OKX enables zero-fee SGD transfers in Singapore

Real-World Asset Investment Platform Alterna Launches in JapanMitsui & Co. Digital Asset Management (Mitsui & Co. DAM) has unveiled Alterna, a novel platform designed to offer retail investors the chance to invest in real-world assets (RWAs). The service launched on Monday following receipt of the necessary regulatory approvals.Photo by Louie Martinez on UnsplashRWA-backed security tokensAlterna enables users to conveniently invest in RWAs that generate stable rental income and other returns. RWAs encompass a wide range of assets, including large-scale real estate properties and infrastructure such as logistics facilities and power plants. By offering security tokens, Alterna opens the door to previously out-of-reach investment opportunities, allowing individuals to invest with a minimum of 100,000 yen. This new service represents an exciting alternative for individuals traditionally more comfortable with cash savings.The first investment opportunity on the platform will be “Stage Grand Nihonbashi Ningyocho,” a residential building located in the Nihonbashi district. The application begins on June 2.The platform’s name, Alterna, emphasizes its role as an alternative investment service, offering a fresh approach distinct from conventional options such as bank deposits, stocks, and investment trusts.More effective portfolio managementCompared to traditional investment types like stocks and bonds, RWAs offer unique risk-return characteristics. With RWA-backed investments, investors can potentially achieve more effective portfolio management. These alternative assets have been garnering interest from institutional investors as well.The Japanese Government Pension Investment Fund (GPIF), the world’s largest institutional investor, has been investing in alternative assets since 2014. To pursue yields, the GPIF has been expanding its investment portfolio in real assets like real estate and infrastructure.Easy investment with smartphonesTraditionally, retail investors encountered difficulties investing in large-scale real estate and infrastructure assets. Mitsui & Co. DAM aims to establish an environment where such investments can be made easily via security tokens using smartphones.Interest in Alterna has been substantial even before its official launch, with over 10,000 pre-registrations recorded earlier this month.

OKX Strengthens Partnership with Manchester City Football ClubSeychelles-based crypto exchange OKX has announced the expansion of its sponsorship deal with Manchester City Football Club, the treble-winning English Premier League soccer champions.The announcement was made through a virtual reveal video featuring player avatars, presented at Manchester City’s Etihad Stadium. News of the deal was also posted on the English club’s website on Friday.While the valuation of the deal remains undisclosed, the collaboration signifies a significant milestone for both parties. The new agreement, which spans multiple years, establishes OKX as the official sleeve partner on both the men’s and women’s first-team playing kits.Photo by Giero Saaski on UnsplashExtended partnershipUnder this extended partnership, the OKX logo will be prominently displayed on the sleeves of Manchester City’s playing kits, solidifying its position as a key sponsor. Additionally, OKX will retain its presence on the club’s training kit sleeve.City Football Group, the holding company that owns Manchester City and other soccer teams like New York City FC and Melbourne City FC, oversees the management and operations of the club.OKX initially became Manchester City’s official cryptocurrency exchange partner in March 2022. Subsequently, in July of the same year, the exchange secured a sponsorship deal to feature its logo on the front of the club’s training kit throughout the 2022/2023 season. At the time, the agreement was reported to be valued at over $12 million.OKX CollectiveIn February, OKX launched the “OKX Collective” alongside Manchester City players Jack Grealish, Rúben Dias, Ilkay Gündoğan, and Alex Greenwood. This immersive metaverse fan experience offered exclusive content and rewards, allowing fans to engage with the club in a unique way.OKX’s CMO Haider Rafique expressed satisfaction with the evolving partnership, stating: “Manchester City was our first official global brand partnership, and in just a year and a half, we have come a long way. We always intended to integrate with the sport and help the club lead on leaning into Web3. Fast forward fifteen months, we now have a metaverse, an NFT initiative, and a number of other new projects that we are excited about.”Additional sports sponsorshipsBesides Manchester City, OKX has also established partnerships with other prominent sports brands and athletes, including McLaren Formula 1, the Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.While OKX’s partnership with Manchester City strengthens its global fan base, it’s worth noting that the sale of crypto derivatives, a product offered by OKX, was effectively banned by the UK’s financial regulator in January 2021. Consequently, OKX and other crypto exchanges have refrained from advertising such services in the country.As the Premier League clubs have collectively agreed to restrict gambling sponsorships on team shirts, there are concerns that similar restrictions may be imposed on crypto company sponsorships. However, any such developments are expected to be some years away, as the changes regarding gambling sponsorships are scheduled to take effect in the 2026/2027 soccer season.Marketing spend by crypto firms has sobered up quite a bit since the heady heights of the last bull run. However, OKX remains one entity which has been fairly consistent in continuing its marketing efforts regardless of market conditions.

Hong Kong Exchanges and Clearing Limited (HKEX), the operator of the Hong Kong stock exchange, has announced plans to launch a digital asset price index. The index which the company is marketing as the HKEX Virtual Asset Index Series, will aim to provide for the developing asset class, while complimenting Hong Kong’s overarching efforts to transform itself into a regional digital assets hub. The company announced details of the new product offering in a press release published to its website on Oct. 28. HKEX indicated that the product will go live on Nov. 15, outlining that the product “provides investors with transparent and reliable benchmarks for Bitcoin and Ether pricing in the Asian time zone.”Photo by Kanchanara on UnsplashReference index for Bitcoin (BTC) and Ether (ETH)The firm claims that the Index Series will include a Reference Index for Bitcoin (BTC) and Ether (ETH) while providing a Reference Rate for the two leading digital assets. The Reference Index will be formulated using a 24-hour volume-weighted reference spot price, with that pricing coming from leading virtual asset exchanges. The Reference Rate has been devised with the settlement of financial products in mind. As a result, it will be calculated on a daily basis at 16:00 Hong Kong time. From a compliance perspective, the product complies with the European Union’s (EU) Benchmark Regulation (BMR), being the first such product to be developed in Hong Kong. Additionally, the Index Series will be administered by CCData, a UK-headquartered data and index solutions firm formerly known as CryptoCompare.  Taking to the X social media platform, CCData outlined that the product is underpinned by its data selection process, leveraging its “Exchange Benchmark methodology to provide highly robust real-time and EOD  [end-of-day] reference rates.” The firm added that the offering will introduce “essential benchmarks for the Asian market,” while enhancing transparency and reliability within the digital assets sector, broadening opportunities for market participants across the region. Enabling informed investment decisionsHKEX CEO Bonnie Chan said that the company was pleased to introduce the HKEX Virtual Asset Index Series to meet the region's growing demand for this fast-emerging asset class. “By offering transparent and reliable real-time benchmarks, we seek to enable investors to make informed investment decisions,” she added.Like many other financial services firms in TradFi, HKEX has been getting itself acquainted with the blockchain and digital assets sector. In October of last year, the firm launched a blockchain-based settlement platform called Synapse. The platform relies upon DAML-based smart contracts. Earlier this year, a number of asset management firms launched spot Bitcoin and Ethereum exchange-traded funds (ETFs) on the exchange. In April, a report published by HKEX suggested that the true potential of crypto ETFs had yet to be fully realized, pointing out that a number of regulatory tweaks would be necessary to better support digital asset-based products. HKEX itself could have a greater role to play in the expansion of the digital assets sector in Hong Kong. Last month Hong Kong Legislative Council member Lee Wai-hung called on the platform to expand its range of derivatives, including crypto derivatives.