Chinese Banks Partner with Hong Kong Crypto Firms – Crypto Industry Booms

• Chinese banks are showing interest in partnering with Hong Kong-based digital asset firms.
• These potential partnerships could benefit from Hong Kong’s more liberal regulatory environment.
• Julia Pang, head of banking relations at OSL, welcomes the partnership and sees it as an encouraging sign for the crypto industry.

Chinese Banks Showing Interest in Hong Kong Crypto Firms

According to a recent report from Bloomberg, Chinese banks are now showing interest in Hong Kong crypto firms. This has surprised the broader crypto community, given that China had once restricted digital currency transactions in the country.

China’s Regulatory Challenges

In 2021, China imposed a strict law stating that anyone associating with these digital assets is at risk of going to jail. However, digital currency transactions in Hong Kong have risen despite China’s regulatory challenges. Several companies are even leveraging the city’s position due to its proximity to mainland China and as a financial hub.

Potential Partnerships

The report revealed the major financial institutions in the category, which include Bank of China Ltd., Bank of Communication Co., and Shanghai Pudong Development Bank, are either offering their services to digital currency firms or showing interest in providing financial services to them. It also cited that some of the banks’ representatives have already taken a step further to visit the main office of a crypto firm.

Julia Pang’s Statement

Julia Pang, head of banking relations at OSL, a Hong Kong-based digital asset trading platform, stated that her company welcomes interest and partnership with Chinese banks. She added that the latest development encourages a good level of understanding between digital asset companies and traditional financial institutions.

Impact on Crypto Market

As the crypto market continues to evolve, it’ll be interesting to see how the partnership between Hong Kong-based digital asset firms and Chinese banks will grow, including its impact on the broader industry.

Microsoft Edge to Offer Crypto Wallet: Buy, Deposit, and Explore!

• Microsoft Edge might get a crypto wallet feature according to screenshots on Twitter.
• The wallet would be built-in to the browser and non-custodial, meaning Microsoft wouldn’t have access to passwords or recovery keys.
• Coinbase and MoonPay are reportedly integrated platforms for buying and depositing crypto into the wallet.

Microsoft Edge May Soon Offer Crypto Wallet Feature

Screenshots circulating on Twitter suggest that Microsoft Edge users may soon have access to a crypto wallet feature. The integration of a digital asset wallet directly within the popular web browser has yet to be confirmed by Microsoft themselves, but speculation is already growing about the potential impact it could have on the cryptocurrency market.

Wallets User Interface

Software documenter Albacore posted early screenshots of what appears to be the Web3 wallet’s user interface (UI). It includes a cryptocurrency wallet, an explorer for decentralized applications, a news feed, and an option for purchasing cryptocurrencies using Coinbase and MoonPay. According to Albacore, newer versions of Microsoft Edge have this feature “already baked in,” but users cannot see or use it since it is hidden. Screenshots also show that users can swap, send, and buy crypto assets through Coinbase and MoonPay as “integrated platforms.”

Non-Custodial Wallet

If confirmed by Microsoft, their new crypto wallet will be embedded in Edge rather than being its own separate plugin that needs installation. Furthermore, it will be non-custodial meaning that Microsoft will not have access to any passwords or recovery keys stored within the wallet itself. However Albacore points out that many features developed and tested by them never make it out of the lab so there is no guarantee that this one will either.

Microsoft’s Foray Into Web 3

Microsoft has been actively pursuing initiatives related to Web 3 which is essentially an evolution of the internet focused on decentralizing data while giving users more control over their online experiences. One such key initiative includes developing their own decentralised applications (dApps).

Conclusion

The potential introduction of a built-in crypto wallet in Microsoft Edge could mark a significant milestone for both mainstream adoption of digital assets as well as for Web3 technology as a whole if it does indeed make its way into public releases. Until then however we can only speculate about what impact this new development could bring about if released at all.

