AndUs to implement ZK rollups on Its public permissionless blockchain

Hong Kong’s Metalpha Secures $5M Investment from BitmainMetalpha Technology Holding, a Hong Kong-headquartered crypto-based wealth management company, has recently announced a significant milestone for its Next Generation Fund I. The fund, put together in collaboration with NextGen Digital Venture Limited, has secured a strategic investment of $5 million from Bitmain, a prominent player in the crypto space.Photo by Pixabay on PexelsFund expansionThe timing of this investment is noteworthy as Metalpha’s licensed fund products are experiencing rapid growth. These products cater to the increasing demand for exposure to cryptocurrencies among institutional investors, family offices, and high net worth individuals. The Next Generation Fund I serves as a regulated and compliant avenue for investing in the Grayscale Trust’s digital asset investment products through structured derivatives.Having set a target capital raise of $100 million, the fund had already secured $20 million by March of this year, demonstrating a strong market interest. This additional $5 million investment from Bitmain further solidifies Metalpha’s position and potential for expansion.Adrian Wang, the President of Metalpha, commented on the development: “We aim to capitalize on the fast growing digital assets industry here in Hong Kong and provide our clients with competitive, complaint products worldwide.”Founded in 2015, Metalpha aims to provide customers with high-quality investment products and trading capabilities. The company, which went public in October 2017, claims to deliver the best structured derivative products to participants in the cryptocurrency market.Strategic investmentThe strategic investment from Bitmain not only brings substantial financial backing to Metalpha’s Next Generation Fund I but also signifies the confidence that industry leaders have in the company’s potential. Bitmain’s reputation as a prominent manufacturer of cryptocurrency mining hardware lends credibility to the investment and serves as a testament to Metalpha’s position in the market.The digital assets sector has had to deal with a 2022 bear market and macroeconomic headwinds. Notwithstanding that, the investment is timely and while we are not in bull market conditions, the space remains progressive, working towards ongoing adoption. Institutional investors, in particular, are increasingly seeking exposure to digital assets as part of their diversified portfolios. Metalpha’s licensed fund products provide a regulated and compliant solution to meet this demand, offering investors a secure and structured way to access the cryptocurrency market.Asian hubHong Kong, as a global financial hub and aspiring crypto hub, has witnessed substantial interest in digital assets in recent months. The region’s supportive regulatory environment, combined with its proximity to major Asian markets, makes it an attractive destination for companies like Metalpha to operate and grow. The autonomous Chinese territory’s credentials have been bolstered in that respect recently with a move to permit retail crypto trading while enabling aspiring digital asset unicorns.The $5 million investment from Bitmain will enable Metalpha to further enhance its fund offerings, expand its reach, and strengthen its position as a leader in crypto-based wealth management. With the financial support and industry expertise of Bitmain, Metalpha can leverage this partnership to drive innovation and develop new investment opportunities for its clients.As the digital assets industry continues to evolve and mature, companies like Metalpha play a crucial role in bridging the gap between traditional finance and the crypto space. By providing regulated investment products and maintaining compliance with regulatory frameworks, Metalpha contributes to the overall growth and legitimacy of the cryptocurrency market.

