Kategorie: Crypto Markets

• These are the first DeFi-compatible securities.
• The stocks and bonds token will be issued by SwarmX GmbH, a wholly-owned subsidiary of Swam Markets GmbH under a prospectus registered with the Financial Market Authority in Liechtenstein. 
• Currently available tokens are built on Polygon.

Regulated blockchain platform Swam Markets GmbH has announced the launch of the world-first decentralized finance (DeFi) compatible securities. The first DeFi-compatible securities that the platform has launched are public investment offerings for Apple, Tesla, and two US Treasury Bond ETFs.

The asset-backed tokens are available on the Polygon blockchain for institutional and retail investors and trading will be available starting on Thursday.

The tokens, which are ISIN-based, benefit from the trust and stability of traditional markets and the flexibility and greater access to global liquidity, at a lower cost, on the blockchain.

Swarm has ensured that Swarm’s permission DeFi platform is compliant with German regulations.

Accessing real-world assets using blockchain technology

Swarm’s asset-based tokens are the first of their kind for investors interested in accessing real-world assets using blockchain technology while meeting full regulatory requirements. It is also interesting since the launch comes at a time when the US Securities and Exchange Commission (SEC) is deemed to be cracking down on crypto in the United States.

Institutional investors and Hedge funds can access the Apple and Tesla stock, iShares US Treasury bond 0-1 year ETF and iShares US Treasury bond 1-3 year ETF DeFi compatible tokens 24/7 through Swarm. Swarm has pointed out that it will add more asset-backed tokens in future.

In a statement, Swarm said:

“We have started with stocks and bonds, and will soon extend this to any asset that needs to be traded on a regulated platform, from carbon credits to real estate or private holdings. To date, traditional market participants have not had a comprehensive and regulatory compliant solution for issuing and trading real-world assets on-chain.”

Most importantly, Swarm does not take custody of the asset-backed tokens; the tokens are controlled by battle-tested code. Owners of the tokens can choose to either keep the tokens in their Web3 wallets or add them to liquidity pools to earn yield.

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• Fetch.ai protocol and Bosch will collaborate in researching and developing web3 technology.
• The two firms will invite other participants later on.
• The partnership has added some oomph to the bullish stance of the FET token.

Artificial intelligence-focused blockchain protocol Fetch.ai and electronics giant Bosch have announced a partnership to create Fetch.ai Foundation. The foundation will research and develop Web3 technology aimed at achieving real-world Web3 use cases in various industries like mobility.

The foundation will have a three-tier governance structure and will be inspired by the decentralized innovation model of the Linux Foundation.

At the moment, the foundation’s management will be the work of Botch and Fetch.ai but will later expand to include other partners in future.

Web3 expansion in the electronics industry

Fetch.ai believe its partnership with Bosch will enable it fast track Web3 adoption in the electronics industry. Fetch.ai founder Humayun Sheikh in a statement said:

“Bosch will help us fast-track Web3 adoption in the industry and encourage other industry players to join us in this journey. More industry applications will also bring new business opportunities for the existing tech entrepreneurs in the Fetch.ai ecosystem.”

While encouraging currently-used technical applications from members, the Fetch.ai Foundation aims to encourage contribution and growth from new participants as well.

FET price surges 14%

The news about Fetch.ai partnering with Bosch has sent the price of FET, the native token of Fetch.ai, surging by about 14.67% in the past 24 hours, to trade at $0.4851 at press time.

The bullish price movement adds to previous gains that the token had witnessed based on the rising popularity of AI technology, especially with the rising admiration of the new AI-powered chatting tool ChatGPT. As discussed in a previous article, AI-based cryptocurrencies have been steadily rising since the start of the year as the discussion about artificial intelligence gained traction around the world.

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• The Chinese special administrative region is considering new licensing and regulations.
• Huobi wants to expand its businesses in Hong Kong to include retail investors.
• Huobi also plans to open a new exchange named Huobi Hong Kong.

Huobi Global is planning to get a license in Hong Kong to allow it to accommodate retail customers as the Chinese special administrative region considers introducing new licensing and regulatory measures.

Exciting news! Huobi is stoked about Hong Kong’s pro-crypto policies & we’re working hard to secure our crypto license there. Our aim is to be one of the first fully compliant exchanges in HK & collaborate with our Asia-Pacific users to drive digital asset growth! #Huobi #Crypto pic.twitter.com/ktZw1WE2cs

— Huobi (@HuobiGlobal) February 20, 2023

The move comes weeks after the cryptocurrency exchange recently decided to cut its workforce by 20% as covered in our recent crypto news. And if it was to be accorded the license to expand its business in Hong Kong, the exchange will increase its staff in Hong Kong from 50 to about 200 people.

