Palau proceeds with Ripple to Phase 2 of PSC currency program launch

Matrixport Focuses on US Market With New AppointmentMatrixport, the Singapore-based cryptocurrency trading and lending platform, has announced a new appointment to lead its operations in the United States.US institutional-focused businessThat’s according to a recent report published by The Block. Mo Zhou, previously the Chief Operating Officer (COO) for Matrixport in the US, will now take charge of the company’s institutional-focused business lines in the country. This move comes as Anthony DeMartino, the former US CEO, steps down from his role and assumes an advisory position within the company.Anthony DeMartino, a seasoned trading veteran, joined Matrixport approximately a year ago from Coinbase, where he led Coinbase Risk Strategies. Prior to that, he held senior trading positions at prominent financial institutions such as UBS, Barclays, and HSBC, culminating in his role as the Head of LATAM Rates Trading at HSBC.When DeMartino was hired, Matrixport highlighted its international growth plans in the US, expressing its commitment to expanding its presence despite regulatory challenges faced by crypto businesses in the country.The recent announcement reaffirms that Matrixport’s plans for growth in the US remain intact. Ross Gan, Head of Public Relations and Brand for Matrixport, stated that Anthony DeMartino has transitioned to an advisory role while Mo Zhou, the newly appointed COO, will oversee the day-to-day operations in the United States.Photo by Sora Shimazaki on PexelsProminent Asian crypto businessMo Zhou brings a wealth of experience to his new role, having worked in derivatives and mergers and acquisitions (M&A) for ten years. He is a Harvard-trained lawyer and is well-equipped to lead Matrixport’s institutional-focused business lines in the US.As one of the larger cryptocurrency businesses in Asia, Matrixport boasts a global workforce of over 290 employees. The company’s impressive figures include more than $700 million in outstanding loans and a monthly trading volume of $5 billion, as stated on its website.Bullish price predictionMatrixport has garnered some attention for its Bitcoin price predictions over recent weeks. Last month, the company pointed out that its Bitcoin Greed & Fear Index had surged towards the greedier end of the spectrum. At the time, the Bitcoin price stood at $31,200. The firm predicted a cooling over the shorter term in that price action. At the time of publication, the Bitcoin unit price stands at $30,300, having dipped below the $30,000 mark on a number of occasions.Last week, Matrixport’s Head of Research and Strategy, Markus Thielen, suggested that Bitcoin is heading towards a unit price of $125,000 by the end of 2024. Thielen maintained that Bitcoin recording a one year high unit price on June 22 signified the end of the bear market, and the start of a bull market. Thielen and Matrixport find themselves in good company as on Monday, international financial services firm Standard Chartered predicted a Bitcoin unit price of $50,000 by year end and a price of $120,000 by the end of 2024.Matrixport’s appointment of Mo Zhou reflects its ongoing commitment to expanding its operations and solidifying its presence in the United States. With Zhou at the helm of the company’s US business, the company is positioning itself to navigate the evolving cryptocurrency landscape and continue its growth trajectory in this developing market.

Meme coin project Floki Inu has implemented restrictions on users in Hong Kong from accessing its staking programs following a warning from the Hong Kong Securities and Futures Commission (SFC). Last week, the regulatory body labeled Floki's staking initiatives as "suspicious investment products'' and urged caution among investors. On Jan. 26, it specifically cautioned Hong Kong users about the Floki and TokenFi staking programs, emphasizing the promised annualized returns ranging from 30% to over 100%. The Commission expressed concern over investment products that make claims of returns deemed "too good to be true."Photo by Jie Yeu Teoh on UnsplashStaking program access block in Hong KongResponding to the SFC's warning, Floki Inu took proactive steps to prevent users in Hong Kong from participating in its staking programs. In an official blog post which was published on Tuesday, the project's team announced the implementation of "practical measures" to block Hong Kong-based users from joining the staking programs. Additionally, prominent warnings have been placed on the Floki and TokenFi staking websites, clearly stating the ineligibility of Hong Kong users to participate. The SFC emphasized that neither of the mentioned investment products holds authorization in Hong Kong, warning that unauthorized schemes provide limited to no protection under its Securities and Futures Ordinance (SFO). Investors engaging in such unauthorized schemes may face the risk of losing their entire investments. Addressing regulatory concernsFloki Inu's team has responded to the regulatory concerns by actively collaborating with legal advisers to address potential regulatory issues associated with the staking project. The team committed to responsible community practices, while affirming its dedication to implementing measures to prevent Hong Kong users from participating in the staking program until regulatory concerns are resolved. As of Jan. 29, there is no record of Hong Kong users joining the staking programs, according to the Floki team. Furthermore, the team revealed that offline marketing activities in Hong Kong had already been halted before the project's launch in December 2023. Clarifying high yieldAddressing the SFC's primary concern regarding the high annual percentage yield (APY), the Floki team provided explanations. They clarified that the rewards are subject to volatility influenced by market dynamics and the value of staking rewards may fluctuate based on the market valuation of the token rewards. The team attributed the high APY for its staking programs to the allocation of the majority of TokenFi's token supply to token stakers, highlighting that the project had not raised venture capital funds or conducted a presale. They noted that market forces beyond their control had significantly increased the TokenFi price from its initial market cap at launch. In response to potential user confusion, the Floki team emphasized the complete decentralization of the staking programs for Floki and TokenFi, assuring users of a clear understanding of how the programs operate. They concluded by expressing their commitment to ongoing collaboration with regulatory bodies to ensure compliance and foster a responsible and transparent environment for users. Community response has been largely positive with one crypto influencer claiming: “You will not find a more legit team in #Crypto than $FLOKI. I’ve known about them for years and everyday they continue to handle themselves in the most informative, structured, and professional way.”   

WEMIX Foundation launches omnichain walletThe WEMIX Foundation, a subsidiary of South Korean blockchain gaming publisher Wemade, has officially launched the una Wallet, according to an official announcement on the company’s website on Thursday (KST). una Wallet is a core application of the Unbound Networking & Accelerating Growth Initiative, or “unagi,” the company’s newest innovative omnichain network and interoperable Web3 gaming platform.Photo by Shubham’s Web3 on UnsplashEasy asset managementThe wallet service offers a solution for users to conveniently earn, manage and trade their digital assets like NFTs and tokens on multiple blockchains — such as WEMIX3.0, Ethereum and Polygon — in one borderless place. The WEMIX Foundation said it would add more supported chains in the future.Effortless access and robust securityIn particular, una Wallet’s convenience and security stem from an easy login procedure utilizing connections to social media accounts and multi-party computation (MPC) technology. MPC is a cryptographic security measure that enables multiple parties to assess a computation without revealing their private information or data. This technology splits private keys, or mnemonic phrases, and allows users to easily recover their wallets through social login even if they lose their keys.The service also provides transaction route recommendations, allowing users to move or trade assets across chains with minimal costs or signature procedures. Subsequently, they can also view their transaction history on each chain and the movement of assets between different chains.WEMIX plans to add various features to make authentication and asset-tracking processes even easier. una Wallet is currently available on Google Play and the Apple App Store.