Chinese food company adds Bitcoin to balance sheet

HashKey Group, the Hong Kong-based regulated cryptocurrency exchange, is planning a partnership with crypto derivatives platform OKX.Photo by Ivan Lau on UnsplashAdvancing innovation and growthThe duo announced their plans via a press release which was published on Tuesday. The objective of the partnership is aimed at advancing compliant virtual asset innovation and industry growth in Hong Kong. The collaboration between HashKey Group and OKX capitalizes on the strengths and resources of both entities to elevate services and experiences. Harnessing these strengths the pair intend to contribute towards Hong Kong's emergence as a hub for the regulated virtual asset industry. The partnership will encompass various industry initiatives, including blockchain infrastructure development, product diversification and virtual asset investment education within the region. First regulated exchangeNotably, HashKey Group achieved a significant milestone last year by becoming the first Hong Kong Securities and Futures Commission (SFC)-regulated crypto exchange authorized to serve retail users. The firm secured Type 1 and Type 7 licenses from the SFC, in line with the  "compliance first” approach the company is taking. Founded in 2018 and headquartered in Hong Kong, with operations in Singapore and Tokyo, HashKey Group caters to a diverse clientele, including retail investors, institutions, family offices, funds and professional investors. The services offered by the company encompass a Hong Kong SFC-regulated virtual asset exchange, global asset management and wealth management, with a focus on blockchain and digital assets, blockchain node validation, tokenization and Web3 incubation and community operations. Its Singaporean subsidiary, digital asset fund manager HashKey Capital, secured a regulatory license from the Monetary Authority of Singapore (MAS) in December. Unicorn statusOKX Ventures, the investment division of OKX, played a crucial role in supporting HashKey's Series A financing. That Series A funding round saw HashKey achieve unicorn status with a $1.2 billion valuation earlier this month. OKX Ventures focuses on investing in projects that nurture sustainable growth within the global virtual asset ecosystem. OKX, already serving over 50 million users worldwide, has a notable presence with sponsorships that include Manchester City FC in the English Premier League (EPL) and the McLaren Formula 1 racing team. Earlier this month, the company expanded its sponsorship with McLaren. The digital asset exchange began onboarding customers in Hong Kong a month before officially launching operations there, aligning with the city's new virtual asset service providers (VASPs) regime implemented on June 1 of last year. In March 2023, OKX established a Hong Kong entity to launch virtual asset services, with plans to apply for the virtual asset service provider (VASP) license and Type 1 & 7 licenses under the Securities and Futures Ordinance. Approval is anticipated by early 2024. The collaborative effort between HashKey Group and OKX marks a significant stride in advancing compliant virtual asset innovations in Hong Kong. This partnership aims to enhance service offerings and customer experiences, further solidifying Hong Kong's position as a regulated virtual asset industry hub. By leveraging their respective strengths, these industry leaders are well placed to assist in elevating Hong Kong's standing in the global virtual asset landscape, fostering growth and compliance in this rapidly evolving sector.  

