Matrixport Focuses on US Market With New Appointment

Surge in Hong Kong Crypto License Applications from Mainland-Linked BrokersTwo new platforms with mainland China links are preparing to apply for retail trading licenses in Hong Kong, with several others believed to be interested in following suit.According to a report published by Nikkei Asia earlier this week, the platforms, Yax and PantherTrade, have connections to mainland online securities brokers. PantherTrade is reportedly associated with Futu, a company which in turn is backed by Chinese tech giant Tencent, one of China’s largest technology companies. Yax, an emerging player in the crypto sector, has strong links to UP Fintech Holding, a Beijing-headquartered firm more commonly known as Tiger Brokers.Photo by Kanchanara on UnsplashCapital flight concernsThese connections are significant, given the previous involvement of these brokers in helping mainland Chinese customers invest in offshore assets, primarily US stocks. The firms have previously attracted the attention of China’s financial regulators. A notice from the Chinese securities watchdog in December last year compelled them to cease their “illegal cross-border business” activities.While crypto trading is banned in mainland China, an investigative report by the Wall Street Journal in August suggested that global exchange Binance was thriving in China despite the ban. Actions taken by the Chinese authorities are demonstrative of some level of concern with regard to crypto trading and potential capital flight through crypto.VASP licensingThe move by Yax and PantherTrade signals their intention to apply for a virtual asset service platform (VASP) license in Hong Kong, which would enable them to operate cryptocurrency exchanges for retail customers.Currently, both platforms are undergoing third-party assessments, a mandatory step preceding their formal application to the Securities and Futures Commission (SFC). The timeline for their applications remains uncertain.Broader interestThe growing interest in VASP licenses is not unique to Yax and PantherTrade. At least four other exchange platforms, similarly linked to mainland China, have also sought the same license, highlighting the eagerness of various players to enter the Hong Kong market. OneDegree, the sole licensed insurer for digital assets in Asia, has observed a significant uptick in license applications, including applications from traditional financial institutions, reflecting a positive trend toward educating the mass market.The SFC’s recent decision to make license application information public is an attempt to enhance transparency, following a scandal related to Dubai-headquartered crypto exchange JPEX in which over HK$1.5 billion (approximately $190 million) in virtual assets reportedly disappeared from the exchange.Currently, only two cryptocurrency exchanges, OSL and Hashkey, have received SFC approval. Others, including online brokers, have considered applying for licenses since late last year but are awaiting greater regulatory clarity before taking the plunge.Hong Kong, under the “one country, two systems” framework, has established itself as a hub for legal retail trading of cryptocurrencies. This development may signify a shift in China’s stance on digital assets and its increasing openness to crypto initiatives, as noted recently by blockchain data provider Chainalysis.

Foblgate adds Ripple market for increased investor opportunitiesSouth Korean cryptocurrency exchange Foblgate has added a Ripple (XRP) market, where cryptocurrencies can be traded for XRP, according to an article published by South Korean news outlet Blockchain Today. This is the third crypto-to-crypto market on Foblgate along with Bitcoin and Ethereum, providing users with expanded investment opportunities and convenient trading options.Photo by Kanchanara on UnsplashThe Ripple market opened at 10 a.m. today (local time) with a transaction fee of 0.01% and a minimum order amount of 6.5 XRP. Currently, it supports trading for EOS and BNB. Foblgate plans to add more trading pairs in the future.Ripple’s rise in South KoreaThe exchange revealed that it decided to add a Ripple market due to the cryptocurrency’s fast transaction speed and low trading fees, along with its popularity in the South Korean market. The company also emphasized the widespread expansion of Ripple’s ecosystem based on its blockchain network, XRP Ledger, and active participation from the country’s Ripple community.Foblgate’s vision“We have always been sensitive to the demands of investors and market changes,” said Ahn Hyun-jun, the CEO of Foblgate. “The launch of our XRP market aims not only to provide new investment options but also to play a role in promoting the growth and innovation of the crypto industry.”

South Korean gaming publisher Wemade attended this year’s Taipei Game Show – the largest gaming exhibition in Taiwan – from Thursday to Sunday, where it showcased its upcoming games Night Crows and Fantastic 4 Baseball, according to news site Bridge News.Photo by Mateo on UnsplashUnveiling upcoming blockbustersAt the event, Wemade operated an exclusive booth with game demos and promotional videos. There was also a cosplay of characters from the Night Crows game and a special performance by the TSG Hawks' cheerleading team, the Wing Stars. The TSG Hawks is a professional baseball team that joined the Chinese Professional Baseball League (CPBL) last year. The Wing Stars are led by the famous Korean cheerleader Ahn Ji-hyun. In addition, Lee Jung-wook and Lee Kun-hee, the CEOs of Night Crows developer Madngine, and Fantastic 4 Baseball developer Round One Studio, took to the stage to interact directly with gamers. "Night Crows is the first MMORPG developed with Unreal Engine 5, and you can enjoy top-notch visuals with Mad Engine's unique know-how," said Lee Jung-wook. "We promise to provide new fun and stable services to our global users." "While developing Fantastic 4 Baseball, we put a lot of thought into capturing the essence of baseball and making the players' faces and batting forms look realistic," Lee Kun-hee added. "We plan to bring the game to the global market when the Taiwanese baseball league begins." Market-dominating releasesNight Crows has been popular among gamers in South Korea, where it launched in April last year, topping the popularity and revenue rankings on major app markets. The global version of the game utilizes blockchain technology to implement an advanced tokenomics ecosystem. Global pre-registration will open on Jan. 11. On the other hand, Round 1 Studio’s Fantastic 4 Baseball is a realistic baseball game where players can create their own team with famous players from various leagues, including the CPBL. The demo version includes single-player and home run derbies. Both games are slated for global release in March.