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HashKey Group Secures Bermuda License For International Expansion: Report

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The landscape of finance in Hong Kong is changing again, this time with HashKey Group’s new venture, HashKey Global. Like the leading industry platform Coinbase, the new company has gotten a license from Bermuda as part of its strategic move to access global markets. In addition, the new company will offer more than 20 different coins and potentially start plans to introduce futures trading.

As reported by local media, Weng Xiaoqi, the Chief Operating Officer (COO) at HashKey Group, revealed what pushed for this ambitious move. The regulatory environment for virtual asset trading platforms in Hong Kong is becoming more stringent; hence, licensed operators are looking for offshore avenues to expand their operations. HashKey Global platform has set up Bermuda’s Comprehensive Digital Asset Investor Protection System License that focuses on serving a global audience, especially overseas Chinese and SouthEast Asian investors.

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HashKey’s Diverse Platform Strategies

However, the exchange, based in Hong Kong, provides service to institutional customers and regional markets while HashKey Global serves retail investors who are not able to access the Hong Kong market. This does not include mainland China, Hong Kong (SAR), United States of America jurisdiction, where virtual asset platform operations are prohibited. Through trading directly using stable currencies such as USDT and USDC, Hashkey Global aims to target an estimated increase of four times for interested persons ineligible for participation.

Even though there is a strong attraction to international markets, the exchange has remained attached to its roots, Hong Kong. While leveraging global operations to pioneer innovative features, Weng Xiaoqi stresses the importance of maintaining the highest user protection standards. Therefore, by accumulating data and experience from the global platform, HashKey hopes to have a positive influence on regulatory developments in Hong Kong.

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Moreover, Weng Xiaoqi is looking forward to a world where virtual asset platforms will be licensed around the world. With two more licenses being negotiated and plans for worldwide expansion over ten years, HashKey Group is in an excellent position to shape the industry’s trajectory. So, by prioritizing regulatory compliance and user protection, the exchange sets out a roadmap for sustainable growth in the ever-changing landscape of virtual asset trade.

Related Reading | Bitcoin’s Historic Post-Halving Performance Shows Significant Pumps, Says Analysts

ZA Bank’s Crypto Innovation: New Solutions for Stablecoin Market

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ZA Bank has attained a new milepost in the pioneering development in cryptocurrency banking industry by declaring its banking services for stablecoin issuers. This undertaking makes the organization the first virtual bank to focus on safekeeping the fiat currency reserves of stablecoin entities that will help in the secure and reliable management of these digital assets. 

According to a recent report, during 2023, ZA Bank has made considerable contributions to the operational efficiency of Web3 corporate entities, by transferring the transactions worth more than US$1 billion. The bank’s accomplishment has made it a pivotal player in Hong Kong’s crypto trading environment, servicing 80% of the local virtual asset trading platforms (VATP). The bank’s wide services range is now a valuable asset to over 100 companies across different segments, which is a clear testament of the bank’s leading position in the development of the Web3 industry.

ZA Bank’s Crypto Commitment

Zian Diyun, acting CEO, is the innovative spirit of ZA Bank. He expressed the bank’s strong commitment to support development of Web3 ecosystem. ZA Bank seeks to tackle the challenges of the stablecoin issuers sector head-on by introducing a specialized account service for them. Diyun’s prospect is to take away these pain points, making the stablecoin market growth stable and sustainable.

Such commitment is further confirmed by ZA Bank’s full range of commercial banking services provided to the digital asset community. They are intricately crafted to meet the divergent financial needs of its clients; some of which include facilitating hassle free international fund transfers and foreign exchange services, efficient payroll management systems, and diverse time deposit schemes. These services also help ZA Bank clients to operate and thereby participate in the broader objective of healthy stability and growth of Web3 economy.

This strategic step taken by ZA Bank marks a crucial achievement in the development of digital age-oriented banking services and that which is unbeatable by other banks. Z Bank is pioneering the merge of traditional banking with the innovative availabilities of Web3 and cryptocurrency sectors by catering to the particular needs of stablecoin issuers.

Cardano’s ADA Eyes $5 Target On The Back Of Robust Ecosystem

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Cardano ADA is frequently noted for its promising trajectory. Overall, ADA has been attracting a lot of attention due to the potential it has shown that could see it go up to levels never seen before. A recent analysis by Cardano DApp Analyst outlines five compelling factors that suggest ADA might feasibly surge to the coveted $5 milestone.

