1. Pandu Finance received a new round of strategic equity investment of tens of millions of Hong Kong dollars from Antalpha
Virtual asset management company Pandu Financial Group announced that it has received a new round of strategic equity investment of tens of millions of Hong Kong dollars from Bitcoin ecosystem service provider Antalpha.
Antalpha is a strategic partner of Bitmain. Founded in 2021 and headquartered in Singapore, it is committed to promoting innovation in blockchain technology and applications and has become one of the leading companies in the global Bitcoin ecosystem service system.
Pan Du said that the investment and strategic cooperation with Antalpha also represents an important milestone in the development of the company's Web3 ecosystem in Hong Kong. The company plans to invest in key growth points such as in-depth research on industry data, product innovation and market expansion, the recruitment of outstanding talents and technological innovation, seize the opportunities of the digital asset field, and accelerate the company's global layout.
2. BitGo CEO: The company has a team dedicated to managing customer accounts and is willing to assist MakerDAO in due diligence
According to The Block, BitGo CEO Mike Belshe said in an interview, "BiT Global has an entire team responsible for managing multiple customer accounts. They have an obligation to properly keep the assets and cannot hand over the funds to Justin Sun, me or anyone else at will, otherwise they will break the law and go to jail. As far as proof of assets is concerned, we have always had wbtc.network, and it will continue to operate." Regarding MakerDAO, Belshe expressed his willingness to assist in due diligence to eliminate any doubts.
Techub News previously reported that BitGo plans to establish a joint venture with BiT Global to accelerate the global strategic expansion of WBTC business.
3. OSL Executive Director: Although Hong Kong market intermediaries currently pay more attention to unlisted products, cryptocurrency spot ETFs provide investors with a reliable channel for participation
Gary Tiu, executive director and head of regulatory affairs at Hong Kong cryptocurrency exchange OSL, said in a panel discussion at the Foresight 2024 conference on Sunday that although Hong Kong market intermediaries currently pay more attention to unlisted products, Hong Kong's cryptocurrency spot ETFs provide investors with a reliable channel for participation and lay the foundation for future market development. As the Hong Kong cryptocurrency ETF market continues to develop, there are more and more opportunities for active participants to drive its growth potential.
"In Hong Kong, especially when it comes to funds and structured products, there are usually a lot of intermediaries between the issuer and the end investor, including brokers, banks, private banks, retail banks, etc.," Tiu said. These intermediaries make profits by distributing financial products, which makes Hong Kong market intermediaries prefer unlisted products. Tiu said ETFs offer less incentives for stockbrokers, with commissions of about a few basis points, which is about 1% to 2% of the commission for selling structured products.
4. Dragonfly and Crypto.com oppose CFTC’s proposed prediction market rules
According to CoinDesk, Dragonfly and Crypto.com have expressed their opinions on the prediction market rules proposed by the U.S. Commodity Futures Trading Commission (CFTC), saying that the proposed rules are too broad in their classification and restrictions on certain event contracts, including those related to gambling and elections. They are concerned that this overreach exceeds statutory authority, stifles innovation, and ignores the economic benefits provided by these contracts.
"Political event contracts should not be equated with gambling games like the Super Bowl. On the contrary, elections have significant economic impacts," Dragonfly's Jessica Furr and legal counsel Bryan Edelman wrote in a letter to the CFTC. "These contracts are designed to perform key risk hedging functions, comply with the requirements of the Commodity Exchange Act (CEA), and provide valuable predictive data to the public." Steve Humenik, special vice president of capital markets at Crypto.com, believes that the CFTC's attempt to ban prediction markets violates the rulemaking procedure set forth in the Federal Economic Act, which requires the CFTC to evaluate whether a contract involves excluded commodities, whether it engages in specific activities, and whether it is contrary to the public interest before banning it.
Techub News previously reported that Coinbase's chief legal officer opposed the CFTC's proposed rulemaking to ban certain prediction contracts.
5. Zhu Haokang of China Asset Management: Full of confidence in Hong Kong's vigorous development of the Web3.0 ecosystem and establishment of a global compliant virtual asset center
Zhu Haokang, head of digital asset management and head of family wealth management at China Asset Management (Hong Kong), expressed confidence in Hong Kong's vigorous development of the Web3.0 ecosystem and the establishment of a global compliant virtual asset center at the Foresight 2024 conference held on Sunday. As the scale and liquidity of Hong Kong's spot virtual asset ETFs increase, existing sales channels such as brokerages are also actively cooperating, and the interest of various investors has increased significantly.
