HashKey OTC scores in-principle approval in Singapore

MEXC Ventures, the venture arm of the Seychelles-headquartered MEXC global crypto exchange, has announced a strategic investment into Triv, one of Indonesia’s largest crypto exchange platforms, as part of an effort to drive further expansion of the business.Photo by Eugenia Clara on UnsplashSupporting blockchain & crypto innovationIn a press release published via PR Newswire on Aug. 5, MEXC Ventures confirmed the strategic investment, which was agreed upon based on a $200 million valuation of the Triv business. MEXC Ventures asserted that the investment falls in line with its global strategy of supporting and developing innovative blockchain and crypto sector projects. Additionally, the firm claims that the move will enable it to capitalize on Southeast Asia’s fast-growing digital asset market. MEXC Ventures Investment Director Leo Zhao said that the company was excited “to back Triv in its next phase of growth." He added: "Indonesia is one of the most dynamic and promising digital asset markets in the region, and Triv has earned a strong reputation for compliance, security, and user trust. Through this partnership, we look forward to supporting Triv in serving Indonesian users even better and accelerating the adoption of digital assets across the country." Well-established exchangeEstablished back in 2015, Triv provides spot crypto trading services, alongside staking services for Ethereum (ETH) and Cardano (ADA). The platform supports payment systems like Advcash and PayPal to enable users to make e-commerce payments and to cover everyday expenses such as utility bills. The platform is recognized for its advanced trading features. Earlier this year, Triv added the Triv Shield, a security tool that prevents platform users from inadvertently interacting with malicious contracts. The company operates under the oversight of Indonesian regulators, the Financial Services Authority (OJK) and the Commodity Futures Trading Regulatory Agency, better known as BAPPEBTI. Gabriel Rey, Founder and CEO of Triv, said that the partnership will enable the platform to expand its coin offerings, “enhance liquidity and introduce more innovative products for both new and existing users.” He believes that the partnership will also be helpful in maintaining CryptoWave Media, an educational platform that forms part of Triv Group, as a leading crypto media outlet in Indonesia.  Earlier this year, MEXC Ventures launched a $300 million Ecosystem Development Fund geared towards accelerating innovation and ecosystem growth within the blockchain sector. At the time, MEXC Chief Operating Officer (COO) Tracy Jin said that the company’s overall vision was to transition from a trading venue to an ecosystem platform, facilitating the needs of crypto industry firms. The company previously made a $16 million strategic investment into Ethena, a stablecoin project built on Ethereum that offers the USDe decentralized stablecoin pegged to the U.S. dollar. As part of that deal, it also bought $20 million worth of USDe. In April, MEXC Ventures launched IgniteX, a $30 million initiative designed to support and foster Web3 talent and innovation.