Firstly, the robust DApp ecosystem integrated with stablecoins has laid a strong foundation for Cardano’s growth. Unlike many other blockchain platforms, Cardano possesses one of the largest numbers of decentralized networks which stand against centralization risks better.

Additionally, community governance and voting structures give people more power leading them to feel they are part owners in whatever happens as well as participants. This kind of democratic approach has won investors’ trust and received considerable attention.

One such community is Cardano’s which is known for its diehard fans who have never stopped being so passionate about it all. These people actively partake in growing and pushing ADA further toward its popularization as well. Cardano has also maintained an impressive record of security, with no reports of hacks or drained wallets, instilling confidence among investors and users alike.

However, these factors cannot hold back the fact that ADA now trades at $0.597763, experiencing a small setback where there was a 5% drop within the past day alone. But there are experienced analysts like Trend Rider who see this as just a blip on the radar pointing towards a possible bullish reversal.

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Source: CoinMarketcap

Drawing Parallels With Cardano Historical Trends

Drawing a parallel between historical trends, Trend Rider highlights how the market conditions that prevail today are similar to those at the start of the 2020 bull run. The 2-week chart is showing strong signals of an uptrend, which has raised hopes for a big rally soon.

However, despite this positive outlook, Trend Rider insists on carrying out weekly analysis for crypto assets with a greater degree of volatility. Even though the macro chart looks bullish, smart traders are always on their guard, taking their profits when necessary and looking at key indicators.

In their most recent weekly analysis, Trend Rider provides some insights on ADA’s price action and what could potentially happen. However, despite the bullish trend, the indications are that there is a slight weakening in strength, which leads us to be more cautious.

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As the ADA consolidates before its next move forward, Trend Rider outlines certain possible cases for investors. The general aim is increase profit while minimizing risks whether waiting for a bounce signal or adding during dips.

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However, with Cardano’s fundamentals and community support, the road to $5 may have its own ups and downs along the way. Investors can take advantage of this by analyzing carefully and making strategic moves to reap from ADA’s upward movement in the cryptocurrency market.

Related Reading | Hong Kong’s Crypto Licensing Rules Face Urgent Demand For Resolution, Says Lawmaker.

Unveiling Ethereum’s Architectural Renaissance: The Purge Initiative

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Recently, the co-founder of Ethereum, Vitalik Buterin, shed light on some ongoing attempts to make the Ethereum protocol more focused and fortified. It is referred to as “The Purge” and it aims at simplifying Ethereum’s complex architecture, relieving node resource burdens, and beefing up security.

A central element in this campaign is EIP-6780; this was a relatively unnoticed part of the recent Dencun fork. EIP-6780 proposes changes to SELFDESTRUCT opcode, which is supposed to end contracts by deleting associated code and storage. This change, according to Buterin, appears not immediately simplifying specification of the protocol but rather making implementations stronger through introducing important invariants.

After implementing EIP-6780, Ethereum started placing limits on the number of storage slots that can be changed in one block. Also, there is a continuous code structure within contracts over transactions or blocks which also cuts off excessive complexities from changing something dynamic.

This development has implications beyond enhancing the protocol alone. Once again, developers of Ether clients will benefit from this as it fastens processes while the operators of nodes’ burdens are getting lighter day by day. However, Buterin hints at a broader agenda, envisioning a future where the SELFDESTRUCT opcode may be entirely eradicated.

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Nevertheless, the search for the best protocol optimization is still ongoing in relation to this. Geth has also made recent gains with regard to the pruning of redundant code as a way of alleviating the burden that client developers undergo. A case in point is EIP-161, which focuses on accounts that are no longer required, and Dencun, which introduced an eighteen-day window for storing data blobs as examples of Ethereum’s commitment towards scalability and efficiency, among other issues.

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Addressing Precompiles: Streamlining Ethereum’s Features

Precompiles, according to Buterin, should be considered for elimination. While they enable complicated cryptographic operations through specialized contracts, their usage is limited thereby causing compatibility and security challenges. The idea put forward here merely seeks to rationalize Ethereum’s feature set by either getting rid of precompiles or reworking them.

Moreover, Buterin also addresses the revamp of Ethereum’s logging mechanism, suggesting for a more concise and efficient way that uses zero-knowledge proofs to increase its efficiency. Further, the use of SimpleSerialize (SSZ) creates a new dawn in how Ethereum structures its data thereby offering a more supported framework with many resources.

