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Hong Kong Cyberport Web3 network grows to 270 blockchain firms
Cyberport’s rapid growth includes over 270 Web3 enterprises and initiatives for real-world blockchain applications in Hong Kong.
Hong Kong’s Cyberport, a government-owned and run business hub, currently hosts over 270 blockchain technology-related enterprises after adding more than 120 firms in 16 months.
On Nov. 19, the Legislative Council (LegCo) of the Hong Kong Special Administrative Region (HKSAR) released a discussion paper highlighting Cyberport’s efforts toward the development of the Web3, crypto and blockchain ecosystems.
The Hong Kong government allocated $50 million to support Cyberport in the 2023-24 budget. As of June 2023, Cyberport housed more than 150 Web3 firms, according to Financial Secretary Paul Chan Mo-po.
The $50 million fund injection and rapid advancements have since helped Hong Kong increase its network of Web3 firms to more than 270, including three unicorns. The report noted:
“The founders of these over 270 enterprises originate from over 20 countries and regions, including Japan, Korea, the United States (“US”), Canada, Germany, the United Kingdom and India, in addition to Hong Kong and the Mainland (China).” Read More
Coinbase to delist Wrapped Bitcoin
Coinbase has already discontinued market trading of WBTC and is only facilitating limit orders.
Coinbase will be suspending trading of Wrapped Bitcoin (WBTC) in December, citing undisclosed failures to meet the cryptocurrency exchange’s standards for listing tokens.
“We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent review, Coinbase will suspend trading for wBTC (wBTC) on Dec. 19, 2024, on or around 12 pm ET,” Coinbase said in a Nov. 19 post on X.
Coinbase has already discontinued market trading of WBTC and is only facilitating trades in the form of limit orders.
Bitcoin wrappers are tokens representing BTC on other blockchain networks.
“Trading will be suspended on Coinbase.com (Simple and Advanced Trade), Coinbase Exchange and Coinbase Prime,” Coinbase said.
“Your wBTC funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time. Read More
Developing smart contracts is as easy as coding in Python on this platform
The new smart contract platform dismantles longstanding development issues by introducing a scalable, easy-to-use solution.
Hathor, a layer-1 blockchain, introduces Nano Contracts, a smart contract platform with built-in MEV and front-running protection.
The introduction of decentralized applications (DApps) opened up new possibilities in the blockchain and crypto space with expanded use cases. However, despite the immense potential to improve industries like decentralized finance (DeFi), several significant challenges complicate the development process and hinder widespread adoption.
Technical complexity is a major barrier. Developers often grapple with the steep learning curve and technical expertise required to create and deploy smart contracts, the backbone of DApps, driving up development costs, delaying timelines and deterring innovation.
Scalability further complicates the equation. Most platforms are ill-equipped to handle high traffic, bottlenecking growth for Web3 and DeFi applications. According to recent reports, the current smart contract infrastructure is not capable of handling even 10% of the global internet traffic.
Apart from these, security risks remain a critical issue, with bugs and vulnerabilities in smart contracts not-so-seldom leading to exploits and substantial losses. The stakes are clear: For blockchain to reach its full potential, its tools must become simpler, more secure and better suited to scale with demand. Read More
Can Treasury-linked stablecoins bring stability to DeFi?
Flare Network’s USDX stablecoin introduces Treasury yields to DeFi, challenging established players like USDC in terms of economic utility.
Decentralized finance (DeFi) is increasingly blending with traditional finance (TradFi), introducing new tools such as Treasury-linked stablecoins.
These assets, including Tether’s USDt, Circle’s USD Coin, and the newly launched USDX on the Flare Network, are linked to low-risk United States Treasury yields. However, they have sparked debates about their strategic and economic significance.
USDX is a Treasury-linked stablecoin native on Flare, an Ethereum Virtual Machine-based decentralized blockchain built for crosschain interoperability.
The stablecoin’s integration with Flare’s FAsset system, an overcollateralized, trustless bridging mechanism, enables real-world yields for digital assets and could help improve liquidity in DeFi markets while offering a more secure alternative to existing options. Read More
Exploring The IndoEx Cryptocurrency Exchange The First Trading Platform To List The Markethive Token - Hivecoin
The IndoEx exchange aims to cater to a broad spectrum of investors, including newcomers, seasoned traders, and institutional investors, rather than focusing on a specific target audience like most crypto trading platforms. The platform's primary objective is to offer a robust and efficient infrastructure that enables seamless and rapid transactions of crypto assets.
As the IndoEx trading platform is the first crypto exchange to list Hivecoin, this article delves deeper into the platform, exploring it further to bring awareness to the Markethive community. Since its establishment in 2019, IndoEx has gained prominence in the alternative cryptocurrency trading sector due to its reasonable commissions, secure wallets, high trading volume, and fast transactions.
The trading platform, with offices in the United Kingdom and Estonia, provides close to 300 trading pairs, can be used in 150 different countries, and supports a range of cryptocurrencies, including popular ones such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), and Ripple (XRP), as well as notable alternative coins like DASH, Chainlink (LINK), and Solana (SOL). Furthermore, it accommodates less mainstream coins and tokens like NEO, Cardano (ADA), and EOS, amounting to 180 cryptocurrencies. Users can exchange these coins for traditional currency or trade them with one another.
