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Blockchain

MaiCapital receives approval from the Hong Kong SFC to manage funds with 100% Virtual Asset

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Hong Kong SFC-licensed blockchain and virtual assets manager, MaiCapital Limited (SFC CE#: BMC948), is pleased to announce that it has secured approval from the Hong Kong Securities and Futures Commission (the “SFC”) to manage portfolios that may comprise up to 100% of virtual assets and is subject to the SFC’s “Proforma Terms and Conditions for Licensed Corporations which Manage Portfolios that Invest in Virtual Assets” (“T&C”).

MaiCapital is also pleased to welcome Wealthking Investment (SEHK: 1140.HK, formerly OP Financial Limited) as a new investor and shareholder of the MaiCapital group. Wealthking brings a wealth of expertise and support from the world of traditional finance to this pioneering crypto native financial institution. Looking ahead, with the approval from the SFC and support from Wealthking, MaiCapital intends to further expand its offering of virtual asset fund products and regulated crypto services to investors worldwide and to grow its institutional business to a combined AUM of over US$200 million.

Chairman of Wealthking Liu Zhiwei said, “as a pioneer in bringing proven financial practices and compliant operations to the world of virtual asset investments, MaiCapital is perfectly built to bridge institutional investors into this exciting new asset class. With the extended approval from SFC, MaiCapital is on an even greater trajectory to bring more innovative investment products and services to professional and institutional investors. Wealthking firmly believes in the development potential of Blockchain technology plus digital economy and has invested heavily in these areas for the past few years. The next step will be to optimally utilize our strengths to help MaiCapital reach greater heights.”

Since securing its licenses from the SFC to conduct Type 4 (advising on securities) and Type 9 (asset management) regulated activities in 2018, MaiCapital has been operating two actively managed blockchain-themed hedge funds which have achieved more than 20 times growth in total AUM since 2019 by employing a number of proprietary trading strategies and utilizing a range of crypto-related investment instruments to bring about enhanced investment returns whilst complying with relevant regulatory requirements. The latest approval from the SFC will allow MaiCapital to deploy its award-winning investment strategies in the cryptocurrency markets with greater flexibility and to significantly augment its offering to investors.

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MaiCapital’s flagship hedge fund, the Blockchain Opportunity Fund, is the first virtual asset-themed fund managed by a SFC-licensed manager to garner more than 3 years of track record. The Blockchain Opportunity Fund has consistently provided investors with superior, risk-adjusted returns year over year and has been globally recognized. Notably, the Blockchain Opportunity Fund’s 2021 return was ranked by Preqin amongst the Top 3 hedge funds across all of Asia. MaiCapital’s second fund, the Bitcoin+ Fund, is equally unique in the industry as it employs quantitative strategies seeking to not only track, but also to outperform, Bitcoin in various market conditions. Both funds only accept investments from institutions or qualified Professional Investors.

As a licensed manager in compliance with the T&Cs, MaiCapital only partners with regulated exchanges and custodians in the management of its blockchain-themed funds. These service providers include Coinbase, OSL, both a regulated custodian, as well as cryptocurrency futures contracts trading venues and counterparts that are regulated by the UK Financial Conduct Authority.

“Coinbase Institutional provides clients the scale and stability needed to successfully participate in the crypto economy,” said Kayvon Pirestani, Head of APAC Institutional Sales of Coinbase. “It is so exciting to be working with MaiCapital and to provide access to our comprehensive suite of products and services including custody, prime brokerage, trading tools and analytics, and an enterprise infrastructure built on top of a robust security platform.”

“MaiCapital and OSL have a long-standing and trusted relationship,” said OSL Digital Securities Head of Sales Ryan Miller. “In Hong Kong, there now is increased regulatory clarity for participants on both the buy side, with asset managers such as MaiCapital, and the sell side, with SFC type 1 and 7-licensed OSL Digital Securities. The door is open for professional investors to confidently take advantage of the growing digital assets space in the territory.”

“MaiCapital has always prided itself in its ability to invest in the nascent cryptocurrency asset class with the highest compliance standards and an unyielding focus to protect the interests of investors,” said MaiCapital’s CEO, Benedict Ho. Behind MaiCapital’s legal and compliance support are the leading global law firm, Baker McKenzie, and Hong Kong regulatory compliance expert, Prosynergy Consulting Limited.

