Bybit enables stock trading with USDT

Web3 Security Startup Blockaid Raises $33M in FundingIsraeli enterprise Blockaid, a Web3 security startup founded by two former Israeli military cyber intelligence personnel, has secured a total of $33 million in funding.The recent Series A round of $27 million was led by Ribbit Capital and Variant and saw participation from Cyberstarts, Sequoia Capital, and Greylock Partners. This funding totals $33 million when consolidated with an initial $6 million seed round.Photo by Shubham’s Web3 on UnsplashSecuring Web3 against threatsBlockaid offers comprehensive Web3 security solutions designed to combat crypto fraud, phishing, and hacks. Its approach involves the examination of both on-chain and off-chain transactions. In this way, the firm is seeking to set itself apart from competitors like CertiK and Cyvers.The company’s decentralized application (dApp) Scanning Engine simulates and validates blockchain transactions before they are executed. This process takes place within Blockaid’s dApp Scanning Sandbox, which also assesses the potential maliciousness of interactions and dApps.Since its inception in September 2022, Blockaid claims to have successfully scanned over 450 million transactions, preventing over 1.3 million attacks and safeguarding more than $7.1 billion in assets. Furthermore, the Israeli startup’s efforts have averted losses of over $500 million in the Web3 ecosystem.Recent success storiesOne notable success story involves the prevention of a phishing attack targeting Ethereum co-founder Vitalik Buterin’s X (formerly Twitter) account. Due to Blockaid’s security measures, users’ wallets remained protected, though unsecured wallets with approximately $700,000 in assets, including valuable NFTs, suffered losses in the attack. Blockaid has been involved in enhancing security for prominent platforms, including MetaMask, OpenSea, Zerion Wallet, and Rainbow Wallet.With the newly acquired funds, Blockaid aims to expand its client base and meet an increasing demand for its security solutions. Ido Ben-Natan, co-founder and CEO of Blockaid, expressed confidence in their ability to support both existing and new customers during these market conditions. Blockaid operates from New York and Tel Aviv and plans to bolster its workforce by hiring additional personnel across various functions.Addressing the Web3 security challengeThe significance of Blockaid’s work becomes even more apparent when considering the current challenges in the Web3 space. In recent years, the Web3 sector has faced a rising tide of fraud, phishing attempts, and hacks. As noted by Ben-Natan, Web3 has experienced staggering losses, with $14 billion stolen in just one year, surpassing losses in all non-crypto cyber-crime combined. Additionally, one in ten decentralized applications (dApps) has been identified as malicious, making even crypto-savvy users susceptible to malicious actors.Furthermore, there is a growing concern about nation-state actors actively targeting and stealing user funds for their economic gain. In this adversarial and uncertain environment, the usability and security of Web3 must be enhanced to unlock its full potential. Blockaid’s innovative security tools aim to provide the necessary protection for Web3 builders and users.There’s no doubt that Web3 has to become more seamless and far more secure if it is to appeal to the mass market. In its blog post announcing the funding round, the project stated:”We believe that users shouldn’t have to know they’re interacting with crypto. We believe that web3 should just work, and work securely.”