Cross Trading of LUNA Tokens Uncovered on Three Korean Crypto ExchangesAccording to a report by the Maeil Business Newspaper on Wednesday, it was discovered that cross trading of LUNA tokens took place on three South Korean cryptocurrency exchanges: Bithumb, Coinone, and GoPax.Three crypto exchangesAn indictment by the Seoul Southern District Prosecutors’ Office against Terraform Labs co-founders Do Kwon and Daniel Shin, along with interviews conducted within the cryptocurrency industry, revealed that Bithumb, Coinone, and GoPax were involved in cross trading LUNA tokens with a combined value of $598 million. Specifically, Bithumb accounted for $224 million, Coinone for $299 billion, and GoPax for $74 billion.The prosecution has confirmed that cross trading continued until the end of February 2022, a period marked by significant demands for virtual asset legislation from both the market and academia. Despite widespread calls for regulations to curb unfair trading practices, these instances of cross trading went undetected.Classification of LUNAMoreover, it is reported that legal punishment for the $598 million worth of cross trading is challenging unless LUNA tokens are officially recognized as securities by the court. Under the Korean Capital Markets Act, only cross trading involving tokens identified as securities can be subject to penalties as a form of market manipulation.During a plenary session of the National Assembly’s Legislation and Judiciary Committee on Tuesday, Justice Minister Han Dong-hoon made a statement suggesting that LUNA tokens could be considered securities due to their backing by real-world assets. However, he said that this distinction might not apply to other tokens.On April 25, the Seoul Southern District Prosecutors’ Office indicted Shin and others as accomplices to Kwon, assuming that LUNA tokens were indeed securities. This case now revolves around whether the prosecution can successfully establish the classification of LUNA tokens as securities during the trial, making it the central issue in the case.Photo by Kanchanara on UnsplashCrypto investor protection legislationLast Thursday, the National Assembly’s National Policy Committee approved a bill known as the “Virtual Assets User Protection Act,” signaling an accelerated legislative process. However, there are arguments suggesting that the definition of cross trading should be further clarified in either the legislation or enforcement decree.A representative of a law firm specializing in virtual assets stated that the implementation of the User Protection Act would take another year even after its promulgation, making it challenging to retrospectively penalize cross trading practices that had already occurred.

KuCoin CEO: Privacy Not a Key Bitcoin FeatureJohnny Lyu, the CEO of Seychelles-headquartered cryptocurrency exchange KuCoin, recently shared his perspective on the role of privacy in Bitcoin, maintaining that privacy isn’t the primary feature of the leading digital asset that many believe it to be.Photo by Karolina Grabowska on PexelsUnit of exchange is coreIn an interview with Cointelegraph earlier this week, Lyu expressed his belief that privacy is not the core feature of Bitcoin. He argued that the primary benefit of Bitcoin lies in its function as a unit of exchange, enabling users to hedge against recessions.Lyu drew a connection between the creation of Bitcoin and the 2008 financial crisis, which was triggered by the subprime mortgage crisis in the United States. According to him, these events served as the catalyst for the birth of Bitcoin. However, he made it clear that privacy is just one of the features offered by the cryptocurrency.KYC safeguarding customer fundsAddressing concerns about the increasingly stringent Know Your Customer (KYC) checks being implemented by KuCoin, Lyu emphasized the importance of these measures in safeguarding user funds. While some individuals argue that stringent KYC practices compromise privacy, the CEO believes that they enhance security. He explained that KYC procedures protect users’ assets by establishing ownership and enabling asset tracking in the event of theft.As the cryptocurrency industry continues to expand and interact with the physical world, compliance becomes crucial. Lyu expressed his belief that KYC checks are an inevitable and healthy stage in the development cycle of cryptocurrencies. Compliance measures contribute to the industry’s long-term stability and promote user confidence.New restrictionsKuCoin recently announced that starting from July 15, 2023, mandatory KYC checks will be implemented for all new users. This means that without completing the KYC process, new users will be unable to access KuCoin’s products and services. Existing users who have not undergone KYC will still be able to trade but will face restrictions on depositing new funds.Lyu acknowledged that these new KYC restrictions may impact KuCoin’s trading volumes in the short term, as some customers may choose to leave. However, the exchange remains optimistic about the long-term benefits of compliance. The CEO expressed confidence that increased compliance will attract more secure funds and users to the industry, ultimately enhancing the overall security and integrity of the ecosystem.KuCoin currently boasts 27 million users, reflecting a 35% increase compared to the previous year. Following the announcement of the KYC upgrades, the exchange experienced a notable uptick in trading volumes, with figures rising from around $540 million to over $660 million at the time of writing, according to CoinGecko data.The introduction of mandatory KYC checks is seen as a necessary step to enhance user security and protect their assets. Although short-term effects on trading volumes are anticipated, the exchange remains optimistic about the long-term benefits of compliance measures for the entire industry.