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“Having worked with the MaiCapital team since 2018, I am thrilled to see their dedication and commitment recognized. MaiCapital’s Blockchain Opportunity Fund is, by some measure, the most complex virtual asset fund that an SFC licensed manager has received SFC approval to manage,” said Joy Lam, Partner of Baker McKenzie.

“We are delighted to be able to work with MaiCapital throughout the process in obtaining the approval from the SFC to manage its portfolios of up to 100% in virtual assets. With a professional and focus team, they have demonstrated to the regulator that they are very capable of delivering complex products in accordance with rules and expectation of the regulator which will stand MaiCapital in good stead for its future expansion,” said Louie Lee, MD of Prosynergy Consulting Limited.

Wladimir P. is a Content Editor at European Gaming Media and at PICANTE Media and covers a large variety of industries.

Blockchain

RAK DAO Partners with Phoenix Group PLC (PHX) and Internet of People (IOPn) to Commit $100 Million Investment to Boost Web3 Innovation in Ras al Khaimah

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Phoenix Group PLC and IOPn commit to investing $100 million to drive innovation and attract top Web3 talent to Ras al Khaimah by 2030.

This partnership aims to create a thriving ecosystem for blockchain and digital assets in the region.

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RAK DAO, the world’s first and only Free Zone with Common Law features established to support digital assets companies, has entered into a strategic partnership with Phoenix Group and IOPn. This collaboration aims to drive innovation, foster economic growth, and further position Ras al Khaimah as a global hub for Web3 pioneers. Phoenix Group, an ADX-listed company, is a leader in web3 development in the UAE. IOPn is an integrated Web3 ecosystem that leverages blockchain, AI, and cutting-edge spatial computing.

As part of the partnership, Phoenix Group and IOPn have committed to investing $100 million into the Emirate of Ras al Khaimah by 2030 leveraging RAK DAO’s infrastructure. This substantial investment underscores Phoenix Group and IOPn’s dedication to stimulating innovation and attracting top-tier professionals to the region within the Web3 space. The partnership seeks to target, encourage and attract highly-skilled individuals in Web3, crypto, blockchain, and developer domains to the region. Phoenix Group and IOPn aim to enrich the local talent pool by leveraging initiatives such as the Golden Visa programs and RAK DAO business licenses through investment. By nurturing top-tier talent, RAK DAO, Phoenix Group and IOPn seek to create a thriving ecosystem that harnesses cutting-edge technologies – including blockchain, spatial, and cognitive solutions for economic development and sustainability.

Dr. Sameer Al Ansari, CEO of RAK DAO has expressed, “We are thrilled to welcome Phoenix Group and IOPn as RAK DAO’s Ecosystem Partners. The $100 million investment marks a significant milestone in our mission to establish Ras al Khaimah as a premier destination for Web3 innovation and talent. By leveraging Phoenix Group and IOPn’s expertise and resources, we are poised to further enrich our dynamic ecosystem that fosters cutting-edge technologies and attracts the brightest minds in the blockchain and digital asset sectors.

This collaboration underscores our commitment to driving economic growth and sustainability through technological advancements. We look forward to welcoming top-tier professionals and pioneering initiatives that will redefine the digital landscape of Ras al Khaimah.”

Mr. Seyed Mohammad Alizadehfard (Bijan), Co-founder & Group CEO of Phoenix Group, elaborated on the new strategic dimensions of the partnership, stating, “Our joint venture marks a pivotal expansion of our commitment to blockchain infrastructure aimed at enhancing the technological landscape in Ras al Khaimah. Our partnership will not only drive innovation but also strategically position the Emirate as a leading center for blockchain excellence globally.”

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Mr. Mojtaba Asadian, Founder and CEO of IOPn, added: “IOPn builds on the visionary leadership of Ras Al Khaimah and the supporting environment created by RAK DAO to provide a unique opportunity for top-rated world talent to innovate and create value. IOPn is doing this by offering a powerful new Web 3.0 ecosystem and using the significant proven capabilities of Phoenix Group. We’re thrilled to be embarking upon this partnership with RAK DAO in collaboration with Phoenix Group.”