Zhu Haokang believes that Hong Kong has experienced three waves of financial innovation in the past 30 years. From the "Required Articles of Association for Listed Companies in Hong Kong" promulgated in 1993, a large number of mainland Chinese companies went public in Hong Kong; to the VIE structure innovation, which enabled Chinese companies to use overseas capital markets for financing, further enhancing Hong Kong's central position in the global capital market; to the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Bond Connect, and Greater Bay Area Cross-Border Wealth Management Connect, which enabled the mainland and Hong Kong financial markets to achieve direct connection, providing investors with a more convenient cross-border transaction method and enhancing the liquidity of the secondary markets in the two places. Zhu Haokang said that we are experiencing the fourth wave of innovation in Hong Kong represented by the Web3.0 ecosystem. Virtual asset spot ETFs, real-world asset RWA tokenization, central bank digital currencies and stablecoins are establishing connections between the real economy and virtual assets, bringing new asset categories and high-quality liquidity, and bringing new vitality and broader development prospects to Hong Kong's financial system.
6. Medical data company OneMedNet raises $4.6 million, of which $1.8 million will be used to purchase Bitcoin
According to CoinDesk, medical data company OneMedNet raised $4.6 million through a third-party allotment at the end of last month, with cryptocurrency investment fund Off the Chain Capital and others participating in the investment, of which $1.8 million will be used to purchase Bitcoin.
7. Bitcoin mining company Marathon Digital plans to issue $250 million in convertible senior notes in a private placement
Bitcoin mining company Marathon Digital Holdings plans to sell convertible senior notes due in 2031 in an aggregate amount of $250 million through a private placement to individuals reasonably believed to be qualified institutional buyers, subject to market conditions and other factors permitting.
8. Xinhuo Technology: Li Lin holds 31.25% of the equity of ABCDE Fund
Hong Kong-listed company Xinhuo Technology released its latest announcement, saying that it has signed an asset management service framework agreement with its actual controller Li Lin to provide asset management services for its affiliated funds, including ABCDE Fund, New World Fund, New Era Fund and MS Fund, with a management fee of 1-2%. The announcement disclosed that as of June 30 this year, ABCDE's total assets under management were US$400 million, of which Li Lin owned 31.25% of the equity. New World Fund's total assets under management were US$200 million, of which Li Lin owned 50.00% of the equity. MS Fund's total assets under management were US$18.1 million, of which Li Lin owned 96.13% of the equity.
9. CoinShares: Digital asset investment products saw an inflow of $176 million last week, and ETP trading activity increased significantly
CoinShares' latest weekly report shows that inflows into digital asset investment products totaled $176 million last week. Total assets under management (AuM) for investment products have fallen to $75 billion, having lost more than $20 billion in the correction, but have since recovered to $85 billion. Trading activity in ETPs was much higher than usual, at $19 billion this week, compared to a weekly average of $14 billion so far this year. Every region saw inflows last week, with the United States, Switzerland, Brazil, and Canada, at $89 million, $20 million, $19 million, and $12.6 million, respectively. The United States remains the only country to have seen net outflows so far this month, totaling $306 million. Ethereum has benefited the most from the recent market correction, attracting $155 million in inflows last week. This brings its year-to-date inflows to $862 million, the highest level since 2021. Bitcoin saw outflows at the start of the week, but saw significant inflows in the last few days, bringing the total inflows for the week to $13 million. Short Bitcoin ETPs saw their largest outflows since May 2023, totaling $16 million (23% of assets under management), bringing assets under management for short positions to their lowest level since the beginning of the year, indicating a large number of investors exiting.
10. HTX announces Merkle tree reserve proof for August
HTX updates the Merkle tree asset proof data for August 2024, and the reserve rate remains above 100%. This update is the 22nd public Merkle tree asset audit report of HTX. The specific reserve rates updated by HTX this time are: USDT 100% (Huobi wallet assets 535,991,800 USDT), Bitcoin 100% (Huobi wallet assets 30,354 Bitcoins), Ethereum 100% (Huobi wallet assets 93,113 Ethereums), HTX 105% (Huobi wallet assets 341,074,117,249,122 HTX), TRX 105% (Huobi wallet assets 9,708,205,562 TRX). Among them, USDT and ETH data already include assets such as stUSDT and stETH.
