Blockchain
Hong Kong’s HashKey crypto exchange launches global platform with aim of overtaking Coinbase in 5 years
Hong Kong’s biggest licensed cryptocurrency exchange operator, HashKey Group, has launched a new global trading platform that it hopes will help the company overtake US-based crypto giant Coinbase in trading volume within five years.
The new cryptocurrency exchange, HashKey Global, operates with a Digital Asset Business licence issued in Bermuda. It is now available globally with one big caveat: for regulatory reasons, certain markets like the US, mainland China and Hong Kong cannot use it, HashKey Group chief operating officer (COO) Livio Weng said in an interview on Saturday on the sidelines of the Hong Kong Web3 Festival, a crypto conference organised by the company.
The company, established in Hong Kong in 2018, operates the local HashKey Exchange, which was approved by the city’s securities regulator last August to serve retail investors under the city’s new crypto regulatory regime. The exchange can so far only offer bitcoin and ether for retail trading.
HashKey Exchange now has more than 170,000 registered users, Weng said on Saturday. It hosted about US$35 million in 24-hour trading volume on Monday, according to market tracker CoinGecko, which ranks the platform 15th according to a trust score that tries to measure legitimacy of trading data. However, HashKey’s volume is still a trickle compared with some of the world’s largest exchanges.
Binance had US$6.3 billion in 24-hour normalised trading volume by mid-day on Monday, while OKX recorded more than US$2.1 billion, CoinGecko shows.
HashKey is hoping that a new global exchange will supercharge its market position. Weng said the company intends to have more trading volume than Coinbase, the largest US crypto exchange, across all HashKey Group platforms by 2029.
“We have seen their data and we don’t think that’ll be difficult,” Weng said.
The global exchange could be particularly appealing to overseas Chinese and investors across Asian markets that do not block offshore crypto exchanges, according to the COO.
Facing intense competition from existing crypto exchanges around the world, HashKey Global has an advantage as a compliant platform that also offers a smooth experience, Weng said.
Most of the world’s major exchanges are either “easy to use but not compliant”, or “compliant but hard to use”, he said.
HashKey Group – whose businesses include the investment firm HashKey Capital and an asset-management arm – is among a range of cryptocurrency companies banking on Hong Kong’s embrace of the virtual asset industry.
While public perception of the sector took a plunge last year following high-profile scandals – including the collapse of FTX in late 2022 and a local fraud involving the lesser known JPEX exchange a year later – confidence has rebounded in recent months after a surge in bitcoin prices in the new year. It hit a new record of more than US$73,000 last month.
Apart from a mandatory licensing regime for crypto exchanges, Hong Kong is also moving to regulate stablecoins and over-the-counter cryptocurrency shops. Many are also anticipating an imminent approval of spot bitcoin exchange-traded funds in the city.
Source: scmp.com
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Blockchain
Glidelogic Corp. Announces Revolutionary AI-Generated Content Copyright Protection Solution
Blockchain
Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them
The financial landscape is rapidly evolving, with the integration of blockchain technology and cryptocurrencies becoming more prominent. Among these, Ethereum ETFs (Exchange-Traded Funds) have emerged as a significant investment vehicle, offering exposure to the Ethereum blockchain’s native cryptocurrency, Ether (ETH), without requiring direct ownership. However, it’s crucial to understand that Ethereum ETFs are distinct from the blockchain itself and serve different purposes in the investment world.
Understanding Ethereum and ETFs
Ethereum: A decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dApps). It operates using its cryptocurrency, Ether (ETH), which fuels the network.
ETF (Exchange-Traded Fund): A type of investment fund that holds a collection of assets and is traded on stock exchanges. ETFs can include various asset classes, such as stocks, commodities, or bonds.
Ethereum ETFs: The Intersection of Traditional Finance and Cryptocurrency
An Ethereum ETF provides a way for investors to gain exposure to the price movements of Ether without directly purchasing the cryptocurrency. This is achieved through an ETF structure, where the fund holds assets linked to the value of Ether, and investors can buy shares of the ETF on traditional stock exchanges.
Key Features of Ethereum ETFs:
- Indirect Exposure: Investors gain exposure to Ether’s price changes without needing to manage or store the cryptocurrency themselves.
- Regulatory Compliance: Unlike the relatively unregulated cryptocurrency market, ETFs operate under the oversight of financial regulators, offering a layer of investor protection.
- Accessibility: Ethereum ETFs are available through traditional brokerage platforms, making them accessible to a broader range of investors.
Why Invest in an Ethereum ETF?
