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Crypto Evening Briefing: China’s State-Affiliated Banks Are On-Boarding Crypto Companies in Hong Kong

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China’s State-Affiliated Banks Are On-Boarding Crypto Companies in Hong Kong

Several state-affiliated banks in China have shown interest in building partnerships and onboarding regulated crypto companies in Hong Kong, despite a blanket ban on crypto-related activities in mainland China. The Hong Kong arm of Bank of Communications and ZA Bank are collaborating with several cryptocurrency businesses registered in the city and facilitating the depositing and withdrawal of fiat currencies. These banks will also serve as settlement banks to enable token deposits at authorized exchanges to be withdrawn in Hong Kong dollars, Chinese yuan, and US dollars.

U.S. Bipartisan Stablecoin Bill to Allow Central Bank Money for Non-bank Issuers

The US House Financial Services Committee has proposed a bill that would give non-bank stablecoin issuers access to central bank money, according to a 73-page draft legislation. The bill aims to introduce new rules and regulations for payment stablecoin issuers in the US, and clarify the requirements for insured depository institutions and non-bank entities.

Do Kwon Retained Law Firm Before Terra's Collapse: Report

Do Kwon, the founder of Terraform Labs, reportedly sent $7 million to South Korean law firm Kim & Chang just before the collapse of the Terra ecosystem in May 2022, according to South Korean prosecutors cited by Bloomberg.

US Crypto Exchange Bittrex Faces Potential Action From SEC: Report

Bittrex, a US-based cryptocurrency exchange, is facing potential legal action from the enforcement division of the US Securities and Exchange Commission (SEC) over alleged violations related to investor protection, despite preparing to shut down its US operations.

US Congressman Declares Plan to Fire SEC Chair Gary Gensler for Crypto Overreach

Republican Congressman Warren Davidson has introduced legislation to remove Securities and Exchange Commission (SEC) Chair Gary Gensler from his role. The legislation comes in response to proposed rules by the SEC that would redefine the meaning of an "exchange" and bring such entities under increased regulatory scrutiny. 

Market Watch 

As of press time, according to Cointime data:

BTC 's live price is $29,533.53 USD, dropped by 2.43% in the last 24 hours;

ETH’s live price is $2,078.84 USD, dropped by 0.69% in the last 24 hours;

BNB’s live price is $342.47 USD, jumped by 0.39% in the last 24 hours;

XRP's live price is $0.5133 USD, dropped by 1.17% in the last 24 hours.

Fundraising News

Kingdom of Bhutan Secretly Invests Millions in Bitcoin

Bhutan's national investment arm, Druk Holding & Investments, has been revealed to have secretly invested millions of dollars in Bitcoin and other cryptocurrencies through insolvent crypto lenders BlockFi and Celsius, according to court records.

Wallet Guard Has Completed Its Pre-seed Fundraise, Led by Ethereal Ventures

Wallet Guard, the user-centric security browser extension that protects users’ digital assets and data from theft, scams, and fraud, has recently completed the pre-seed fundraise, which was led by Ethereal Ventures, with participation from ConsenSys and IOSG Ventures and notable angels in the Web3 space, including Ben Chan from Chainlink and Dave Pazdan from Phantom.

Galactic Holdings Completes $10 Million Pre-Series A Funding Round, Led by BAI Capital

Galactic Holdings, the leading cryptocurrency company in Latin America, announced the successful closing of a $10 million Pre-Series A funding round. The round was led by BAI Capital, with participation from Animoca Brands, Y2Z Ventures, Longling Capital, Head & Shoulders, TKX Digital Group, Perseverance Capital, and Palm Drive Capital. The funding will further promote the development of Galactic Holdings in Latin America.

VycoLend Raises $0.5M Seed Round to Build an Ultimate Lending Hub

VycoLend, a decentralized finance (DeFi) startup, has raised $0.5 million in a seed funding round led by Aura Ventures, with participation from Lumina Capital and Cardinia Ventures, among other VC firms and angel investors. The funding will be used to accelerate Vyco's development, expand its team, and scale its operations.

Bitcoin Bitcoin $83,936.50
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Bitcoin Web3 DeFi Hong Kong China Do Kwon Bittrex Gary Gensler Central Banks
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