Circle and Grab Partner to Pilot Web3 App Integration

NEOPIN Launches South Korea’s First ETH Liquid Staking ProductNEOPIN, the global CeDeFi platform of Neowiz Holdings, a South Korean investment holding company, has launched liquid staking products for ETH and KLAY, as reported by local media outlet News1.Photo by Kanchanara on UnsplashLiquidity provider tokensLiquid staking enables users to deposit their cryptocurrencies into a staking pool and, in return, receive liquidity provider tokens. These tokens can then be redeposited to earn additional yield. For example, NEOPIN users can stake ETH or KLAY on the platform and receive npETH or npKLAY tokens, respectively, which can be further deposited to earn rewards.NEOPIN asserts that it is the first Korean blockchain project to introduce an ETH liquid staking product. To make the platform more user-friendly, NEOPIN has improved its interface, ensuring easy navigation for its customers.In celebration of this launch, NEOPIN is hosting a promotional event. Users who utilize the ETH liquid staking product will earn the NPT token, the native token of the NEOPIN ecosystem, with an annual percentage yield (APY) of 5% until August 9. Meanwhile, participants in the KLAY liquid staking product can earn twice the reward points until September 26 through the ongoing NEOPIN membership promotion campaign.Qualitative and quantitative growthPrior to this development, it was reported that NEOPLY, the operator of NEOPIN, joined the Innovation Programme of the Abu Dhabi Investment Office (ADIO) in the United Arab Emirates (UAE). Stefan Kim, Chief Business Officer at NEOPIN, highlighted the strategic collaboration between the platform and the Abu Dhabi Global Market (ADGM) to establish a regulatory framework for decentralized finance (DeFi). Kim emphasized that while this partnership will contribute to NEOPIN’s qualitative growth, the implementation of liquid staking derivatives finance (LSD-Fi) will pave the way for its quantitative expansion.

Hang Seng Ponders Crypto Product OfferingHang Seng Investment Management Co., the largest exchange-traded fund (ETF) manager in Hong Kong, is considering entering the decentralized ecosystem.According to a report in local news media in Hong Kong on Wednesday, Li Peishan, the firm’s Director and Executive President, stated that Hang Seng is paying close attention to the development of digital assets. She clarified that the company is examining the possibility of including digital assets within its existing investment product offering.Photo by Jonathan Borba on UnsplashCrypto ETF expansionThis news comes shortly after HSBC, one of the largest banks in Hong Kong, introduced Bitcoin (BTC) and Ethereum (ETH) ETFs to its customers, becoming the first bank in the region to do so. This development has opened up possibilities for greater cryptocurrency adoption in the area.While most people in the space recognize that the authorities in the US have gone too far in their clampdown on the digital assets space, it’s interesting to note that recent weeks have seen a plethora of established TradFi players filing Bitcoin spot ETF applications. That list includes the world’s largest asset manager, BlackRock, multinational financial services firm Fidelity Investments, WisdomTree, VanEck, and others.Assessing potentialPeishan stated that while the company does not have a specific plan to develop a crypto ETF, Hang Seng is actively assessing the potential of incorporating digital assets into their existing investment products. She highlighted the remarkable growth in the average daily asset management scale, which has surged by 80% since December and has surpassed HK$12 billion.On June 24, Leung Fung Yee, the CEO of the Securities and Futures Commission of Hong Kong (SFC), emphasized the importance of crypto service providers embracing the next generation of the web and finance. He expressed Hong Kong’s ambition to establish itself as the central hub for crypto companies, fostering innovation within the region.Responding to Yee’s statement, the Hong Kong Virtual Assets Consortium (HKVAC) announced the inclusion of XRP, SHIB, and ADA in its newly developed HKVAC index. The creation of the HKVAC index aims to assist investors in analyzing the potential of cryptocurrencies and gaining insights into their prospects.The digital assets landscape in Hong Kong is evolving rapidly, driven by increasing interest in the asset class and the recognition of their transformative potential. Hang Seng Investment Management’s exploration of the decentralized ecosystem signifies the growing demand for exposure to cryptocurrencies among traditional financial institutions.TradFi IntegrationThe introduction of Bitcoin and Ethereum ETFs by HSBC represents a significant milestone in the adoption of cryptocurrencies within the traditional banking sector. This recent indicator from Hang Seng suggests that we are likely to see more developments unfold within the ETF space in Hong Kong in the not-too-distant future where digital assets are concerned. That view is further endorsed by the findings of a recent report produced by the Hong Kong Stock Exchange, pointing to the yet-to-be-realized potential of crypto ETFs.As the industry continues to mature, the integration of digital assets into traditional investment products is likely to become increasingly common, leading to a more diversified and inclusive financial ecosystem.