- Diversification: Including an Ethereum ETF in a portfolio can provide exposure to the cryptocurrency market, potentially enhancing diversification beyond traditional assets.
- Convenience and Familiarity: ETFs are a familiar investment product, simplifying the process of investing in cryptocurrencies.
- Professional Management: ETF managers handle the investment decisions, including the buying and selling of assets, which can be advantageous for those less familiar with the cryptocurrency space.
- Regulatory Oversight: ETFs are subject to regulatory scrutiny, potentially offering more safety and transparency compared to direct cryptocurrency investments.
- Potential for Growth: As the cryptocurrency market grows, ETFs linked to assets like Ether may benefit from rising prices.
Key Differences Between Ethereum and Ethereum ETFs
While both are related to the Ethereum blockchain, Ethereum itself and Ethereum ETFs represent different forms of investment:
- Ethereum (ETH):
- Direct ownership of the cryptocurrency.
- Full exposure to Ethereum’s features, including staking and network participation.
- Traded on cryptocurrency exchanges.
- Highly volatile and largely unregulated.
- Ethereum ETF:
- Indirect exposure through shares representing Ether’s value.
- Traded on traditional stock exchanges under regulatory oversight.
- Offers a more stable and familiar investment structure.
- Typically lower volatility compared to direct cryptocurrency ownership.
Future Considerations for Ethereum ETFs
The approval and launch of Ethereum ETFs mark a significant milestone in bringing cryptocurrencies closer to mainstream finance. They offer a convenient and regulated means for investors to gain exposure to the growing digital assets market. However, they also come with limitations, such as not allowing direct participation in the Ethereum ecosystem’s innovations, like dApps and smart contracts.
As the market evolves, we may see more sophisticated financial products that better capture the full potential of the Ethereum ecosystem. For now, Ethereum ETFs provide a balanced option for those interested in cryptocurrency exposure within the framework of traditional finance.
In conclusion, while Ethereum ETFs offer a gateway into the world of digital assets, they should be viewed as complementary to, rather than a replacement for, direct investment in the underlying blockchain technologies. Investors should carefully consider their investment goals, risk tolerance, and the unique attributes of both Ethereum and Ethereum ETFs when making investment decisions.
Source: blockchainmagazine.net
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Nexo, a leading institution in the digital assets industry, has reinforced its commitment to data security by renewing its SOC 2 Type 2 audit and attaining a new SOC 3 Type 2 assessment without any exceptions. This rigorous audit process, conducted by A-LIGN, a respected independent auditor specializing in security compliance, confirms Nexo’s adherence to stringent Trust Service Criteria for Security and Confidentiality.
Key Achievements and Certifications
- SOC 2 and SOC 3 Compliance:
- SOC 2 Type 2: This audit evaluates and reports on the effectiveness of an organization’s controls over data security, particularly focusing on the confidentiality, integrity, and availability of systems and data.
- SOC 3 Type 2: This public-facing report provides a summary of SOC 2 findings, offering assurance to customers and stakeholders about the robustness of Nexo’s data security practices.
- Additional Trust Service Criteria:
- Nexo expanded the scope of these audits to include Confidentiality, showcasing a deep commitment to protecting user data.
- Security Certifications:
- The company also adheres to the CCSS Level 3 Cryptocurrency Security Standard, and holds ISO 27001, ISO 27017, and ISO 27018 certifications, awarded by RINA. These certifications are benchmarks for security management and data privacy.
- CSA STAR Level 1 Certification:
- This certification demonstrates Nexo’s adherence to best practices in cloud security, further solidifying its position as a trusted partner in the digital assets sector.
Impact on Customers and Industry Standards
Nexo’s rigorous approach to data protection and compliance sets a high standard in the digital assets industry. By achieving these certifications, Nexo provides its over 7 million users across more than 200 jurisdictions with confidence in the security of their data. These achievements not only emphasize the company’s dedication to maintaining top-tier security standards but also highlight its proactive stance in fostering trust and transparency in digital asset management.
Nexo’s Broader Mission
As a premier institution for digital assets, Nexo offers a comprehensive suite of services, including advanced trading solutions, liquidity aggregation, and tax-efficient credit lines backed by digital assets. Since its inception, the company has processed over $130 billion, showcasing its significant impact and reliability in the global market.
In summary, Nexo’s successful completion of SOC 2 and SOC 3 audits, along with its comprehensive suite of certifications, underscores its commitment to the highest standards of data security and operational integrity. This dedication positions Nexo as a leader in the digital assets space, offering unparalleled security and peace of mind to its users.
Source: blockchainreporter.net
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