Hong Kong’s HaskKey launches app following regulatory approval

Japan’s Mt.Gox to commence creditor repayments shortlyCreditors of Mt. Gox, the Japanese Bitcoin exchange that suffered a devastating hack in 2014, have received a glimmer of hope with an announcement from the administrators of the Mt.Gox estate that repayments are imminent.The recent announcement from Nobuaki Kobayashi, the trustee overseeing Mt. Gox’s estate was made on Tuesday when Kobayashi initiated the distribution of emails to rehabilitation creditors, hinting at the commencement of repayments. Social media reports have fueled optimism, suggesting that creditors may start receiving repayments in cash in 2023.Photo by Manuel Cosentino on UnsplashFirst round repayments in 2023The email, sent in both Japanese and English, outlined Kobayashi’s plan to initiate the first round of repayments in 2023, with the process extending into 2024. The email highlighted the complexity of the task, citing the large number of rehabilitation creditors, diverse types of repayments and varied processing times required. Despite the lack of specific timelines for individual creditors, the email conveyed a cautiously optimistic tone about progress.Cash vs. bitcoinReaction within the Mt. Gox community has been mixed. Some commentators view Kobayashi’s email as “cautiously promising,” interpreting it as a positive sign that repayments are finally on the horizon. Long-suffering creditors had been informed of a one-year extension to the repayment deadline in September. Additionally, some observers have raised concerns, noting that the email specifically references cash payments, whereas many victims of the Mt. Gox hack anticipate the return of large amounts of bitcoin.The Mt. Gox trustee currently holds 135,890 BTC across known addresses, valued at nearly $5 billion. An additional 3,795 BTC (worth $130 million) are held on unknown addresses.While the email signals progress, questions remain about the nature and extent of the repayments, with the community keenly observing developments. The email stated:“The specific timing of repayment to individual rehabilitation creditors is undetermined, and therefore, it will not be possible to provide advance notice to each rehabilitation creditor regarding the specific timing of their repayment.”Deadlines were also pushed back on other occasions, including March of this year when creditors were sent a “change of deadline“ notification.Redemption of trust assetsThis news coincided with the Mt. Gox trustee’s announcement on Wednesday regarding the redemption of trust assets. A substantial sum of 7 billion Japanese yen (equivalent to $47 million) was redeemed, intended for funding the repayment of claims. Following the redemption, the remaining trust assets stood at 8.8 billion yen, or approximately $59 million. The trustee, as per the official statement, is actively preparing for the base repayment, early lump-sum repayment and intermediate repayment.The recent events surrounding Mt. Gox have sparked discussions within the broader crypto community about the potential for a bitcoin sell-off. It’s long been speculated that the sudden release of bitcoin to creditors could lead to the market being flooded with sellers. However, as it appears that cash is being distributed as well as bitcoin, this should soften any potential bitcoin sell-off.Despite the optimism in some quarters, skepticism lingers due to the history of delays in Mt. Gox repayments. Creditors remain cautiously hopeful for the most part, awaiting further updates and tangible progress in the rehabilitation process.

Hana Financial Group Joins Hands with Netmarble to Attract Digitally Savvy Youths to the MetaverseKorean financial holding company Hana Financial Group has formed a strategic partnership with game publisher Netmarble, aiming to capture the attention of digitally savvy youths in South Korea. Their strategy involves introducing innovative financial services and identifying opportunities for joint business projects, as reported by local news outlet Consumer Times.Photo by Andre Taissin on UnsplashFinancial services in the gaming realmThe two sides intend to launch Hana Financial Group’s services within the realm of Grand Cross: Metaworld, a 3D animated massively multiplayer online (MMO) game. Grand Cross is being developed using Unreal Engine 5 and is a project led by Metaverse World, an affiliate of Netmarble.While the companies strive to collaborate on joint marketing promotions that encompass both gaming and financial aspects, the specific plans for executing these initiatives are still in the process of being developed.Some industry experts anticipate that the two entities will leverage their respective strengths within the virtual world to create synergistic outcomes.User interaction and advertising benefitsAccording to a tech insider who spoke to Consumer Times, there are indications that Netmarble will initially empower Hana to feature the financial group’s affiliated entities on the gaming company’s metaverse platform. This strategic step holds the potential for fostering user interaction and reaping advertising benefits. Additionally, the source mentioned that subsequent to this phase, Hana might take steps to enable customers to access banking services within the virtual domain.If, in the future, in-game goods were to establish themselves as a dependable form of currency due to potential policy reforms, it’s believed that Hana Financial Group would play an even more substantial role, leading to increased business opportunities for both partners, the source noted. These offerings would primarily cater to digital native generations.

Gemini Announces Singapore Expansion PlansGemini, the US-based cryptocurrency exchange and custodian, has announced its plans to expand its team in Singapore over the course of the next 12 months.Photo by Pixabay on Pexels100 new hiresGemini made the announcement by way of a blog post published to its website on Monday. In that post, the company outlined that it intends to add over one hundred new hires over the course of the next year. Gemini aims to focus on the Asia-Pacific (APAC) market, which it believes will play a crucial role in its next phase of growth.Indian engineering hubIn addition to its Singapore expansion, Gemini is actively working on setting up an engineering center in Gurgaon, India. Back in April, the firm’s newly appointed Chief Technology Officer and APAC region CEO, Pravit Tiwana, announced the intention of establishing the India-based engineering center. An intention to expand the Singapore base was also suggested at that time, with the company now following up with firm expansion plans.This engineering hub in Gurgaon is expected to become the second largest for Gemini, after its operations in the United States. By expanding its engineering capabilities, Gemini aims to bolster and support its global operations effectively.APAC to drive crypto growthGemini sees the APAC region as the driving force behind what it termed “the next wave of growth for crypto.” The exchange plans to use its Singapore office as a hub from which to run broader operations in APAC.This strategic move follows Gemini’s addition of support for the Singapore dollar (SGD) three years ago, enabling local residents to access cryptocurrencies directly using their native currency. The expansion plan provides Gemini with the potential to capitalize on the growing opportunities within the APAC market, further establishing a foothold in a significant regional market.Gemini’s decision to focus on international expansion aligns with the growing trend among cryptocurrency companies. Regulatory pressures in the US crypto market have escalated, exemplified by recent lawsuits filed by the US Securities and Exchange Commission (SEC) against major exchanges like Binance and Coinbase.These circumstances have prompted many companies to seek opportunities beyond the United States. In particular, exchanges are looking for markets with clearer regulatory landscapes and significant growth potential. Hong Kong, Singapore, and several European countries have emerged as attractive options.Coinbase, one of the largest cryptocurrency exchanges globally, has also followed a similar path to Gemini by expanding its services in Singapore. Singapore’s reputation as a crypto-friendly financial hub makes it an attractive location for such expansion efforts.Gemini’s decision to expand its team in Singapore and its focus on the APAC market reflects a strategic approach to capitalize on the increasing global demand for cryptocurrencies. By establishing a strong presence in key international markets, the company has found a workaround for the current impasse in the United States with regard to the lack of sane, workable regulation.The company has identified a region that is taking a more accommodating approach, while recognizing the APAC region’s potential as a significant driver of growth and is proactively positioning itself to tap into the region’s expanding crypto market.