Next Month’s Hackathon Event in Seoul Draws Attention from Ethereum Developers

Singapore Exchange Limited (SGX), the city-state’s primary asset exchange, is in the process of establishing Bitcoin perpetual futures trading on the platform.Photo by Kanchanara on UnsplashInstitutional product offeringAccording to a report published by Bloomberg earlier this week, the exchange platform intends to launch Bitcoin futures sometime during H2 2025. The product launch will be subject to regulatory approval from the Monetary Authority of Singapore (MAS). A spokesperson for the company told Bloomberg that the product offering will be geared exclusively towards institutional investors and traders in an effort to “significantly expand institutional market access.” Retail access to the product will be prohibited. Once launched, these Bitcoin perpetual futures contracts, being offered through a traditional finance (TradFi) outfit like SGX, will help to blur the lines between TradFi and the emerging crypto sector. Perpetual futures have no expiry date. They offer a means for traders to bet on price changes in an underlying asset while doing away with the need to take ownership of the asset itself. Cautious approachSGX has been cautious in listing crypto assets and derivative products. Last year the firm’s CEO, Loh Boon Chye, said that the time was not yet right for such listings.  His concern back then was that any such product launches would need “sustainable ecosystem support,” adding that “that means demand, that means governance, that means structure.” While spot Bitcoin exchange-traded funds (ETFs) had been approved in the United States at that point, there has been much further development in the crypto-sphere since then, following the election of a pro-crypto administration in the U.S. That event has had knock-on effects globally. Singapore’s SGX isn’t the only traditional exchange platform to respond. Japanese futures exchange, the Osaka Dojima Exchange (ODEX), is gearing up to file an application with the Financial Services Agency (FSA) to list a Bitcoin futures product later this month. Closer to home, an American digital asset marketplace that focuses on institutional trading, EDX Markets, has plans to introduce Bitcoin perpetual futures products to the Singaporean market, according to a report which emerged in January. In May 2024, EDX launched EDXM Global, a settlement platform, in Singapore. This product launch by SGX serves the purposes of decision-makers in Singapore, who have been trying to position the city-state as a digital asset industry hub. Additionally, the move will bring greater acceptance of the digital assets sector from traditional market participants. Crypto perpetual futures contracts were first pioneered by crypto derivatives exchanges like BitMEX back in 2016. Since then, other crypto-native platforms like Binance and OKX have offered these products. In the case of unregulated offshore exchanges, the products have proven to be controversial, as at times, they have been used in a manner that has exposed market participants to counterparty risk. Failed crypto exchange FTX, together with its sister company Alameda Research, relied on the products in their trading activities. SGX, as a seasoned, regulated TradFi operator, which holds an Aa2 rating from Moody’s, is likely to prove to be a more palatable option for institutional players.

DeFi investment platform Allbit.com adds portfolio and analytics servicesBlockchain firm Ozys, announced on Nov. 3 (local time) that it has added portfolio and analytics services to its comprehensive Web3 financial investment platform Allbit.com.Photo by rc.xyz NFT gallery on UnsplashIntegration with KlaytnThe beta version of Allbit.com was launched in March, with a trading view chart displaying real-time prices of cryptocurrencies based on trades that are made on KLAYswap, a major decentralized finance (DeFi) protocol launched by Ozys. KLAYswap is built on Korean tech juggernaut Kakao’s open-source public blockchain called Klaytn.Newest features“Users of KLAYSwap and KLAYSTATION can now easily check the status of their on-chain activities without having to track them separately,” explained Ozys CEO Roi Choi.The “My Portfolio” feature on the recently updated platform gives users a convenient way to monitor their asset balances, the liquidity on KLAYswap, and the staking status of KLAYSTATION, a staking tool based on the Klaytn network. For better risk management, the “Net Asset Trend” graphically displays daily changes in the user’s net asset value. Additionally, the “PNL (ROI) Dashboard” provides insights into profit and loss by showing real-time and periodic performance data. Whether tokens are held in a personal wallet or deposited into a particular service, the dashboard tracks token price movements to present users with an up-to-date view of their investment returns.Allbit.com customers can also keep up with activities on various wallets and market trends through their personalized watchlists and share their portfolios with others.Choi added that Ozys plans to add more functions to Allbit.com in the future to enhance the user experience and optimize convenience.

Klip Wallet’s WalletConnect Integration Includes Access to OpenSea NFTsGroundX, a blockchain subsidiary of the South Korean messaging app behemoth Kakao, has announced that its digital asset wallet, Klip, now supports WalletConnect, a protocol that enables seamless connections between mobile cryptocurrency wallets and decentralized applications (dApps).Photo by Mariia Shalabaieva on UnsplashAccess to OpenSea and beyondThis integration brings new benefits to Klip users, as they can now easily access various platforms, including the popular non-fungible token (NFT) marketplace, OpenSea. With WalletConnect, users can efficiently manage a wider range of digital assets, making their experience more comprehensive and convenient.PC and mobile compatibilityAnother advantage of Klip’s adoption of WalletConnect is that both PC and mobile users can now access Klip and other blockchain services through this protocol. This ensures a smooth user experience across different devices, allowing for greater accessibility and flexibility.GroundX’s expansion effortsGroundX has been working on improving Klip’s functionality and services. Recently, it forged a partnership with the 1inch Network, a decentralized finance (DeFi) aggregator that offers competitive token swap rates on various decentralized exchanges, enhancing Klip’s token exchange capabilities. Thanks to this collaboration, Klip users can not only exchange Klaytn-based tokens but also tokens based on the Ethereum and Polygon blockchains. This expanded compatibility adds further value to the Klip wallet, empowering users with more options and opportunities for managing their digital assets efficiently.A spokesperson from GroundX emphasized that these recent enhancements in the Klip wallet will enhance its usability and convenience for users. The spokesperson added that the inclusion of various NFTs and DeFi assets within Klip through WalletConnect will lead to the expansion of the Klip wallet’s ecosystem.