The platform provides users exclusive access to newly launched tokens through airdrops, giving them a head start in discovering and acquiring new tokens with the potential for long-term growth. Beyond trading, users can also benefit from receiving free tokens that may significantly impact the global market. Furthermore, the platform hosts trading contests and an initial coin offering (ICO) launchpad, offering crypto enthusiasts a comprehensive suite of features. Read More
Nansen 2 brings transparency, analytics to Tron ecosystem
Nansen and Tron team up to take advantage of each other's strengths to bolster their services.
The Tron network will be fully integrated on Nansen 2 thanks to a collaboration between Nansen and the Tron decentralized autonomous organization (DAO). Nansen will launch a Tron Macro Dashboard that will provide developers and investors with real-time insights into the Tron ecosystem.
Nansen analyzing Tron heyday:
Blockchain data analytics and wallet label provider Nansen will give Tron users and developers new transparency and a window into the network’s onchain activity. The deal comes as Tron rapidly gains new users and is emerging as a dominant force for USDt adoption.
Tron hosts the largest circulating supply of USDT, with 22.7 million USDT holders among its over 270 million user accounts. This is compared with 4.2 million USDT holders on Ethereum. Tron reached full decentralization in December 2021.
Tron is distinguished by its scalability and low fees. In mid-November, Tether minted $1 billion in USDT on Tron without paying any fees. That was less than two weeks after it moved 1 billion USDT from Tron to Ethereum as part of the 2 billion total USDT it moved there. Tether minted 1 billion USDT on Tron in August as well.
Tron integrated with blockchain oracle Chainlink in October. Tron founder Justin Sun said about Nansen:
“With advanced analytics and on-chain data insights, developers will have access to more tools and resources to build and optimize their DApps, while enabling greater transparency within the community." Read More
Grayscale to Launch Bitcoin ETF Options Following BlackRock’s Record Debut
The tooling on Grayscale's existing ETFs aims to generate income by employing a covered call strategy amid a surge in investor interest.
Crypto asset manager Grayscale Investments plans to roll out options trading on its spot Bitcoin ETFs on Wednesday, amid the first glimpses of solid investor appetite for such products.
The announcement comes a day after BlackRock’s iShares Bitcoin Trust (IBIT) achieved record-breaking activity on its first day of options trading, pushing Bitcoin to a new all-time high.
Grayscale will launch options trading on GBTC (Grayscale Bitcoin Trust) and BTC (Bitcoin Mini Trust) to “further [develop] the ecosystem around our US-listed Bitcoin ETPs,” it said.
Following the Options Clearing Corporation’s (OCC) approval of Bitcoin ETF options, Grayscale quickly filed an updated prospectus for its Bitcoin Covered Call ETF on January 11.
The tooling aims to generate income by employing a covered call strategy—writing and buying options contracts on Bitcoin exchange-traded products (ETPs) while holding Bitcoin or GBTC as collateral. Read More
Nvidia sees bright future in agentic AI amid record Q3 revenue
The world’s most valuable company is focusing on AI systems, or agents designed to exhibit autonomous decision-making.
Nvidia CEO Jensen Huang said his firm is focused on being at the forefront of agentic (autonomous) artificial intelligence, as it delivered record revenue in the third quarter.
“The age of AI is in full steam, propelling a global shift to Nvidia computing,” the company’s founder and CEO Jensen Huang said on Nov. 20, as the firm announced that its quarterly revenue was up 17% from the second quarter and 94% from a year earlier.
The lion’s share of that revenue, $35.1 billion, came from the company’s data centers, which help power the AI revolution. Huang anticipated continued strong demand for AI computing technologies, projecting Q4 revenue of $37.5 billion.
“We see the number of AI native companies continue to grow. And of course, we’re starting to see enterprise adoption of agentic AI really is the latest rage,” Huang added during the Q3 earnings call.
The firm, now the world’s largest with a $3.6 trillion market capitalization, is positioning itself as a key enabler of “AI agents” and agentic AI technologies. Read More
Bitwise registers Solana ETF in US state of Delaware
Bitwise would be competing with fellow asset managers VanEck and Canary Capital for an SEC-approved spot Solana ETF.
Digital asset manager Bitwise registered a statutory trust in Delaware for a proposed spot Solana exchange-traded fund (ETF) — indicating that it may soon file for an S-1 registration statement with the United States Securities and Exchange Commission (SEC).
The Bitwise Solana ETF was incorporated on Nov. 20, according to the State of Delaware’s Division of Corporations website. The registered agent was listed as CSC Delaware Trust Company, headquartered in Wilmington, Delaware.
Bitwise would still need to submit a 19b-4 filing and S-1 registration statement to the SEC to officially join the race with VanEck and Canary Capital.
On Oct. 1, Bitwise filed to register a spot XRP ETF in Delaware and then submitted its S-1 form to the US securities regulator the next day.
If approved, the Bitwise Solana ETF would seek to track the price movement of the world’s fourth-largest cryptocurrency.
The filing didn’t state which stock exchange would list the Solana product, though the Bitwise Bitcoin ETF and Bitwise Ethereum ETF are listed on the New York Stock Exchange Arca. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
Featured Image Source: Pixabay
