Blockchain Press Releases
Zetrix/MYEG and MaiCapital Ink MoU to Launch Virtual Asset Funds
KUALA LUMPUR, Malaysia, April 24, 2024 /PRNewswire/ — Zetrix Foundation and MY E.G. Services Berhad (“MYEG”) signed a Memorandum of Understanding (MoU) with MaiCapital, a licensed virtual asset manager in Hong Kong, to collaborate on the launch of a virtual asset fund or Hong Kong virtual assets exchange-traded fund (ETF) products.
The MoU focuses on a collaboration to issue a Securities and Futures Commission of Hong Kong (SFC) approved ETF, which would consist of a basket of cryptocurrencies, such as Bitcoin and Zetrix, and potentially other suitable cryptocurrencies.
This collaboration follows MYEG-developed Zetrix’s announcement of a strategic alliance with Web3Labs Hong Kong, a powerhouse in Web3 development and investment, alongside venture capital firm Summer Capital. Together, they aim to drive forward Hong Kong’s Web3 ambitions and position Zetrix as the preferred blockchain infrastructure for applications aligned with the Hong Kong government’s objectives, an initiative launched earlier this year.
The collaborative effort between MYEG and MaiCapital is timely, coming just as the SFC has begun granting approvals to several asset managers to launch the first spot bitcoin and ethereum ETFs.
TS Wong, Managing Director of MYEG, says that this partnership marks another milestone in integrating digital assets into mainstream finance.
“MYEG is pleased to partner with MaiCapital, a leading provider of virtual asset (VA) fund services in Hong Kong, to expand our offerings of cryptocurrency virtual assets fund or ETF options for investors. This collaboration aims to provide investors with additional avenues for diversification across multiple cryptocurrencies, thereby helping to mitigate the risks and volatility associated with owning a single cryptocurrency.”
Managing Partner of MaiCapital Limited, Marco Lim says this collaboration is a testament that Hong Kong’s embrace of Web3 technologies and positioning itself as a hub for innovation in this space is bearing fruit.
“VAs are a key part of a vibrant Web3 ecosystem, and more and more leading Web3 players are recognising Hong Kong’s progressive yet prudent stance on Web3. Our latest MoU with Zetrix Foundation/MYEG is yet another testament,” he says.
About Zetrix
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy. Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China’s national public blockchain Xinghuo BIF enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
Website: https://www.zetrix.com/
About MY E.G. Services Bhd (“MYEG”)
MYEG is Malaysia’s premier digital services company. Having commenced operations in 2000 as the flagship e-government services provider, MYEG continues to play a leading role in driving technological change in the region, bringing a diverse and complete range of innovations spanning the online delivery of major government services to a variety of commercial offerings in the areas of immigration, automotive, healthcare and financial services, among others. Committed to staying firmly at the forefront of the region’s digital revolution, MYEG has embraced the potential of blockchain technology to enhance all aspects of life and is actively pioneering its adoption across its main markets. MYEG has operations in key regional markets such as the Philippines and Indonesia.
Website: https://www.myeg.com.my/
MaiCapital Limited (“MaiCapital”)
MaiCapital is a leading virtual assets investment manager in Hong Kong and is a pioneer in applying institutional investment practices to the innovative cryptocurrency space. The firm aims to offer crypto-inclined investors with legitimate and compliant products that provide positive returns with maximum protection.
MaiCapital has received Securities and Futures Commission of Hong Kong’s (SFC) approval to manage funds that may comprise up to 100% virtual assets. The firm is subject to the SFC’s “Proforma Terms and Conditions for Licensed Corporations which Manage Portfolios that Invest in Virtual Assets”.
In early 2019, the firm launched its first crypto-themed product, the Blockchain Opportunity Fund. The multi-strategy investment approach of this Fund has garnered global recognition, with the London-based investment data company Preqin ranking its 2021 return among the Top 3 hedge funds across all of Asia.
