Phoenix Group strikes $380M deal with MicroBT

Fingerlabs launches Web3 solution to help partners build membership NFTsFingerlabs, a subsidiary of digital marketing company FSN, has launched its participatory Web3 membership platform dubbed “Bling” in an effort to foray into the evolving digital landscape, according to an official press release.Photo by Choong Deng Xiang on UnsplashCustomizable characters and collaborative benefitsBling is an all-in-one marketing solution that allows businesses to conveniently create and manage NFTs that offer membership benefits. Users can create customizable characters on Favorlet, Fingerlabs’ NFT wallet and customer management service, using clothing or accessories called “parts.” These parts are linked to benefits offered by Fingerlabs’ partner firms, usually in the form of coupons that can be used both online and offline — thus touting the name “parts NFTs.” This can help boost brand exposure as Fingerlabs will be able to share its customer base with its partners.“Bling will prove to be a novel attempt in demonstrating that Web3 technology is not exclusive but for everyone to use. It will significantly reduce the risks associated with directly operating NFT projects and support any brand in effortlessly utilizing Web3 technology as an all-in-one solution for development and operations,” explained Fingerlabs CEO Kim Dong-hoon.Partner firms can construct their parts NFTs through Favorlet, and users can store theirs on their Favorlet wallet. Notably, parts NFTs can also be traded on NFT is Life Evolution (NILE), a decentralized autonomous organization (DAO) and NFT platform built on blockchain gaming publisher Wemade’s WEMIX3.0 mainnet.Bringing a classic to Web3Fingerlabs also announced that it is working with the K Museum of Contemporary Art, located in Seoul, as Bling’s first official partner. Users can customize their Bling characters with Great Gatsby-themed parts in line with the museum’s newest exhibit based on the classic novel. Passes to the exhibit will also be minted as NFTs. The K Museum of Contemporary Art previously worked with Fingerlabs in August on a project where exhibit poster cards were minted as reward-yielding NFTs.

Short-Term Crypto Investment Prevails Among Hong Kong’s Retail InvestorsHong Kong’s retail investor interest in virtual assets has experienced a significant surge in recent years, albeit a recent survey suggests that most retail investors take a short-term investment view relative to crypto assets.Photo by Robert Bye on UnsplashIFEC studyThis newfound enthusiasm for virtual assets emerges from a recent study published by the Investor and Financial Education Council (IFEC), a subsidiary of the Securities and Futures Commission (SFC), Hong Kong’s securities regulator. The survey found that 6% of retail investors in the city had entered the virtual asset market in 2023, as compared to merely 1% in 2019.Conducted from June to July of this year, the study encompassed 1,000 individuals aged between 18 and 69. The survey uncovered a trend toward crypto investing among retail investors who’ve been enticed by the allure of the emerging asset class. Intriguingly, every single one of the digital asset retail investors in the study held cryptocurrencies in their portfolios. Non-fungible tokens (NFTs) and stablecoins, while still relatively niche, were also present in the portfolios of 6% and 2% of investors, respectively.11% to invest in crypto within 12 monthsAnticipating a further uptick in interest, the IFEC report posits that 11% of those surveyed have intentions to invest in virtual assets or related products within the next 12 months. This indicates that the allure of virtual assets continues to exert its magnetic pull on investors in Hong Kong.Despite the growing interest, a noteworthy finding in the survey is that 75% of retail virtual asset investors admitted to their primary motivation being the pursuit of short-term gains. Simultaneously, 74% of these investors perceived virtual assets as a prevalent investment trend, and 73% cited the fear of missing out on popular investment opportunities as a driving factor. These statistics underscore the need for enhanced investor education within the sphere of virtual assets.Lack of regulatory awarenessAnother interesting aspect of the data which emerged from the survey was the finding that only 47% of all surveyed investors are aware of Hong Kong’s recently introduced virtual asset trading regulations, which came into effect on June 1.An additional facet of this investor behavior study was illuminated by research conducted by the Department of Applied Social Science at Hong Kong Polytechnic University (PolyU). This research, based on data from a separate IFEC report that surveyed 501 people from November to December of last year, revealed that many retail investors in virtual assets exhibited overconfidence in their judgment.These investors were also found to have a proclivity to overemphasize past information, lean heavily on readily available and easily recalled information, and overestimate personal intuition.With that in mind, Eric Chui, Head of PolyU’s Applied Social Science unit, advised virtual asset investors to adopt a more deliberate and rational approach. Chui emphasized the importance of building financial literacy and collecting high-quality market information to make informed investment decisions, while steering clear of irrational investment behavior and biases.

HashKey Group, the Hong Kong-based regulated cryptocurrency exchange, is planning a partnership with crypto derivatives platform OKX.Photo by Ivan Lau on UnsplashAdvancing innovation and growthThe duo announced their plans via a press release which was published on Tuesday. The objective of the partnership is aimed at advancing compliant virtual asset innovation and industry growth in Hong Kong. The collaboration between HashKey Group and OKX capitalizes on the strengths and resources of both entities to elevate services and experiences. Harnessing these strengths the pair intend to contribute towards Hong Kong's emergence as a hub for the regulated virtual asset industry. The partnership will encompass various industry initiatives, including blockchain infrastructure development, product diversification and virtual asset investment education within the region. First regulated exchangeNotably, HashKey Group achieved a significant milestone last year by becoming the first Hong Kong Securities and Futures Commission (SFC)-regulated crypto exchange authorized to serve retail users. The firm secured Type 1 and Type 7 licenses from the SFC, in line with the  "compliance first” approach the company is taking. Founded in 2018 and headquartered in Hong Kong, with operations in Singapore and Tokyo, HashKey Group caters to a diverse clientele, including retail investors, institutions, family offices, funds and professional investors. The services offered by the company encompass a Hong Kong SFC-regulated virtual asset exchange, global asset management and wealth management, with a focus on blockchain and digital assets, blockchain node validation, tokenization and Web3 incubation and community operations. Its Singaporean subsidiary, digital asset fund manager HashKey Capital, secured a regulatory license from the Monetary Authority of Singapore (MAS) in December. Unicorn statusOKX Ventures, the investment division of OKX, played a crucial role in supporting HashKey's Series A financing. That Series A funding round saw HashKey achieve unicorn status with a $1.2 billion valuation earlier this month. OKX Ventures focuses on investing in projects that nurture sustainable growth within the global virtual asset ecosystem. OKX, already serving over 50 million users worldwide, has a notable presence with sponsorships that include Manchester City FC in the English Premier League (EPL) and the McLaren Formula 1 racing team. Earlier this month, the company expanded its sponsorship with McLaren. The digital asset exchange began onboarding customers in Hong Kong a month before officially launching operations there, aligning with the city's new virtual asset service providers (VASPs) regime implemented on June 1 of last year. In March 2023, OKX established a Hong Kong entity to launch virtual asset services, with plans to apply for the virtual asset service provider (VASP) license and Type 1 & 7 licenses under the Securities and Futures Ordinance. Approval is anticipated by early 2024. The collaborative effort between HashKey Group and OKX marks a significant stride in advancing compliant virtual asset innovations in Hong Kong. This partnership aims to enhance service offerings and customer experiences, further solidifying Hong Kong's position as a regulated virtual asset industry hub. By leveraging their respective strengths, these industry leaders are well placed to assist in elevating Hong Kong's standing in the global virtual asset landscape, fostering growth and compliance in this rapidly evolving sector.