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However, initiatives like “The Purge” demonstrate the community’s commitment to optimize and strengthen the basic infrastructure of the platform. At each step towards simplicity and efficiency, Ethereum comes closer to becoming a scalable and resilient decentralized ecosystem.

Related Reading | Hong Kong’s Crypto Licensing Rules Face Urgent Demand For Resolution, Says Lawmaker.

Solana (SOL) Soars: Analysts Predict Further Upsurge Amid Bullish Trends

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Solana (SOL) has been on an astonishing bull run since the beginning of the year, posting impressive gains. Over the past three months, SOL has shown remarkable resilience and strong price performance, surging by nearly 860%. However, SOL spiked to $209 before retreating to $163 and rebounding strongly afterward. Presently, SOL seems ready for another major upswing.

Several crypto analysts are optimistic about the future prices of SOL. Rekt Capital is one of them, and it recently shared some insights into Solana’s price performance. According to Rekt Capital, the recent retest by Solana was not just a blip but a successful maneuvering. This implies that there is strong support for SOL, making them have enough room for more growth.

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Another important thing to note is that, in his technical analysis, Rekt Capital may have noticed the possible formation of a Bull Flag on Solana. A Bull Flag pattern is characterized by a short period of consolidation following a steep rise and then a potential breakout. In other words, SOL could be preparing for yet another remarkable rally that may challenge the critical resistance zone at $208.

In addition, Wick, another leading crypto analyst, shared his opinion confidently by stating that; “SOL has once again crossed over the $200 mark.” Moreover, he added that SOL seemed ready to go up significantly, implying that those who purchase SOL at $200 may soon regret not doing so earlier.

Solana (SOL) April Price Forecast

At the time of writing, the price of Solana stands at $202.61, accompanied by a 24-hour trading volume of $5.48 billion and a market capitalization of $90.10 billion. Within the last 24 hours, SOL has seen a 3.84% increase in price, and over the past week, it has surged by almost 10%.

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Source: CoinMarketcap

Solana’s latest projection by Changelly indicates that its value can improve by 12.6%, and it could hit $220.49 on April 1, 2024. The Solana market has a strong bullish sentiment of 86%, according to Changelly’s technical indicators, while the Fear & Greed Index represents a score of 75, indicating greed.

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Solana (SOL) Soars: Analysts Predict Further Upsurge Amid Bullish Trends 12

Cryptocurrency analysts are gearing up to unveil their predictions for SOL’s price in April 2024. They anticipate the minimum trading cost to be $206.96, with the potential for prices to soar as high as $664.81 within the month. The average projected value for Solana stands at approximately $435.89. This forecast implies a potential return on investment of 237%.

Related Reading |  Hong Kong Exchange HKVAEX Shuts Down Amid Suspected Binance Affiliation

Did Cardano’s Founder Code Its Genesis? Hoskinson Breaks Silence

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The Cardano community sparked the spotlight on the origins of the prominent cryptocurrency project. In a recent query posted on social media platform X, the user asked if Charles Hoskinson, one of the founders of Input Output Hong Kong [IOHK], had ever personally coded for Cardano during its inception phase. Adding intrigue to the discussion was Hoskinson’s response.

The Cardano founder shed insights into the early days of the blockchain’s development and how he played a pivotal role in shaping the original architecture and research agenda. Hoskinson also took on the product manager role for key components of the project, including Daedalus, the official Cardano wallet, and the Ada Voucher Vending Machine.

Additionally, he was involved in the conceptualization and management aspects. However, Hoskinson clarified that he was not a professional engineer. As a result, none of the code directly linked to him made its way into the production phase of the project.

“I designed the original architecture and research agenda and was also the first product manager for Daedalus and Ada Voucher Vending Machine. I’m not a professional engineer, so none of the code around these things directly connected to me ended up in production,” he stated.

Overall, the conversation surrounding Cardano’s origin story provided a valuable opportunity for community members to reconnect with the project’s roots and reaffirm their commitment to its ongoing development and success.

Cardano Founder Calls for a ‘WiFi Moment’

Recently, the Cardano founder stated that the digital asset industry requires a “WiFi or Bluetooth moment” in an interview. Emphasizing the need to build specific standards, Hoskinson doubled down on the significance of facilitating more interoperability. Doing this will enable a seamless flow of information, bridging the gap between digital currency and traditional financial institutions.