Website: https://www.maicapital.io/
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Blockchain Press Releases
Movement Network Foundation Announces Public Mainnet Beta Now Live with $250M+ TVL
Innovative day-one liquidity fuels the latest Move blockchain network launch
GRAND CAYMAN, Cayman Islands, March 10, 2025 /PRNewswire/ — The Movement Network Foundation, the organization dedicated to advancing MoveVM technology, today announced the successful launch of Movement Public Mainnet Beta, with an impressive $250M in at-launch Total Value Locked (TVL) from the Cornucopia program. This milestone enables permissionless smart contract deployment and user onboarding for the first time and allows everyone to freely build on and use Movement, the only Move-based chain that settles to Ethereum.
Cornucopia Deepens Liquidity
“Securing over $233 million in TVL through our Cornucopia program is a clear validation of the market’s confidence in Movement,” said Cooper Scanlon, Co-Founder of Movement Labs. “This level of day-one liquidity is exceptionally rare for a new network and gives us, our builders, and our community a significant advantage. It allows us to skip the months-long bootstrapping phase and immediately provide the foundation needed for meaningful DeFi adoption and utility.”
Cornucopia provides Movement Network with substantial day-one liquidity across BTC, ETH, MOVE, and stablecoin assets, addressing one of the primary challenges new networks face: the “cold start” problem. Developed with industry leaders including Concrete, Veda Labs, Echelon and Canopy, this robust financial foundation enables Movement to support sophisticated DeFi applications from day one.
Public Mainnet Beta Launch: Features
Movement Network is a secure and scalable network of Move-based chains secured by Ethereum, creating safer execution environments through the Move programming language originally developed by Meta to power safer, better digital economies. Movement is the Network’s first chain.
Public Mainnet Beta key features:
- Permissionless smart contract deployment
- Full user onboarding and engagement
- Attestations of block states will be committed to Ethereum as part of the Movement’s Fast Finality Settlement.
- Canonical Movement bridge via LayerZero
“With Public Mainnet Beta, developers can now deploy smart contracts without approval, and users can freely engage with the Movement ecosystem. This marks the beginning of a new chapter for Move-based technology, combining robust security and better performance with Ethereum’s network affects” added Rushi Manche, Co-Founder, Movement Labs.
The launch features the canonical Movement bridge powered by LayerZero, enabling users to seamlessly transfer MOVE (the network’s native gas token), USDT, USDC, wBTC, wETH, and more to the Movement chain.
The Movement Network Foundation will continue to launch additional features over time as the ecosystem evolves.
For more information about Movement Public Mainnet Beta, For more information about Movement’s Developer Mainnet, visit movementnetwork.xyz or follow @movementlabsxyz, @movementfdn, @moveecosystem @Move_Collective on Twitter.
About Movement Network Foundation
Movement Network Foundation is the driving force behind the Movement ecosystem, dedicated to fostering innovation and advancing the adoption of MoveVM technology. The foundation oversees the development of Movement Network, a next-gen solution built using MoveVM that settles to Ethereum. Through its MoveDrop program and ecosystem initiatives, the foundation supports developers, projects, and community contributors building decentralized applications. Learn more at movementfdn.xyz or follow @movementfdn on X.
MEDIA CONTACT:
Carmen Pearson
Head of PR & Communications
Movement Labs
[email protected]
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Blockchain Press Releases
Movement Network Foundation Announces REX-Osprey™ Funds Files for First U.S. Movement ETF as Public Mainnet Beta Launches
First Movement ETF Filing Will Provide U.S. Investors with Exposure to Movement Ecosystem
GRAND CAYMAN, Cayman Islands, March 10, 2025 /PRNewswire/ — The Movement Network Foundation, the organization dedicated to advancing MoveVM technology, today announced that REX-Osprey has filed for a new exchange-traded fund (ETF) focused on $MOVE. If approved, this ETF would be the first providing exposure to Movement through traditional financial rails. Simultaneously, the Foundation announced the successful launch of Movement Public Mainnet Beta, with $250M in at-launch Total Value Locked (TVL) from its Cornucopia program.
