Korean Investment Firm Partners with Open Asset to Build Security Token System

HSBC Expands Offering to Include Crypto ETFs in Hong KongThe Hong Kong and Shanghai Banking Corporation (HSBC), the largest bank in Hong Kong, has reportedly introduced its first cryptocurrency services for local customers.According to journalist Colin Wu’s tweet on Monday, HSBC now allows its customers to buy and sell Bitcoin-based exchange-traded funds (ETFs).Photo by Cheung Yin on UnsplashOffering three crypto ETFsHSBC’s cryptocurrency services specifically focus on the cryptocurrency ETFs listed on the Stock Exchange of Hong Kong. Currently, the exchange offers three crypto ETFs, including CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.The introduction of these services will provide Hong Kong users with more exposure to cryptocurrencies. As of March 2022, HSBC Hong Kong had approximately 1.7 million active mobile customers, with about 95% of all retail transactions processed online. Plenty of the customers that currently access TradFi financial services don’t touch crypto-native products. Bridging this gap and bringing crypto to a more traditional financial services client base is a major step towards mass market adoption of crypto.Educating the marketIn addition to the roll-out of cryptocurrency services, HSBC reportedly launched the Virtual Asset Investor Education Center. The initiative is designed to protect investors from cryptocurrency-related risks by requiring them to read and confirm educational materials and risk disclosures before investing.The Virtual Asset Investor Education Center is accessible through HSBC’s virtual asset-related products, such as the HSBC HK Easy Invest app, HSBC HK Mobile Banking app, and online banking.This is also a significant step forward. It’s entirely valid that while there are good actors in the crypto space, the sector has also had a lot of sharp practice that reflects badly on it. This alone may be reason enough for many conventional investors not to touch digital assets. Their trust in a platform like HSBC will allow them to include crypto within their portfolios.The second aspect to that reluctance is rooted in a misunderstanding of digital assets, the risks involved, and how risk can be minimized. HSBC has clearly identified this by taking the initiative and launching its Virtual Asset Investor Education Center.Crypto ETF growth potentialThis development follows reports in mid-June that the Hong Kong Monetary Authority (HKMA) had exerted pressure on major banks to accept crypto exchanges as clients. The central bank and regulator specifically questioned HSBC and Standard Chartered about their reluctance to onboard crypto exchanges as clients.HSBC’s move to offer cryptocurrency services in Hong Kong reflects the growing acceptance and recognition of cryptocurrencies in the financial industry. By providing access to crypto ETFs, HSBC aims to cater to the increasing demand for digital assets among its customers in the region.The crypto ETF products that are currently on offer in Hong Kong are very recent. As an example, Samsung’s Bitcoin futures ETF was launched in January. The product has already seen a lot of interest due to growing uncertainty relative to the traditional global financial system.A report produced by the Hong Kong stock exchange in April found that crypto ETFs have the potential to play a significant part in unlocking the next phase of digital asset expansion in Asia. Clearly, HSBC have taken notice with this move to further enable that potential.