The Hong Kong Virtual Asset Consortium (HKVAC), a digital asset group in China's special administrative region, has announced modifications to its core cryptocurrency index, reshuffling the top contenders to the detriment of XRP, the payment solution token developed by Ripple Labs.Photo by Kanchanara on UnsplashSolana takes top 5 slotEffective as of this Friday, HKVAC will replace XRP with Solana (SOL) in its Top 5 Large Cryptocurrency Index, signaling a shift in the composition of its benchmark index. HKVAC is a collaborative effort between Hong Kong-based industry participants such as crypto exchanges and licensed ratings agencies. Its aim is to optimize the risk management capabilities of the crypto sector and in that way, assisting market participants including local regulatory bodies. Crypto exchange platform HTX, previously known as Huobi, became the first member of HKVAC in 2023. It was joined by iPollo, KuCoin, LK Venture, Nano Labs, Purise, Wealthking Investment, G-Rocket Global Accelerator, Hong Kong Data Infinity Technology and others in making up the organization’s membership. The HKVAC's Top 5 index reflects the global cryptocurrency ranking based on market capitalization, maintaining a pulse on the ever-evolving crypto landscape. However, beyond market cap, the digital asset group considers additional factors such as market valuation, investability and liquidity in its index rebalancing decisions. Solana’s growth and progressionSolana, currently ranked as the fifth-largest cryptocurrency, has been making substantial strides in the market. Despite the 2022 collapse of the FTX crypto exchange, which significantly impacted SOL's price, the cryptocurrency has made an impressive recovery. Over the past year Solana has surged by 315%. Presently, SOL boasts a market cap of $41 billion, securing its position in the top echelons of the cryptocurrency market. In contrast, XRP, the ousted cryptocurrency, has experienced a more modest price growth during the same period. As of the latest data, XRP holds the sixth position in the cryptocurrency ranking, with a valuation of $31 billion. The decision to remove XRP from the Top 5 index was met with a 3.9% decline in its value, settling at $0.57. XRP had moved within the Top 5 index in October of last year. It was added to the index alongside SHIB in 2023. At the time of its formation, HKVAC emphasized that market capitalization was one of the primary criteria incorporated within the evaluation, which extends to 30 cryptocurrencies. A re-evaluation is carried out each quarter on the basis of that market cap criterion. Crypto rating reshuffleThe HKVAC's reshuffling extends beyond the Top 5 index, impacting other leading cryptocurrencies. Notable changes include the removal of Filecoin (FIL), Binance USD (BUSD), Maker (MKR), Hedera (HBAR) and TrueUSD (TUSD) from the Global Large Cryptocurrency Index. These have been replaced by Near Protocol (NEAR), Internet Computer (ICP), Immutable (IMX), Optimism (OP) and Injective (INJ). Additionally, Avalanche (AVAX) is set to replace Tron (TRX) on the HKVAC Top 10 Global Large Cryptocurrency Index, effective this Friday. These adjustments come amid Hong Kong's ongoing efforts to bolster the cryptocurrency industry within the region. In December, the financial regulator in Hong Kong signaled its readiness to accept spot crypto exchange-traded funds (ETFs). This move aligns with the United States Securities and Exchange Commission's review of 11 spot bitcoin ETF applications, ultimately approved on Jan. 10.