dYdX Foundation CEO Shares the Importance of Korean Developers of the Cosmos NetworkDecentralized crypto derivatives exchange dYdX is in the midst of a significant transition, as it prepares to move away from its current Ethereum-based layer-2 protocol to Cosmos, a decentralized network of independent blockchains. Meanwhile, senior members of the dYdX Foundation, a Swiss-based not-for-profit entity behind the derivatives exchange, paid a visit to South Korea on the occasion of Korea Blockchain Week: KBW2023, which is an annual event that spans from September 4 to 10 this year.Photo by Mariia Shalabaieva on UnsplashBusy Q4Regarding the upcoming v4 update on a Cosmos-based blockchain, Charles d’Haussy, the CEO of the dYdX Foundation, shared his thoughts in an interview with CoinNess. He expressed anticipation for a bustling fourth quarter this year but also acknowledged that the exact timeline remains uncertain, as it hinges on the voting processes, including one for bridging tokens to Cosmos, within the dYdX community.Utility token on v4As part of dYdX’s migration to Cosmos, its governance token will undergo a transformation into a utility token. The forthcoming dYdX v4 will be fully decentralized, with 100% of the fees collected from the exchange distributed to stakers and validators. Following the completion of this migration, the current dYdX protocol on Ethereum will eventually become deprecated.Exclusive focus on crypto derivativesIn a significant milestone, dYdX achieved over $1 trillion in total trading volume on its Layer 2 platform on July 14 of this year. d’Haussy expressed pride in this achievement and highlighted that dYdX’s competitive edge lies in its exclusive focus on crypto derivatives.DeFi mullet memeAlthough DeFi derivatives trading currently represents just 1% of the overall crypto derivatives volume, d’Haussy is optimistic about its future growth, predicting an acceleration. In a parallel to how traditional banks offer an array of products that originate from external entities such as brokerages and insurance companies, Charles d’Haussy envisions that centralized exchanges will provide a diverse range of offerings sourced from decentralized platforms. He expressed his strong belief in the idea encapsulated by the DeFi mullet meme, which features the phrase “Fintech In The Front, DeFi In The Back.”Top-tier Cosmos builders in KoreaWhen asked about his visit to Korea, d’Haussy emphasized the presence of top-tier Cosmos builders in the country. He underscored South Korea’s importance within the Cosmos ecosystem, highlighting that 10% of dYdX’s testnet participants are Korean companies.

Barunson Labs and EQBR forge partnership to develop film-based security tokensBarunson Labs, a Korean blockchain-based platform for culture and arts, has joined forces with Web3 firm EQBR Holdings to offer film-based security tokens, aiming to bridge the realms of finance and cinema both in Korea and overseas.Photo by Felix Mooneeram on UnsplashBarunson’s diversified endeavorsBarunson Group, the parent company of Barunson Labs, has been a major leader in various cultural ventures involving film, drama, virtual reality, games and the metaverse. Notably, its production subsidiary Barunson E&A is known for its investment in “Parasite,” the critically acclaimed movie that won four Oscars at the 92nd Academy Awards.Earlier this year, Barunson Labs applied for a financial regulatory sandbox — a program under Korea’s Financial Services Commission that offers a special and provisional regulatory exemption for financial services that have been recognized for their innovativeness — to launch security tokens based on films. To gain approval, the firm also released the beta version of CRADE, a blockchain-based service that manages the flow of funds during the film production process.EQBR’s strategic expansionMeanwhile, EQBR has been developing a security token offering (STO) platform called Apanda Partners — a joint venture established with Shinhan Securities and Aegis Asset Management that received approval as a financial regulatory sandbox in December of last year. Apanda Partners’ Singaporean branch has since established a localized platform catered to the country’s securities firms and prepared for listing on the country’s regulated investment and trading platform SDAX. Barunson Labs and EQBR plan to list their first security token based on Korean content on SDAX in the first half of next year.“Starting with our collaboration with Barunson Labs, we are developing a process to make diverse assets available as products on various security token platforms built on EQBR’s technology,” explained Lee Hyun-ki, CEO of EQBR. “We will not simply talk about our technological possibilities but also demonstrate them through real-life cases, proving that investments can be diversified through the use of blockchain technology and smart contracts.”Lee is also set to participate in the STO Summit hosted by local news outlet Edaily from Thursday to Saturday (local time), where he will deliver a presentation on the application of STO solutions to actual financial services and the future trajectory of this trend. He will also introduce EQBR’s STO platform.“We are taking a dual-track strategy by simultaneously launching security token products in Korea and in overseas markets like Singapore, which is one step closer to institutionalization,” said Kang Shin-beom, CEO of Barunson Labs. He added that the company would launch more innovative investment products in the future that are poised to boost the status of Korean cultural and entertainment content on the global stage.