Chinese Insurer Founds 2 Crypto Funds in Hong KongChina has been in the headlines lately as the country continues to take a growing interest in cryptocurrencies in spite of a previous clampdown. According to a blog post published last Thursday, a Chinese state-owned insurance company launched two crypto funds, further solidifying the country’s stance on digital assets.©Pexels/Charlie JinChinese crypto resurgenceChinese insurance behemoth, the China Pacific Insurance Company (CPIC) has launched the two cryptocurrency funds in Hong Kong. The funds will be managed by the firm’s asset management unit, CPIC Investment Management, and have been established in conjunction with venture capital and blockchain start-up investment firm, Waterdrip Capital. Furthermore, they will focus on investments in cryptocurrencies and related assets, with a particular emphasis on Bitcoin and Ethereum.Waterdrip was originally founded in Shanghai in 2017, and has previously invested in the Chinese crypto mining sector, together with other blockchain-related projects. The move comes as China continues to make strides towards becoming a leader in the digital currency space. Last year, the country’s central bank announced plans to create its own digital currency, which is currently in the testing phase. The move is seen as a way for China to gain more control over its financial system and reduce its reliance on the US dollar.Hong Kong crypto hubChina’s growing interest in cryptocurrencies has been driven in part by the country’s rapidly growing tech industry. Companies like Tencent and Alibaba are leading the way in digital payments and e-commerce, and many believe that cryptocurrencies will play a key role in the future of online transactions.The launch of these two crypto funds by a state-owned insurance company is just the latest indication of the formative development of Hong Kong as a crypto hub. Its believed that China is treating crypto development in Hong Kong as a manner in which it can determine how digital assets can be utilized subsequently on mainland China.It’s not the first time a state-owned entity has gotten involved in cryptocurrency. Earlier this year, a state-owned company launched two crypto funds in Hong Kong, with a focus on investing in Bitcoin and other digital assets.Previous crypto crackdownDespite China’s growing interest in cryptocurrencies, the country has also taken a tough stance on the industry in the past. In 2017, the Chinese government banned initial coin offerings (ICOs) and shut down local cryptocurrency exchanges. However, it appears that the country’s stance is shifting, with the launch of these two crypto funds serving as a clear indication of China’s growing interest in digital assets.While China’s embrace of cryptocurrencies is seen by many as a positive development for the industry, there are also concerns about the country’s growing influence in the space. With China’s central bank developing its own digital currency, some worry that the country could use it to further extend its financial reach and influence around the world.Despite these concerns, it’s clear that China’s interest in cryptocurrencies is only growing. As the country continues to make strides in the digital currency space, it will be interesting to see how it impacts the global economy and the future of finance.

LINE Xenesis and Crypto.com Unite Efforts to Explore Global Blockchain Business OpportunitiesLINE Xenesis, a blockchain developer of Tokyo-based messaging app giant LINE Corporation, has signed a memorandum of understanding (MOU) with Singapore-based cryptocurrency exchange Crypto.com to explore new global business opportunities in the blockchain industry.With the establishment of LINE Blockchain Lab in April 2018, LINE Corporation has conducted research and development on blockchain-based decentralized applications (dApps), peer-to-peer networking systems, and cryptographic techniques. Thanks to this endeavor, LINE not only developed the Finschia blockchain and its native token FNSA, but also launched crypto exchange LINE Bitmax and non-fungible token marketplace LINE NFT.Photo by Shubham Dhage on UnsplashSynergistic goalsThrough this partnership, the two entities will bring together their respective expertise to advance and innovate crypto-related business solutions in Asia and beyond. They will collaborate to increase the liquidity of LINE Bitmax, strengthen crypto payment functions, and promote NFT initiatives.Founded in 2016, Crypto.com has been expanding its services worldwide. In a recent interview, Patrick Yoon, General Manager of Crypto.com Korea, shared the company’s plan to launch its services in South Korea this year. Thus far, Crypto.com has achieved virtual asset service provider registration from the Bank of Spain and secured a major payment institution (MPI) license from the Monetary Authority of Singapore. Meanwhile, despite global progress, the company ceased its institutional offering in the United States last month due to insufficient demand.Asia and beyondCommenting on this agreement, LINE Xenesis CEO Lim Inkyu said, “LINE Xenesis is exploring various ways to collaborate with the world’s leading companies in the virtual asset industry. We are excited to see the synergies created by our partnership with Crypto.com, which has more than 80 million enthusiastic users worldwide, with LINE Xenesis’ blockchain business in Japan. Starting with this collaboration in the Japanese market, we hope to work towards new business opportunities globally based on the technology and knowledge of our two companies.”Crypto.com CEO Eric Anziani echoed this sentiment, saying, “We are excited to partner with such an established and innovative brand in the APAC market and a leader in blockchain technology development in Japan. Enabling real-world utility is critical to our mission of mainstreaming crypto. Through our collaboration with LINE Xenesis, we will facilitate this utility by leveraging our respective expertise with a highly tech savvy base throughout the APAC region.”