CarrieVerse secures investment from JB Financial Group and Ecrux Venture Partners

Recent developments in the cryptocurrency market reveal that mainland Chinese citizens will face restrictions in purchasing Bitcoin and Ether exchange-traded funds (ETFs) in Hong Kong. This restriction stems from China's ban on crypto transactions, which has been in effect for several years. Bloomberg data analyst Jack Wang highlighted this issue, indicating that the upcoming launch of spot Bitcoin and Ether ETFs in Hong Kong will not facilitate market access for investors in mainland China.Photo by Traxer on UnsplashSpot Bitcoin and Ether ETFs approved in Hong KongDespite Hong Kong's approval of spot BTC and ETH ETFs, major Chinese asset managers such as China Asset Management, Harvest Global Investments, and Bosera have established these products through their Hong Kong subsidiaries. However, despite their close ties with mainland China, these ETF issuers are unable to offer Bitcoin or Ether exposure to investors within the jurisdiction due to regulatory constraints. Exclusion of mainland Chinese investorsWang emphasized during a Bloomberg webinar that mainland Chinese citizens will not be able to participate in these ETFs, citing a statement from the Chinese State Council issued in September 2021. This statement prohibits financial institutions from engaging in crypto-related transactions, including account creation, fund transfers, and clearing services. As a result, Chinese investors are unlikely to engage with these products in the short term. Impact on regulatory environment and market accessWang expressed skepticism about the potential impact of spot Bitcoin and Ether ETFs in Hong Kong on the regulatory environment in mainland China. He stated that the launch of these ETFs is unlikely to open the crypto market to Chinese investors in the foreseeable future. Thomas Zhu, head of digital assets at China Asset Management, noted that the eligibility of mainland Chinese investors to acquire crypto ETFs in Hong Kong depends on forthcoming regulatory modifications. He highlighted the Mainland-Hong Kong Stock Connect, which allows mainland investors to trade eligible Hong Kong stocks and ETFs since 2014. Comparison with U.S. Bitcoin ETF marketDespite optimism surrounding the launch of spot crypto ETFs in Hong Kong, Bloomberg analyst James Seyffart drew attention to the significant difference in market size between the U.S. and Hong Kong ETF markets. Seyffart pointed out that Bitcoin ETFs in the United States have more assets than all ETFs in Hong Kong combined, emphasizing the vast disparity in market scale and impact. As the launch date for spot Bitcoin and Ether ETFs in Hong Kong approaches, stakeholders continue to monitor regulatory developments and market dynamics closely. 

Paxful’s Ray Youssef heads up Noones financial app startupNoones, a financial communication app launched in 2023, has officially appointed Ray Youssef as its CEO with a visionary goal of reaching a billion daily active Bitcoin users within the next seven years.Empowering Global South financial freedomThis announcement aligns with Noones’ mission to empower financial freedom in the Global South by streamlining the movement of money, liberating users from traditional banking constraints. Youssef believes that “Africa alone has the potential to make NoOnes a trillion dollar company but when you factor in the rest of the global south the sky’s the limit.”Founded on the belief that peer-to-peer systems constitute the world’s only true free market and that Bitcoin represents the new global financial architecture, Noones seeks to uplift individuals in Africa, Latin America and Southeast Asia.Startups in the digital assets space tend to be more international in nature than in any other sector. According to the firm’s LinkedIn, Noones is headquartered in Dubai. Notwithstanding that, many of its team appear to be Estonia-based while its website’s terms of service specify Panama as being the relevant jurisdiction, making for a truly international setup.Photo by Arpit Rastogi on UnsplashMoving on from Paxful turbulenceYoussef, the former CEO of peer-to-peer crypto platform Paxful and a seasoned expert in strategic planning, product innovation, growth hacking and operations management, brings his wealth of experience to lead Noones. Youssef’s tenure at Paxful, where he played a pivotal role in the company’s success, underscores his ability to drive transformative change in the fintech industry.However, Youssef’s departure from Paxful in April, amidst a legal dispute with Co-Founder Artur Shaback, marked a turning point. Paxful unexpectedly closed its operations amid a broader trend in the industry. Youssef attributed Paxful’s closure to the legal action initiated by Shaback, alleging a pursuit of significant financial gains. Shaback countered, stating that the dispute arose from differences in business direction and governance, accusing Youssef of migrating Paxful’s assets to his new venture, Noones.Promoting prosperity through bitcoinDespite the turbulence at Paxful, Youssef remains resolute in his commitment to leveraging Bitcoin for social good. While Noones, with its focus on decentralized financial opportunities, requires a Know-Your-Customer (KYC) onboarding process, Youssef continues to champion Bitcoin as a tool for poverty eradication and empowerment in the Global South.Noones, under Youssef’s leadership, aspires to simplify financial transactions and provide decentralized, borderless opportunities to its users. Youssef envisions Bitcoin playing a crucial role in promoting prosperity in the Global South, with Noones aiming to create an interoperable pan-African clearing layer. This initiative aims to elevate intra-African trade, bringing it to levels comparable to intra-European trade.In a statement, Youssef expressed his confidence in the transformative power of Bitcoin, stating:”For the past 8 years, I have fought for financial sovereignty for the Global South. Finally, I am glad to be able to fulfil the mission I began almost a decade ago. I’m confident that Bitcoin will play a crucial role in promoting the prosperity of our continent, and I’m thrilled and privileged to contribute to the company’s ambition and growth.”

SAND Token to be Listed on Japanese Crypto Exchange bitFlyerJapanese crypto exchange bitFlyer has recently announced its plans to list The Sandbox (SAND) on its trading platform, making it the 22nd crypto asset to be available on bitFlyer. Specific details are yet to be announced. This move reflects bitFlyer’s commitment to expanding its offering and providing customers with more investment options and opportunities in the realm of Web3.Photo by Shubham Dhage on UnsplashGlobal presenceFounded in 2014 with a mission to simplify the world through blockchain technology, bitFlyer has taken its crypto asset trading business to the global stage. Its expansion includes sister companies bitFlyer USA and bitFlyer Europe, which have allowed the exchange to extend its reach beyond Japan.Blockchain-powered metaverseThe Sandbox is a metaverse platform that harnesses the power of blockchain technology, empowering users to create and possess digital content using the platform’s tools. Moreover, The Sandbox features virtual land called LAND, which is regularly utilized by companies for hosting events and various other activities. At the heart of this ecosystem lies the SAND token, which enables users to trade user-generated content, participate in governance by voting, and engage in staking.Attention in East AsiaNotably, The Sandbox has been generating significant attention in East Asia. Last month, the metaverse platform initiated an event titled “Hallyu Rising,” collaborating with renowned Korean brand partners, including automaker Renault Korea. As part of this event, Renault Korea launched the Renault Korea Hub within The Sandbox’s environment. This hub gives car enthusiasts a unique chance to design their own vehicles and enjoy exclusive experiences. The event also included a land sale, offering users the chance to acquire LAND adjacent to the Korean brands, thereby encouraging more active user engagement.