Gaming Industry Pioneers to Gather at Korea Blockchain Week 2023The highly anticipated Korea Blockchain Week (KBW) 2023, Asia’s largest blockchain and Web3 conference co-hosted by FACTBLOCK and Hashed, is on the horizon.Marking its sixth year, the conference is set to take place from September 4 to 10 at various venues, including The Shilla Seoul hotel. It will feature a series of panel discussions, keynote speeches, and networking opportunities focused on emerging blockchain and Web3 technologies.Photo by Terry on UnsplashUnveiling expert insights on blockchain, Web3, and moreThe main event, a two-day conference from September 5 to 6 titled “IMPACT,” will host prominent industry figures to discuss blockchain technology, cryptocurrency, decentralized finance (DeFi), Web3, and artificial intelligence (AI). Several gaming enterprises are also set to present their projects and insights into blockchain gaming.In particular, Henry Chang, CEO of Korean gaming publisher Wemade, will deliver a keynote speech titled “Mega-Ecosystem Wemix: Beyond Games.” As a two-time title sponsor of the event, Wemade will also set up exhibition booths for visitors to explore the vast blockchain ecosystem of its WEMIX3.0 Mainnet.There will also be a panel discussion dubbed “Creating a Sustainable Blockchain Gaming Economy: The Importance of Tokenomics” featuring Hilmar V.Pétursson, CEO of Pearl Abyss subsidiary CCP Games, as well as Hwang Sun-young, Production Director at Nexon’s NFT-centered blockchain games ecosystem MapleStory Universe.More leaders like Jose Ko, CEO of Neowiz’s blockchain gaming platform Intella X; Jake Moon, COO of Netmarble’s blockchain subsidiary MARBLEX; and Bryan Song, Biz and Ops Team Lead at game developer Krafton, will talk about the thriving landscape of high-quality blockchain games in Korea during the conference’s last program on September 5.The second day will go on to feature a discussion on the impact of non-fungible tokens (NFTs) and gaming on business adoption with Justin Waldron, Co-Founder and CEO of Storyverse, and Robbie Ferguson, Co-Founder and President of Immutable, sharing their insights on the topic.Kyu C. Lee, CEO of Com2uS USA; Han Yoo, Chief Operating Officer of NOD Games; and Tin Nguyen, Founder of Sipher and Athler Labs, are also set to lead a panel centered on the disruptive potential of blockchain in the gaming industry.In addition, companies like XPLA and IPX will hold separate functions to foster lively networking and promote their respective blockchain gaming ecosystems.NFT-centered eventScheduled for September 7 to 8 after the IMPACT conference is The Gateway: Korea, an annual Web3 event that will bring NFT enthusiasts and digital artists together at SFactory in Seongsu-dong, Seoul.

WazirX Founder’s Blockchain Startup Raises $5.4MShardeum, a highly-scalable layer-1 blockchain utilizing dynamic state sharding, has successfully closed a strategic raise of $5.4 million.The project was co-founded by Nischal Shetty, who also founded leading Indian cryptocurrency exchange WazirX.Photo by Shubham Dhage on UnsplashWorking towards mainnet launchThe funding round saw participation from prominent investors including Galxe, J17 Capital, JSquare, and TRGC, among others. Singapore’s Amber Group, a digital assets trading, products, and infrastructure firm, also participated. The additional capital will be used to facilitate the expansion of Shardeum’s ecosystem, leading up to the highly anticipated mainnet launch later this year. As part of that launch, it will also introduce $SHM, its native token. 5% of $SHM tokens are being allocated to ecosystem development and to community airdrops.What is Shardeum?Shardeum is a highly-scalable EVM-based layer-1 blockchain that utilizes dynamic state sharding. By employing dynamic state sharding, Shardeum ensures low gas fees and high transactions per second as the network expands. The platform achieves consensus at the transaction level, reducing the computational power required for validator nodes. This composition means that it’s engineered for linear scalability.This consensus mechanism enables broad accessibility and increased decentralization by allowing anyone to run a node. Through the power of dynamic state sharding, Shardeum offers a scalable and secure solution that addresses the blockchain trilemma while ensuring decentralization for all participants.Dynamic state shardingSince its establishment in 2022, Shardeum has been focused on delivering a highly-scalable EVM-based layer-1 blockchain with dynamic state sharding capabilities. As of Friday, the Shardeum testnet has already witnessed over 7.4 million transactions, with over 820,000 accounts and more than 230,000 contracts deployed.Kelsey McGuire, the Chief Growth Officer at Shardeum, expressed enthusiasm about the completion of the strategic raise, emphasizing the company’s commitment to cultivating a global and diverse community. McGuire highlighted Shardeum’s consensus design and the accessibility of validator participation, regardless of users’ computing resources. The additional funding will further support Shardeum’s dedication to decentralization by fostering worldwide community growth through educational initiatives and other key programs.Initial $18.2M seed roundIn addition to the aforementioned investors, the strategic raise attracted notable participants such as Bware Labs, Tané Labs, Hyperithm Group, and Luganodes, among others. This round follows Shardeum’s successful seed round in October 2022, which raised $18.2 million and involved backers such as Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, and Foresight Ventures. Funding from that initial seed round went towards hiring more employees, expanding the Shardeum network, and growing its community.A Shardeum project team member told The Block that the raise now places a valuation on the overall company of around $248 million. Shetty recently told Forbes that he believes Shardeum can be a direct competitor to Ethereum. The WazirX Founder outlined that the blockchain was envisioned on the basis of low fees and scalability regardless of the extent of the network growth that transpires.