“This filing represents a historic moment not just for Movement, but for the entire Move landscape,” said Rushi Manche, Co-Founder of Movement Labs. “Breaking the pattern of ETFs limited to long-established cryptocurrencies opens doors for institutional capital to support next-generation blockchain innovation.”
“Traditional investors have expressed keen interest in gaining regulated exposure to emerging blockchain technologies without directly managing tokens,” noted Cooper Scanlon, Co-Founder of Movement Labs. “This ETF represents the convergence of innovative financial products with cutting-edge blockchain architecture.”
ETF Provides Traditional Market Access to $MOVE
The Move programming language, originally developed by Meta, empowers Movement developers to create more efficient, more secure smart contracts. If approved, the ETF would allow investors to gain exposure to Movement through traditional brokerage accounts and retirement vehicles without the technical complexities of direct token management.
Public Mainnet Beta Launches with Substantial Liquidity
Concurrent with the ETF filing announcement, Movement Network Foundation has successfully launched its Public Mainnet Beta with $250M in Total Value Locked (TVL). This day-one liquidity provides the network with immediate utility.
The Public Mainnet Beta enables permissionless smart contract deployment, full user onboarding, and Ethereum settlement. It gives users and builders the full benefits of Move and the MoveVM. Users can access the network through the canonical Movement bridge powered by LayerZero.
For more information about Movement Public Mainnet Beta, visit movementnetwork.xyz or follow @movementlabsxyz, @movementfdn, @moveecosystem @Move_Collective on Twitter.
About Movement Network Foundation
Movement Network Foundation is the driving force behind the Movement ecosystem, dedicated to fostering innovation and advancing the adoption of MoveVM technology. The foundation oversees the development of Movement Network, a next-gen solution built using MoveVM that settles to Ethereum. Through its MoveDrop program and ecosystem initiatives, the foundation supports developers, projects, and community contributors building decentralized applications. Learn more at movementfdn.xyz or follow @movementfdn on X.
MEDIA CONTACT
Carmen Pearson
Head of PR & Communications
Movement Labs
[email protected]
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Blockchain Press Releases
Market Needs a Stronger Boost than Trump’s Crypto Strategic Reserve: New Bybit x Block Scholes Crypto Derivatives Report
DUBAI, UAE, March 10, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, released the latest weekly crypto derivatives analytics report with Block Scholes as President Trump signed the executive order to establish a strategic BTC reserve on Thursday.
In the first week of March, crypto market movements suggested traders had digested the positive news and pulled towards bearish territories with a declining S&P 500 and growing skepticism surrounding ETH and SOL. This waning enthusiasm is evidenced by a notable increase in demand for short-term protective options as investors seek to mitigate potential risks in the evolving market landscape.
Key Highlights:
- Stable Funding Rates: Following President Trump’s announcement on Mar. 2, the spot prices of involved cryptocurrencies surged. However, funding rates for these assets have not reached extreme levels, remaining relatively stable compared to highs seen prior to Trump’s inauguration. This suggests a balanced demand for long positions, indicating subdued short interest in the market.
- Volatility in ETH Options: The enthusiasm surrounding ETH was quickly tempered as ongoing tariff discussions contributed to bearish market sentiment. This has resulted in a notable increase in realized volatility, surpassing options-implied levels. As traders seek protection, the market has seen a shift in short-term volatility towards puts, reflecting a cautious outlook.
- Decline in SOL Open Interest: The report also notes a decrease in open interest for Solana options at the end of February. Despite the inclusion of SOL in the proposed crypto reserve, open interest has not seen a corresponding uptick, with a majority of new positions still favoring calls, albeit at a lackluster pace.
Access the Full Report
For detailed insights, readers may download the full report.
#Bybit / #TheCryptoArk /#BybitResearch
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
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