Crypto.com Halts Institutional Exchange Service in the US

Hang Seng Ponders Crypto Product OfferingHang Seng Investment Management Co., the largest exchange-traded fund (ETF) manager in Hong Kong, is considering entering the decentralized ecosystem.According to a report in local news media in Hong Kong on Wednesday, Li Peishan, the firm’s Director and Executive President, stated that Hang Seng is paying close attention to the development of digital assets. She clarified that the company is examining the possibility of including digital assets within its existing investment product offering.Photo by Jonathan Borba on UnsplashCrypto ETF expansionThis news comes shortly after HSBC, one of the largest banks in Hong Kong, introduced Bitcoin (BTC) and Ethereum (ETH) ETFs to its customers, becoming the first bank in the region to do so. This development has opened up possibilities for greater cryptocurrency adoption in the area.While most people in the space recognize that the authorities in the US have gone too far in their clampdown on the digital assets space, it’s interesting to note that recent weeks have seen a plethora of established TradFi players filing Bitcoin spot ETF applications. That list includes the world’s largest asset manager, BlackRock, multinational financial services firm Fidelity Investments, WisdomTree, VanEck, and others.Assessing potentialPeishan stated that while the company does not have a specific plan to develop a crypto ETF, Hang Seng is actively assessing the potential of incorporating digital assets into their existing investment products. She highlighted the remarkable growth in the average daily asset management scale, which has surged by 80% since December and has surpassed HK$12 billion.On June 24, Leung Fung Yee, the CEO of the Securities and Futures Commission of Hong Kong (SFC), emphasized the importance of crypto service providers embracing the next generation of the web and finance. He expressed Hong Kong’s ambition to establish itself as the central hub for crypto companies, fostering innovation within the region.Responding to Yee’s statement, the Hong Kong Virtual Assets Consortium (HKVAC) announced the inclusion of XRP, SHIB, and ADA in its newly developed HKVAC index. The creation of the HKVAC index aims to assist investors in analyzing the potential of cryptocurrencies and gaining insights into their prospects.The digital assets landscape in Hong Kong is evolving rapidly, driven by increasing interest in the asset class and the recognition of their transformative potential. Hang Seng Investment Management’s exploration of the decentralized ecosystem signifies the growing demand for exposure to cryptocurrencies among traditional financial institutions.TradFi IntegrationThe introduction of Bitcoin and Ethereum ETFs by HSBC represents a significant milestone in the adoption of cryptocurrencies within the traditional banking sector. This recent indicator from Hang Seng suggests that we are likely to see more developments unfold within the ETF space in Hong Kong in the not-too-distant future where digital assets are concerned. That view is further endorsed by the findings of a recent report produced by the Hong Kong Stock Exchange, pointing to the yet-to-be-realized potential of crypto ETFs.As the industry continues to mature, the integration of digital assets into traditional investment products is likely to become increasingly common, leading to a more diversified and inclusive financial ecosystem.

Seychelles-based crypto exchange OKX’s Web3 wallet service, OKX Wallet, has begun supporting Wemade’s blockchain network WEMIX3.0, according to an announcement on Friday (KST). This development will allow OKX Wallet holders to directly manage the crypto assets that they hold from the WEMIX3.0 ecosystem. Photo by GuerrillaBuzz on UnsplashSeamless access and versatile Web3 servicesOKX Wallet notably supports over 70 networks and 3,000 cryptocurrencies and provides other wide-ranging Web3 services like NFT trading, crypto swaps and a decentralized finance (DeFi) platform. In particular, it also has a hassle-free recovery process for account access that employs Multi-Party Computation (MPC) technology, effectively eliminating the need for traditional recovery methods like seed phrases.  OKX Wallet and WEMIX3.0 also vowed to work on more integrations and joint campaigns in the future to round up a larger global user base and lead the era of Web3.  A rising force in cryptoIn other news, WEMIX3.0’s governance token, WEMIX, has been making a significant impact in the crypto industry. The asset ranked ninth in CoinMarketCap’s list of largest blockchains in crypto ranked by total value locked (TVL) last month, and it possessed the largest constituent weight in terms of market capitalization in the gaming sector in the latest Crypto Sector Indices released by Sygnum, a global digital asset banking group headquartered in Switzerland and Singapore. 

U.S.-based crypto startup Ondo Finance, a financial infrastructure firm that concerns itself with the tokenization of real-world assets (RWAs), has officially revealed its intention to expand into the Asia Pacific (APAC) area, with the inauguration of its first office in the region. In a press release published by the company on Sunday, Ondo clarified that the expansion is a direct response to the escalating interest in digital assets throughout Asia. That interest the company attributes to factors such as a flourishing crypto community, shifting regulatory environments and a growing appetite for exposure to U.S. assets.Photo by Florian Wehde on Unsplash40% market shareAt present, Ondo Finance holds a 40% share of the global market where tokenized RWAs are concerned. That market share has been driven by its three main tokenized product offerings: OUSG, designed for exposure to U.S. Treasuries; OMMF, facilitating exposure to U.S. money market funds; and USDY, positioned as a yield-bearing alternative to traditional stablecoins. These products serve as a conduit for global investors to access U.S.-based asset classes in tokenized form, aligning with the rising trend of digital asset adoption. To spearhead its APAC expansion initiative, Ondo Finance has appointed Ashwin Khosa as the vice president of business development in the region. Khosa brings nearly a decade of experience in Hong Kong-based institutional business development, having worked with multinational financial services company Citi, alongside key crypto firms such as Tether and its sister company, Bitfinex. His expertise encompasses both on-chain finance and a profound understanding of the APAC market. Khosa stated: “The team is top-notch and the mission of bringing real world assets onchain is extremely important. I look forward to working closely with partners in the region to help investors gain access to this next generation of high-quality assets.” Founded in 2021 with roots tied to the Goldman Sachs Digital Assets team and supported by leading venture capitalists including Founders Fund, Pantera Capital and Coinbase Ventures, Ondo Finance is looking to solidify its position as a dominant force in this newly emerging market on the back of nearly 40% of the global market share in tokenized securities. Nathan Allman, the founder and CEO of Ondo, expressed his excitement about the expansion, stating:“We’re very excited about our expansion into APAC. There is an active and rapidly growing crypto community and an appreciation for the type of high-quality exposure to US assets that our tokens provide.” Suspected token dumpIn a related development on Monday, on-chain sleuths have presented data that may indicate a sell-off of $11 million worth of ONDO tokens, the project’s native token. 20 million tokens were sold, with the suggestion that the token unit price fell in tandem with that market activity. Earlier on Monday, the token traded at $0.3062. At the time of writing, it's trading at $0.25. This expansion into the APAC region follows a string of pivotal developments for Ondo, including the revelation of its strategic roadmap and partnerships within the Ondo ecosystem. Additionally, the Ondo Foundation has introduced a points program and a proposed unlocking of its ONDO token, marking an integral part of the company's ongoing growth and development.