Bitfinex Forges Strategic Partnership with Zodia Custody

OliveX Launches OVE Governance TokenSingapore’s OliveX, a crypto trading ecosystem solutions platform, marked a significant milestone on Sunday with the official launch of its governance token, OVE.The introduction of this token allows users to participate in staking, mining, and unlocking other rewarding opportunities. OliveX was established to address challenges faced by traders within the crypto space.Photo by Kris Sevinc on UnsplashHybrid trading modelTo that end, the platform has introduced its “Fusion-Ex” trading model, presenting a solution to the perpetual dilemma of choosing between centralized exchanges (CEX) and decentralized exchanges (DEX). By merging the strengths of both CEX and DEX, OliveX is attempting to optimize the trading environment for market participants.Through the Fusion-Ex model, OliveX combines the user-friendly and fast experience of CEX with the transparency, security, and control offered by DEX. With this approach, it strives to strike a delicate balance, ensuring high efficiency while prioritizing user asset control. OliveX caters to the diverse needs of both novice and professional traders, while seeking to tailor trading services to these user groups.The role of OVE in the OliveX Ecosystem, the governance token of OliveX, serves as the central component for value circulation within the ecosystem. It plays a pivotal role and offers numerous advantages to OVE token holders. These privileges include the right to propose and vote on ecosystem changes, receiving profit dividends, access to priority whitelists, and participating in airdrops.AI IntegrationAI integration has become a trend among crypto platforms of late. Singapore-based Crypto.com has harnessed AI for the benefit of its user base, as has global exchange, Binance. OliveX has also taken this approach, embracing the future of trading by incorporating AI technology. With its AI trading suite, it offers users a new and enhanced trading experience. The suite customizes an automated revenue model, enabling users to maximize their trading profits. Additionally, it seamlessly integrates with various DeFi applications, opening doors to various on-chain applications and expanding its user base as a consequence.Recent IEOOVE’s journey commenced with an Initial Exchange Offering (IEO) on July 6, which consisted of five rounds. The overwhelming response from the market was evident as each round ended with over-subscriptions. The total funds raised during the IEO surpassed $40 million, with over-subscription rates exceeding 3,000%. The high level of recognition and support was reflected in the participation of over 20,000 users.Looking ahead, the OliveX ecosystem, including the forthcoming OVE Chain, continues to expand into new areas. The platform is promising further product development and updates over the coming months.The official launch of OliveX’s governance token, OVE, is a significant step forward for the fledgling project. With the Fusion-Ex trading model, AI integration, and the versatility of OVE, the platform is certainly making every effort to differentiate itself and appeal to the crypto trading public.

Hong Kong-based ZA Bank has published a “2023 in review” blog post that suggests that the virtual bank is preparing to bring virtual asset trading to retail customers through its ZA Bank App.Photo by David McBee on PexelsEmbracing retailIn the blog article which was published to its website last week, Hong Kong’s largest virtual bank expressed its dedication to bolstering Hong Kong’s aspiration to emerge as a global hub for Web3. As the city embraces a new licensing regime for virtual asset trading platforms, ZA Bank unveiled its plans to introduce fiat currency-based virtual asset trading services for retail investors through the ZA Bank App. The bank first aired the notion of such an offering back in May. Its renewed coverage of the topic would seem to suggest that such a product offering is much closer to launch. Additionally, the bank anticipates the launch of its U.S. stock trading service after obtaining necessary approvals, promising a stream of innovative and exciting services in the future. Regulatory trendNews of the bank’s proposed retail offering aligns with moves being made by local regulators over the course of recent months to enable retail access to crypto-based products within the Chinese autonomous territory. In June, a regulatory framework was put in place by the Securities and Futures Commission (SFC) to enable licensed virtual asset platforms to market to retail investors. In recent days it has emerged that regulators are prepared to accept applications for spot crypto exchange-traded fund (ETF) products which would be made available to retail investors. Banking the crypto sectorZA Bank also announced that it has been providing banking support to more than 80 Web3 companies since the beginning of this year, aligning with its commitment to “Banking for Web3,” introduced in April. Notable among the roster of supported companies is OKX Hong Kong, with ZA Bank serving as the trusted banking partner for locally licensed virtual asset trading platforms (VATPs) such as HashKey and OSL. The bank, which was established by ZhongAn Online and Beststar in 2018, has served an important banking role in respect of the digital assets sector in Hong Kong in 2023. While the authorities in Hong Kong appear to have pulled out all of the stops over the course of the past year to nurture crypto business, banking was identified as an area of difficulty. In June, the Hong Kong Monetary Authority (HKMA) explicitly questioned the reluctance of some major banks to extend services to crypto companies, applying pressure on them to do so. Given that background, ZA Bank, being a first mover in embracing the industry, has played an important role in Hong Kong. ZA Bank’s impact is evident in its notable market presence, with one in 10 Hong Kong adults choosing the institution for their banking needs. The ZA Bank App earned the distinction of being the highest-rated banking app on Hong Kong’s Google Play in 2023. The bank has surpassed HKD 10 billion in customer deposits and secured the top spot in Asia in the Sia Partners 2023 International Mobile Banking Benchmark, maintaining the sixth position globally. 

South Korea-based document management software firm Polaris Office announced the 10th anniversary of its office software (SW) cloud service launch, according to local media News1. Reaching this milestone has coincided with the rising price of its native token, POLA. At the time of writing, POLA is trading at KRW 48.89 ($0.04), up 13.99% from the previous week.  The 10th anniversary of its service launch appears to be a direct cause behind this recent rise in POLA prices, despite the recent downturn in the crypto market. The company said that it recently held an AI (artificial intelligence) talk concert to celebrate its 10-year milestone.Photo by Andrew Neel on UnsplashPOLA as rewards for sharing knowledge Launched in 2020, POLA tokens are distributed as a reward within its platform, Polaris Share Service, which the company describes as "the distributed trading system of incentive knowledge." Here, users can earn POLA by creating content and sharing knowledge on the platform. Cloud-based document management softwarePolaris Office offers a cloud-based service that allows real-time document editing on various operating systems (OS) including mobile, web office, Windows and Mac. Since the outbreak of the COVID-19 pandemic, the company has experienced significant growth in its sales, recording an all-time high annual sales last year. This growth is attributed to the increased adoption of hybrid work environments.  By consolidated standards, Polaris Office recorded KRW 107.9 billion in sales, KRW 6.2 billion in operating profit and KRW 24.4 billion in net profit, marking YoY increase of 346.1%, 277.1% and 91.2%, respectively.  Joining government-led document AI projectMeanwhile, Polaris Office has been designated as a participatory company in the "SW Computing Industry Source Technology Development Project" led by the Ministry of Science and ICT of Korea, as reported by crypto media CoinNess on April 15. In this project, Polaris Office is expected to contribute to advancing the document AI technology.