incurred losses of approximately $189 million due to the collapse of the Terra ecosystem in May 2022.The liquidators, tasked with providing regular updates to the more than 17,000 creditors, will oversee the process. Hodlnaut’s crypto assets, amounting to $13.3 million, were locked on FTX before the exchange froze withdrawals and declared bankruptcy last November. Despite a rejected restructuring plan earlier this year, the creditors opted for liquidation, deeming it more favorable to their interests. Aaron Lee and Angela Ee will now act as the appointed liquidators, overseeing the winding-up process under the Insolvency, Restructuring and Dissolution Act of 2018.Photo by Hu Chen on UnsplashCreditors favored liquidationAt an early stage, Hodlnaut founders Simon Lee and Zhu Juntao were in favor of a business sale as a preferable alternative to liquidation. Back in February, there appeared to be some potential of a sale, with several buyers having indicated an interest in the business. The identity of these interested parties was never revealed and the interim judicial managers of the restructuring process later confirmed that no “white knight” had emerged to buy out the business.It became clear in April of this year that creditors preferred liquidation as opposed to attempting to restructure the business. The Algorand Foundation is a leading creditor, with a $35 million exposure to Hodlnaut. In a court filing in April, the Algorand Foundation, alongside other leading creditors Samtrade Custodian Limited and S.A.M. Fintech Pte Ltd., were noted as being opposed to a restructuring.OPNX bidIn August it emerged that controversial crypto claims trading platform OPNX, owned by Three Arrows Capital’s (3AC) Kyle Davies and Su Zhu alongside Mark and Leslie Lamb from CoinFLEX, was mounting a bid for Hodlnaut.OPNX had proposed to provide a capital injection of $30 million. The proposal outlined that this investment would be made in the form of FLEX tokens, the native token of the CoinFLEX platform.Following consideration by the interim judicial managers overseeing Hodlnaut’s restructuring process, it decided not to take up the offer. It was decided that the FLEX tokens had a speculative value and that they were highly illiquid.Additionally, no clear timeline had been provided by OPNX in respect of the repayment of creditors’ debts. Furthermore, the proposal was found to be scant on detail, particularly with regard to payments which were limited to 30% of liabilities. In August the FLEX token experienced a large drop, falling 90% in value.