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Did Cardano's Founder Code Its Genesis? Hoskinson Breaks Silence 14

What we are seeing is a collection of standards being created [that] will inevitably converge over the next three to five years to create a situation where you can move information and value between all these different systems ー not just Bitcoin to Litecoin to Ethereum to Cardano ー but also your regular bank account.

Crypto crackdown: SFC identifies 11 dubious products on Bybit

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Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has cast a shadow over the cryptocurrency exchange Bybit, labeling it as a “suspicious” trading platform. This move comes despite Bybit’s local entity, Spark Fintech, having submitted its crypto exchange license application earlier this year.

The SFC’s updated list of “suspicious virtual asset trading platforms” now includes Bybit, accompanied by the identification of 11 of its products as being of concern. These products span a variety of digital asset investment avenues, including futures contracts, options, leveraged tokens, and wealth management services, among others.

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Source: SFC HK

In response to the SFC’s actions, Bybit released a statement expressing an inability to comment on specific regulatory inquiries or products at this time. The exchange emphasized its commitment to compliance with regional regulations, suggesting that the identified products might not be available in the Hong Kong market due to local compliance requirements.

Impact on Crypto Market Expansion

This development underscores the growing scrutiny faced by digital asset platforms from regulatory bodies worldwide. As the crypto market continues to expand, regulators are keen to ensure investor protection and uphold market integrity. Bybit’s classification as a “suspicious” platform by the SFC serves as a reminder of the regulatory challenges confronting the digital asset industry.

For investors and traders, regulatory actions such as these signal the importance of due diligence when engaging with digital asset platforms. While the allure of high returns in the market remains strong, it is crucial to assess the legitimacy and compliance status of the platforms and products being utilized.

The SFC’s move also highlights the evolving regulatory landscape surrounding cryptocurrencies in Hong Kong. As authorities work to establish clear frameworks for exchanges and related services, market participants can expect increased oversight and enforcement measures.

In conclusion, Bybit’s classification as a “suspicious” crypto trading platform by the Hong Kong SFC serves as a stark reminder of the regulatory challenges facing the crypto industry. With regulatory scrutiny on the rise, market participants must prioritize compliance and due diligence to navigate the evolving crypto landscape effectively.

Ripple Ally Strikes Gold: Logs 20M Blocks, 64M Transactions

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Key Ripple partner Flare Network has notched up some major milestones, gaining tremendous traction across the space. According to data from CoinGecko, FLARE is among the top gainers in the last 60 days. The token’s upward charge has seeped into the network’s activity. There are now 20 million blocks created and 64 million transactions made on Flare.

“What awesome milestones to hit this weekend! I couldn’t be prouder of the progress being made by all involved,” remarked Flare Labs VP, Joseph Edwards.

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Ripple Ally Strikes Gold: Logs 20M Blocks, 64M Transactions 17

From its positioning as a Ripple-focused decentralized finance [DeFi] application, Flare has evolved into a layer 1 blockchain and Oracle provider with major backing from the leading payments entity. Recently, some of the earliest investors—such as Hong Kong- and US-based Kenetic and New York-headquartered Aves Lair—have doubled down on investment by extending token vesting, limiting token sales, and committing significant new capital to invest across the Flare ecosystem.

The backers are voluntarily extending their token vesting period from 2024 through to Q1 2026, and they have agreed to limit their token sales to a maximum of 0.5% of the 30-day daily average volume.

To bolster support for sustained ecosystem growth and provide additional incentives for builders, the investors have also committed to reinvesting at least 50% of the proceeds of all token sales over the next two years back into Flare ecosystem projects.  At the current market valuation, the potential reinvestment in the ecosystem comes to $35 million, per the blog post.

Flare Onboard Ripple’s XRP

Earlier, the Ripple partner announced an important integration that boosts XRP adoption. According to co-founder of Flare Networks, Hugo Phillon, Flare is all set to integrate the Ripple-affiliated token into its network as well as other ecosystems through LayerCake. To facilitate a seamless entry of XRP into Flare Networks, the new collaboration also features the addition of the wrapped token FXRP, opening up tons of possibilities for cross-chain innovation.