New regulatory framework in Hong Kong

Hong Kong has introduced a new regulatory framework that requires crypto exchanges to register with the Hong Kong Securities and Futures Commission (SFC) to expand their services in the city. The SFC recently opened the new licensing proposals for public comment and plans for the new laws to go into effect in June.

As a result, financial services providers including crypto exchanges like Huobi lining up to get registered under the new laws.

Besides seeking a license under the new law, Huobi also plans to open a new crypto exchange called Huobi Hong Kong to concentrate on high-net-worth retail investors and institutions. Justin Sun, the founder of Huobi, said in an interview with Nikkei Asia, that the exchange is also planning to increase its staff in Hong Kong from its current number of 50 to 200 by the end of the year.

Sun says that the friendlier stance on crypto in Hong Kong and the new regulation allowing retail investors to participate in crypto as the main motivation for the planned expansion.

Huobi also recently announced it was launching a Visa-backed crypto-to-fiat debit card for Huobi customers in the European Economic Area. 

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• The price of Helium has been rising since February 17 after the company confirmed it was set to migrate to Solana.
• Helium Network will also deploy oracles after migrating to Solana.
• At press time, HNT was trading at $2.87, up 1.45%.

Helium price has been rising for the past two days straight after Helium Network confirmed through a blog on its website that it will be migrating to the Solana blockchain next month. Despite the slight pullback today, the HNT token has gained about 14% since the news broke out.

According to helium’s post, the protocol has set March 27, 2023, as the date for the migration to Solana. The protocol is seeking to increase reliability and scalability by moving to Solana, which is increasingly becoming a darling for blockchain protocols. The move to Solana was approved after the community passed the HIP-70 proposal on September 22 last year.

Helium says that a working group of community volunteers is being formed to oversee the entire migration process.

24-hour blackout as Helium migrates

 Helium says that there will be a 24-hour transition period, in which the Helium blockchain will be halted. Data transfer and proof-of-coverage activities will however remain unaffected during that time.

The Helium team stated:

“This upgrade will encompass all wallets, Hotspots, and Helium Network state, and will take place over a 24-hour transition period commencing at approximately 1500 UTC / 10:00 AM ET… Note that any rewards generated by Proof-of-Coverage activity in the prior 24 hours will be available to claim in your Helium Wallet after the transition period. Oracles will update claimable balances, and Hotspot Owners will be able to use the new claim function.”

According to the Helium team, after the 24-hour halt, validators will stop producing new blocks. A final snapshot of the blockchain will be taken after all the accounts and tokens migrate to the Solana blockchain. Hotspots will then be minted as non-fungible tokens (NFTs).

HNT and MOBILE token holders will not have to do anything to participate in the migration. A majority of hotspot owners will also not be required to take any action during the migration.

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• The Financial Services Agency of Japan asked that FTX Japan to halt business before the US bankruptcy filing.
• In December, the FTX branch filed to be allowed to resume withdrawals.
• Customers have been asked to verify their account balances before resuming withdrawals.

The Japanese branch of the collapsed crypto exchange FTX is apparently considering resuming withdrawals before the end of February. On February 17, Bloomberg reported that the exchange had sent out messages asking affected customers to verify their account balances before withdrawals could resume.

According to the exchange’s COO, Seth Melamed, customers can move their crypto assets to the FTX-owned Liquid Global platform and withdrawals could start “very soon.”

FTX japan and FTX Global

In November FTX together with its affiliated firms filed for Chapter 11 bankruptcy in the US. But even before FTX could file for bankruptcy in the US, the Financial Services Agency of Japan (FSA) had already asked FTX Japan to halt business operations.

In December 2022, FTX Japan filed for a strategy to resume user withdrawals. The strategy attempted to distinguish the firm’s money from the clients’ money. The firm argued that customers’ funds should be excluded from the exchange’s bankruptcy proceedings in Japan.

Mid-January 2023, FTX obtained approval from a US court allowing it to sell some of its entities including FTX Japan.

At the time of closing business in November 2022, FTX Japan reportedly had about 19.6 billion yen in cash.

The recent developments with FTX Japan come as the former FTX CEO Sam Bankman-Fried got served with Deposition Subpoena by creditors. Representatives for Voyager Digital’s unsecured creditors request that Sam Bankman-Fried and several top-level executives from FTX and Alameda Research should provide documents and appear in court remotely next week for a deposition.

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