Treehouse expands NFT data offering through Origins acquisition

HSBC and Ant Group advance blockchain-based tokenized deposit systemThe Hong Kong and Shanghai Banking Corporation (HSBC), the largest bank in Hong Kong, and Ant Group, China’s leading financial conglomerate, have successfully conducted tests in a sandbox environment facilitated by the Hong Kong Monetary Authority (HKMA) to explore the potential of tokenized deposits.Photo by Robert Bye on UnsplashIssue, transfer and redemption of tokenized depositsAccording to Cointelegraph, the primary objective of this collaborative effort was to assess a system for issuing, transferring and redeeming tokenized deposits. The trial aimed to gauge the capacity of tokenized deposits to provide for greater efficiency, allowing for real-time treasury fund transfers for corporate accounts within the HSBC network to transpire seamlessly at any hour, 24/7.HSBC expressed its excitement regarding the results, stating that it will open avenues for future research on how blockchain technology and tokenization can drive efficiencies and innovations in corporate treasury management.The test harnessed a blockchain platform developed by Ant Group, leveraging the support of Ant Group’s banking partners. These partners played a pivotal role in enhancing the efficiency of treasury fund transfers by reducing turnaround times, increasing cost efficiency and improving overall visibility.Vincent Lau, Global Head of Emerging Payments and Global Payments Solutions at HSBC, emphasized the bank’s keen interest in integrating tokenized deposits and other financial innovations into its future strategy. This approach is designed to streamline and optimize treasury management services for its clients.Crypto and blockchain project involvementHSBC has maintained a proactive stance in exploring the potential of blockchain technology. The bank has participated in numerous initiatives related to central bank digital currencies (CBDCs), notably Project mBridge, a multi-CBDC platform developed by SWIFT. This initiative supports real-time, peer-to-peer, cross-border payments and foreign exchange transactions using CBDCs.It emerged earlier this year that HSBC was collaborating with the HKMA on its e-HKD CBDC pilot program. Part of that project implicated the use of tokenization relative to real world assets (RWAs), an area that the real-time gross settlement platform Ripple was providing expertise on.In June, HSBC took a significant step by launching local cryptocurrency services in Hong Kong, which included support for trading Bitcoin and Ether exchange-traded funds (ETFs) listed on Hong Kong’s stock exchange. The supported products encompass the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures Active ETF.In the same month, the HKMA encouraged HSBC alongside Standard Chartered to provide banking service support to fledgling crypto businesses in Hong Kong, having identified an issue with the extension of banking services to the sector within the Chinese autonomous territory. Meanwhile, Ant Group has been central to the progression of blockchain technology within China.HSBC’s expansion into crypto-related services aligns with the growing interest in digital assets, occurring in the aftermath of the launch of retail crypto trading in Hong Kong on June 1.

Hong Kong’s HashKey Adds AVAX TradingHashKey Hong Kong, the Chinese autonomous territory’s first licensed retail crypto exchange, has unveiled an addition to its platform with the launch of Avalanche (AVAX) trading.According to an announcement published to its website on Wednesday, HashKey has listed Avalanche on Thursday with the caveat that access to AVAX trading will be reserved for professional investors, as defined by Hong Kong’s Securities & Futures Commission (SFC).Photo by Wance Paleri on UnsplashAccessible to professional investorsTo meet the criteria as a professional investor in Hong Kong, individuals must possess an investment portfolio valued at a minimum of 8 million Hong Kong dollars, roughly equivalent to $1 million. This decision sets AVAX apart from other widely traded cryptocurrencies, such as Bitcoin and Ether, which remain accessible to retail investors in Hong Kong. While Tether (USDT) enjoys retail status, the majority of altcoins on HashKey will remain the preserve of professional investors.This move is a direct result of the SFC’s proactive stance on regulating the rapidly expanding crypto market in Hong Kong. Since the introduction of regulated retail crypto trading in the Chinese autonomous territory in August, the SFC has imposed rigorous requirements on exchanges. HashKey mandates users to deposit a minimum of 10,000 Hong Kong dollars or $1,500 into their exchange accounts as part of the Know Your Customer (KYC) verification process.Low trading volumeAmid these regulatory challenges, HashKey Hong Kong currently reports a 24-hour trading volume of approximately $5.3 million, significantly lower than its global peers. This lower trading volume suggests that stringent regulations may be affecting the exchange’s ability to attract retail investors effectively.The path to regulatory compliance in Hong Kong has been anything but smooth for crypto exchanges. Reports indicate that these platforms have collectively invested over $25 million in establishing the requisite infrastructure for obtaining a Hong Kong Virtual Asset Service Provider (VASP) license. It was reported earlier this year that crypto firms are forking out between $2.55 million and $25.5 million in order to secure a VASP trading license.Despite the challenges, HashKey is looking at various avenues in bringing its offering forward. Earlier this month the firm signed a memorandum of understanding (MOU) with insurer OneDegree. That collaboration could be significant as it should lead to the assets of HashKey users being protected and insured on the platform. That would solve a major issue for participants in the crypto space amid the backdrop of ongoing platform failures and hacks.JPEX collapseEven as regulatory efforts intensify, the crypto industry in Hong Kong has not been impervious to bad actors. The recent collapse of the JPEX crypto exchange earlier this month serves as a stark reminder of the ongoing risks associated with the industry. Described as the largest financial fraud in Hong Kong’s history, JPEX faced allegations of embezzling over $178 million of investors’ funds. Notably, JPEX was operating without SFC registration at the time of the alleged embezzlement.In response to such incidents, the SFC has taken proactive measures by publishing a warning list of crypto exchanges considered non-compliant within the Chinese autonomous territory.

BitBunny, a South Korean mobile app that distributes rewards based on walking activity, now offers rewards in the form of Bitcoin, according to an article by local news outlet TechM on Tuesday (KST).Photo by Thom Milkovic on UnsplashUnlocking rewardsBitBunny allows users to earn Bitcoin by completing missions like walking, checking daily attendance, inviting other friends to use the app, watching advertisements and participating in quizzes and games. Last Friday, the app added a new feature called "Catch the Bunny," a game where users can earn up to 10,000 points, or “coins”. These coins can either be used as cash when exchanged for vouchers – which can be used at various brands like Starbucks or Burger King – or invested in cryptocurrencies like Bitcoin, Ethereum, Ripple and Dogecoin. Due to these features, the app surpassed 100,000 users within just three months of release. BitBunny's vision"BitBunny's growth is an example of how mobile app technology and crypto are converging in everyday life, creating new user experiences," said Lee Kyung-tae, Team Lead at BitBunny. "We will continue to try different things to keep users interested and engaged." With a commitment to experimentation and user engagement, BitBunny is poised to redefine the way that users interact with both mobile apps and cryptocurrencies, offering a glimpse into a more integrated and rewarding digital future.