At the heart of this collaboration lies a commitment to access and nurture top-tier talent within the blockchain and Web3 industries. By enriching the local talent pool and fostering an environment conducive to innovation, RAK DAO, Phoenix Group and IOPN aim to drive forward-thinking initiatives that redefine the landscape and highlight the Emirate of Ras al Khaimah as an attractive destination for top talent. This six-year partnership and substantial investment underscore their dedication to stimulating innovation and attracting top-tier professionals.

 

The post RAK DAO Partners with Phoenix Group PLC (PHX) and Internet of People (IOPn) to Commit $100 Million Investment to Boost Web3 Innovation in Ras al Khaimah appeared first on HIPTHER Alerts.

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Blockchain

xPortal Enhances Solana Crypto-to-Cash Experience with New Ecosystem Integrations

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 xPortal, the ultimate financial super app for everything money, developed by the MultiversX team, is thrilled to announce significant enhancements to its platform, aimed at elevating the Solana ecosystem experience for both new and existing users.

These updates include the ability to top up xPortal Debit Cards with SOL, the listing of numerous SPL tokens, and the integration of leading SOL dApps in xPortal’s Discover section, the app’s multi-chain dApp hub. This development further cements xPortal’s role as a unique bridge between the digital and physical worlds, facilitating seamless transitions from crypto to cash for holders of top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), MultiversX (EGLD), Solana (SOL), and Polygon (MATIC).

Starting today, xPortal users can effortlessly top-up their xPortal Debit Cards with their SOL holdings. This new feature allows Solana enthusiasts to use their crypto for shopping easily and manage their finances quickly, making it simpler than ever to transition from digital assets to real-world spending power.

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Additionally, xPortal now supports over 20 Solana-based SPL tokens, providing users with expanded opportunities to manage and interact with their favorite Solana assets. The new tokens available on xPortal include $PYTH, $IO, $JTO, $WIF, $BONK, $JUP, $RAY, $BOME, $HNT, $POPCAT, $BEER, $USDT, $USDC, $LINK, $LDO, $FTM, $RPL, $SUSHI, $DADDY, and $BODEN. This extensive list ensures that users can now enjoy a comprehensive Solana experience directly from the xPortal app, with more tokens being activated weekly.

The xPortal Discover section has also been enhanced with the addition of top-tier Solana decentralized applications (dApps). Users can now explore and interact with premier Solana dApps, including Jupiter Exchange, Raydium Protocol, and Kamino Finance.

Sergiu Biris, Head of Product at MultiversX and xPortal Lead, commented on the update: “These latest developments are a testament to our dedication to providing a complete experience for our users and represent a significant step forward in our mission to bring blockchain technology into the mainstream and make crypto payments the norm.”

“We’ve spent considerable time equipping xPortal with a unique set of features that make it stand out: unmatched simplicity and ease of use, beautifully abstracted complexity, the ability to bridge physical and digital realms, and many others. We’re excited to make access to all these features ecosystem-agnostic,” Biris added.

 

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The post xPortal Enhances Solana Crypto-to-Cash Experience with New Ecosystem Integrations appeared first on HIPTHER Alerts.

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Blockchain

ChainSwap Adds BNB Chain to Their Decentralised Exchange

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ChainSwap, a multi-chain decentralized exchange (DEX), has integrated BNB Chain into its platform, adding to its growing list of supported networks. The new integration will enable users to conduct transactions on the BNB network, with plans for cross-chain transactions in the near future.

The incorporation of BNB Chain has seen ChainSwap continue to expand its multi-chain DEX, cementing its commitment to provide users with a secure platform for seamless cross-chain transactions. This is enabled by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), delivering unparalleled security and privacy for transactions taking place on the platform.

Fitzy, Founder and CEO of ChainSwap, was emphatic on the importance of the new integration: “Integrating the BNB chain on our network will help our users navigate Web 3 space, and plays into our mission of growing, and becoming increasingly interoperable”.

With plans to enable cross-chain transactions between BNB Chain and other leading blockchain networks, ChainSwap aims to further expand the utility of its seamless cross-chain transactions for users.

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