Phillon, in particular, shone the spotlight on the limitless capabilities in case hooks arrive on the XRP Ledger mainnet, emphasizing that Flare could provide high-quality decentralized data to dapps developed using hooks.

BitForex Exit Scam Unveiled: $55.6M Missing from Customer Funds

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Bitforex, a cryptocurrency exchange based in Hong Kong, has stopped accepting withdrawals for at least three days without stating why. Approximately $56 million in cryptocurrency had been taken out of the exchange’s wallets before the halt.

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BitForex Exit Scam Unveiled: $55.6M Missing from Customer Funds 19

BitForex Under Fire for Alleged $55.6M Exit Scam

Blockchain expert ZachXBT raised concerns about activities on the BitForex cryptocurrency exchange on February 26 in an X post, suggesting that the platform may have been exit scammed. The investigation claims that on February 23, the exchange removed cryptocurrency valued at about $56.5 million from its hot wallets. ZachXBT continued, “The exchange stopped accepting withdrawals after that unusual withdrawal without providing an official explanation.

Since May 2023, there have been no updates to the exchange’s X account. Users of Bitforex are experiencing issues with their accounts on its official Telegram channel. These issues range from the dashboard not displaying any assets to the inability to access their accounts. A number of consumers say that they are unable to visit the company’s website and share the pop-up screen.

BitForex had a change of leadership in January following the resignation of CEO Jason Luo. Although Luo wrote in a blog post that he was confident in the ability of the new leadership team, the circumstances surrounding his leaving have sparked rumors in light of current developments. ZachXBT pointed out that the situation is made even more dire by the fact that the exchange still possesses a sizable amount of OMI and TRB tokens. ZachXBT has pinpointed particular wallets associated with this activity and advises keeping an eye out for any updates.

Based on market capitalization, Bitforex was one of the top cryptocurrency exchanges in the world in September 2023. It was exchanging almost $2.6 billion worth of cryptocurrency per day. CoinMarketCap does not currently offer real-time Bitforex data. Bitforex was charged by Japan’s Financial Services Agency (FSA) in April 2023 with breaking the country’s fund settlement regulations. The FSA and a few other platforms claim that the exchange has been operating in the nation without the required registration.

Since its founding in 2018, BitForex has received a lot of complaints from users, most relating to account bans that were purportedly caused by KYC requirements. The exchange has not made any public statements about the current events as of the time of publication.

Crypto Staking’s Exponential Growth Fuels Optimism In Singapore

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Crypto staking has become the most popular use case for crypto in Singapore, according to a recent report by Coinbase and Seedly. The study, conducted in Q4 2023 and analyzing responses from over two thousand adults, revealed that 55% of Singaporean cryptocurrency investors have engaged in staking through centralized platforms such as Coinbase, Binance, or Kraken while defi apps like Uniswap, or Aave were used by 38%.

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Source: Coinbase

Crypto staking and DeFi are two ways of earning passive income in crypto, but they differ due to risk, reward, and control. Normally, crypto staking requires locking a particular amount of Crypto for some fixed period of time and receiving interest at an already agreed rate. On the other hand, Defi permits users to lend their crypto or borrow it without permission or trust someone else’s money and get fluctuating gains subject to supply and demand terms.

Crypto Staking Optimism In Singapore

Even with cryptocurrency market instability, the report showed that Singaporeans had faith in cryptocurrency. According to 56% of respondents, crypto will become the future financial system; 46% expect prices to go up within one year. The study also highlighted that more than half of the interviewed people (54%) employed stablecoins as a way to reduce risks connected with changing prices.

The market report issued by Coinbase stated how Singapore had become a regional blockchain and crypto innovation center with a vibrant and diverse crypto ecosystem. The study also showed that when it comes to selecting an exchange for digital currencies, security and fund protection are the most crucial factors for Singapore’s crypto-investors, as approximately 70% of respondents highlighted.

For the last few years, the cryptocurrency market in Singapore has experienced unprecedented growth, leading to various investments from all over the world. By 2023, Singapore and Hong Kong had financed more than 11% of crypto and blockchain start-ups around the world, as per data provided by PitchBook, a business information company.

However, the report also noted that there were certain challenges facing the crypto landscape in the region, such as FTX’s collapse in late 2022, which was among one of the world’s largest crypto exchanges, leading to a wave of bankruptcies and lawsuits by its partners and customers forcing various crypto companies in America to revise their strategies.

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