Hong Kong Crypto Exchange Contemplates Sale at HK$1 Billion ValuationHong Kong’s BC Technology Group is reportedly considering the sale of its crypto platform, OSL, with a suggested valuation of approximately HK$1 billion ($128 million).Photo by Samuel Chan on UnsplashDiscussions with potential buyersThat’s according to a report published by Bloomberg on Monday. OSL holds the distinction of being one of only two exchanges alongside competitor HashKey licensed under the digital asset regulations introduced by the city of Hong Kong in June. Bloomberg cited anonymous sources familiar with the matter having revealed that BC Technology has initiated discussions with potential buyers, including industry players and funds.OSL’s platform encompasses prime brokerage, exchange services, and secure custody solutions for the cryptocurrency markets. Furthermore, OSL plays a pivotal role in facilitating financial institutions’ access to virtual asset trading. Rather than a complete sale of the company, BC Technology is considering the possibility of divesting specific parts of the business, according to these sources.It’s important to note that these deliberations are ongoing, and there is no guarantee that they will culminate in a final deal, as highlighted by the insiders. In response to an inquiry from Bloomberg News, a representative from BC Technology stated:“We are a highly transparent and regulated company. We do not comment on market rumors and speculations.”Valuable trading licenseOSL's regulatory licensing is likely to add considerably to its value. Earlier this year it emerged that digital asset sector firms were shelling out a range between HK$20 million and HK$200 million in their efforts to secure crypto trading licenses in Hong Kong.In May the company obtained Type 1, 4, and 9 licensing from Hong Kong’s Securities and Futures Commission (SFC) through its OSL Asset Management (OSLAM) business. Following the acquisition of licensing, the firm moved to launch its first fund, concentrating on blockchain, artificial intelligence (AI), and Web3 technologies.Hong Kong’s crypto hub challengesHong Kong enabled retail-level crypto trading on June 1, with the aim of further establishing the city as a hub for the cryptocurrency sector. The regulatory change enabled retail investors to trade larger tokens such as Bitcoin and Ethereum on licensed exchanges. Despite these efforts, demand for cryptocurrencies remains lackluster due to the lingering effects of last year’s wave of crypto sector bankruptcies.To compound matters, Hong Kong is also grappling with the repercussions of the JPEX exchange scandal, an unlicensed Dubai-headquartered entity that further tarnished the reputation of the digital asset industry in the region.BC Technology’s market value has shown substantial growth, surging to almost HK$1.9 billion from its low point earlier in the year. However, the company’s shares remain down by 80% from their peak in June 2021, which coincided with the cryptocurrency market’s frenzy during the pandemic.In response to market developments, OSL has withdrawn its application for a digital asset license in Singapore and it is preparing a revised submission. It’s worth noting that certain clients from Singapore are being transitioned to the exchange in Hong Kong.

Hong Kong’s OSL crypto exchange receives $91M boostBC Technology Group, the owner of the licensed OSL exchange, has secured a HK$710 million ($90.9 million) investment from BGX.Photo by Precondo CA on UnsplashBringing clarity to BitgetX market withdrawalBGX is reportedly associated with Seychelles-incorporated crypto exchange Bitget. The investment, which was announced via statements published by both BC Technology Group and BGX on their respective websites on Tuesday, brings further clarity to the rationale behind Bitget’s recent decision to withdraw its BitgetX platform from the Hong Kong market.BitgetX was believed to be working towards crypto licensing in Hong Kong. Its decision on Monday to stop pursuing a virtual asset trading platform (VATP) license and withdraw from the market entirely had been perceived as a weakness of the regulatory regimen in Hong Kong. However, it now appears that it was just clearing the way for involvement in crypto trading brought about through its investment in OSL, an entity that has already acquired a trading license within the Chinese autonomous territory.BGX has entered into an agreement to acquire a 29.97% stake in BC Technology, OSL's parent company, pending shareholder approval. According to an announcement, BGX CEO Patrick Pan Zhiyong is set to become one of two new executive directors as part of this investment. Pan, concurrently serving as the CEO of BitgetX, will also oversee the transition as Bitget steps back from the market, scheduling its platform closure for Dec. 13.Sale rumors deniedReports emerged in October that BC Technology Group was considering the sale of OSL based on a $128 million valuation. Contrary to those reports, BC Technology vehemently denied any intentions to sell OSL, emphasizing its commitment to maintaining the exchange’s operations. The company dismissed such speculation as “factually inaccurate and highly misleading,” underscoring its dedication to navigating the evolving crypto landscape.Bitget, responding to inquiries from the South China Morning Post (SCMP), asserted its independence from BGX, stating that it is “an independent entity” with no legal or commercial connections to the crypto firm.BGX is incorporated in the Cayman Islands and wholly owned by Liu Shuai, the founder of Shenzhen Qianhai Junchuang Fund Management and Singaporean crypto fund Foresight Ventures. Liu’s investment portfolio includes Bitget, as well as U.S. crypto media group The Block, which was acquired by Foresight Ventures, according to reports earlier this week.The incorporation of BGX into BC Technology’s ecosystem introduces a dynamic player with diverse investments across the crypto space. Against the backdrop of Hong Kong’s changing regulatory landscape, with the introduction of a mandatory licensing scheme last year, BC Technology’s OSL was the first exchange to obtain a voluntary license from the Securities and Futures Commission (SFC) in 2020. The asset management division of the company received a trading license in May of this year. In August, OSL, along with HashKey, received approval from the SFC to upgrade their licenses, allowing them to serve retail investors.The evolving regulatory environment reflects Hong Kong’s ambition to position itself as a crypto hub, attracting both institutional and retail participants. While that endeavor is not without its challenges, the city hasn’t been adversely affected by BitgetX's withdrawal from the market, given this related investment in OSL.