Alameda Research Sells Interest in Sequoia Capital to N Abu Dhabi Fund

• The US Bankruptcy Court for the District of Delaware recently revealed the agreement between Alameda Research and N Abu Dhabi sovereign wealth fund to sell Alameda Research’s interest in Sequoia Capital.
• The court also approved a $445 million claim by Alameda Research on Voyager Digital regarding loan repayments.
• FTX could recover more than $5 billion in liquid crypto assets and cash due to asset sales approved by the judge John Dorsey.

FTX Exchange and Alameda Research Bankruptcy Proceedings

The saga of the FTX exchange, its sister company Alameda Research, and former CEO Sam Bankman-Fried continues following bankruptcy proceedings. Various discoveries, rejected pleas, and sales of assets have been made as part of this case.

Alameda Research’s Sale Of Interest In Sequoia Capital

Recently, a court document by the US Bankruptcy Court for the District of Delaware revealed an agreement between Alameda Research and N Abu Dhabi sovereign wealth fund to sell Alameda Research’s interest in Sequoia Capital. The Purchaser was chosen due to its offer being superior to four other prospective buyers and speed of execution in closing the deal worth $45 million.

Asset Sales Approved By Judge John Dorsey

Judge John Dorsey has been involved in FTX legal proceedings throughout this process so far. He has allowed asset sales including those from LedgerX, Embed, FTX Europe, and FTX Japan which is expected to raise more than $5 billion in liquid crypto assets and cash for FTX.

Claim By Alameda Research On Voyager Digital

On March 8th, 2021 Judge Dorsey also approved a claim by Alameda Research on Voyager Digital regarding loan repayments worth 445 million dollars. This move is another attempt by FTX to raise enough funds to pay creditors through asset sales approved by Dorsey priorly .

Conclusion                  Overall , these developments have allowed for an agreement between purchasing parties as well as increased liquidity for creditors owed money from FTX exchange’s bankruptcy proceedings .

Miami Stays Crypto-Friendly: Blockchain Investment Steady

• Miami has retained its status as one of the most crypto-friendly markets in the US, despite competitive pressure from other cities.
• A new report from Telstra Ventures found that investments in blockchain-based projects have seen only a slight decrease compared to 2021, despite bear market conditions.
• Miami Mayor Suarez was an important ambassador for the city’s commitment to innovation and cryptocurrency last year, but FTX’s departure late in the year was a major setback.

Miami Remains Crypto-Friendly Despite Competition

The Miami region has long been known as one of the most crypto-friendly markets in the US, and recent data suggests that this position has held up despite competition from other cities. A new report from Telstra Ventures shows that investments into blockchain technology have only seen a slight decrease despite bear market conditions.

Investment Into Blockchain Projects Holds Steady

The report pulled data from over 40,000 startups that received funding during 2021 – 2022 across 28 regions. It showed that while investments into other comparable categories decreased by significant margins (31% decrease in media & advertising; 32% decrease in SaaS and enterprise / fintech), there was still plenty of interest in blockchain-based projects with only a 5% decline.

Miami Mayor Leads Innovation Push

Mayor Suarez was integral to Miami’s efforts to champion innovation and cryptocurrencies last year – he became almost a public ambassador for these causes – but FTX’s departure late into the year caused a major setback for these plans. Despite this, however, Miami remains at the top of many investors’ lists when it comes to investment opportunities relating to blockchain technology and cryptocurrency.

Competing Markets Making Moves In Crypto Space

Even though Miami is still firmly at the top when it comes to crypto friendly markets in America, other cities are making moves too – San Francisco and Austin both saw significant growth when it came to blockchain related investments during 2021 – 2022. This increased competition certainly makes things more interesting for potential investors who are looking for where best place their money within this space.

Conclusion

Despite unfavorable market conditions throughout much of 2022, Miami continued its reign as one of America’s premier crypto hubs due largely in part to its innovation efforts led by Mayor Suarez and its overall appeal as an attractive destination for tech investment opportunities. While competing markets like San Francisco and Austin are making moves too, there is little doubt that Miami still commands respect amongst those looking for good returns on their crypto investments.