Hong Kong Receives Over 200 Applications for Blockchain Pilot Program
Lee Yizhang, Director of Blockchain and Digital Assets at Hong Kong Cyberport, announced that the first phase of the “Blockchain and Digital Asset Pilot Funding Program” has received more than 200 applications, exceeding expectations. These applications span various sectors including real-world asset tokenization (RWA), stablecoins and payment solutions, Web 3.0 security, and risk management systems. The program aims to foster innovation and development in blockchain technology and digital assets to strengthen Hong Kong’s position as a global hub for digital finance. So far, nine companies have been shortlisted: five in the RWA sector, one in payments, two in security, and one in smart living. Blockchain technology has revolutionized financial systems worldwide by making traditional banking and financial services more transparent, faster, and secure. Hong Kong’s initiative represents a significant step toward adopting and promoting investment in this technology locally. Selected companies will soon begin working on their projects, injecting new energy and opportunities into Hong Kong’s economy. However, market volatility and regulatory challenges in the digital asset sector remain risks that must be addressed with appropriate strategies. Source: binance
Industry Leaders Highlight Challenges in Crypto Derivatives Design
Significant challenges exist in the design and market structure of crypto derivatives, particularly perpetual contracts, which must be addressed for the sustainable growth of the industry. Arthur, founder of DeFinance Capital, emphasized the importance of seriously tackling these fundamental issues to prevent financial losses. He stated that the industry needs to learn from historical experiences and develop improved products to stabilize the market. Evgeny Gavvy, founder of Wintermute, noted that such problems have already been resolved in traditional financial systems. He argued that the real issue lies not in the design of perpetual contracts but in the centralized and semi-centralized trading platforms that combine market making, central limit order books, and custody services. These structural complexities negatively impact market transparency and efficiency. Crypto derivatives are primarily used for speculating on future prices, enhancing market liquidity and investment opportunities; however, their complexity and the market’s volatility increase risks. Experts warn that failure to address these challenges promptly could result in significant financial losses and market instability. Despite rapid growth in the crypto market, improvements in its infrastructure are necessary to provide users with a secure and transparent trading environment. Resolving these issues in the future will boost investor confidence and contribute to a more stable market. Source: binance
Balancer Proposes Migration to Version 3 After Recent Cyberattack
Balancer Labs has proposed a significant plan following a recent cyberattack, recommending the shutdown of stable pools on Version 2 and encouraging liquidity providers to migrate to Version 3. Balancer, a prominent decentralized finance (DeFi) platform, enables users to balance and provide liquidity across various cryptocurrencies. The newly introduced Version 3 is fully operational and remained unaffected by the attack. It features numerous improvements in security and performance aimed at safeguarding users’ investments. This initiative seeks to protect users’ funds from potential risks and restore the platform’s reputation. Cyberattacks in the DeFi sector typically highlight security vulnerabilities that can undermine user confidence. Balancer’s proactive approach is viewed positively as it offers a safer option for existing liquidity providers and establishes a stronger foundation for new investments. Moving forward, this transition could strengthen Balancer’s market position, but users are advised to carefully consider the new guidelines and remain aware of potential risks. Such upgrades are generally deemed essential for technological advancement and the protection of users. Source: binance
Dope Announces Closure Due to Financial and Compliance Issues
Dope, a cryptocurrency payment card provider, has decided to cease its operations, citing financial obstacles and compliance challenges. The company confirmed it will officially terminate all services and shut down its servers on November 30, 2025. Despite having a significant frozen amount in its accounts that remains inaccessible, Dope has borne the burden of related funds. Customers have been advised to complete the withdrawal of their funds before the server shutdown date. After this date, users will be able to request remaining balances manually via email for payment processing. Dope aimed to make cryptocurrency more accessible and convenient for everyday purchases through its payment cards. However, increasing regulatory pressures and financial constraints in the crypto industry have posed challenges for many companies, including Dope. Following this announcement, users must act promptly to safeguard their investments, as fund withdrawals may become difficult after the closure. Such incidents can undermine investor confidence in the cryptocurrency market, especially when issues related to compliance and financial transparency arise. This development underscores the ongoing legal and financial complexities in cryptocurrency usage and highlights the necessity for the industry to operate within robust legal and financial frameworks to maintain user trust. Source: binance
Standard Chartered CEO Predicts Blockchain-Verified Financial Transactions
The CEO of Standard Chartered expressed confidence that the banking sector and Hong Kong’s leadership anticipate all future financial transactions to be fully verified through blockchain technology and conducted using digital currencies. This statement reflects the growing significance of blockchain and digital currencies in the financial world and the potential for these technologies to fundamentally transform the financial system. Blockchain, a cutting-edge digital ledger technology, records transactions transparently and immutably, reducing fraud risks and accelerating financial processes. Standard Chartered, a major global financial services provider, has recently emphasized digitalizing its services to offer customers innovative and secure financial solutions. Hong Kong’s authorities are also taking various measures to promote the use of digital currencies and blockchain to enhance the efficiency and competitiveness of its financial market. This progress may lead to digital currencies fully replacing traditional currencies in the future, facilitating faster and easier international trade and investment. Although blockchain technology offers numerous benefits to the financial system, its implementation faces technical, legal, and regulatory challenges that must be addressed. Nevertheless, global financial institutions and governments are moving toward this transformation, with significant innovations in financial transactions expected in the coming years. Source: binance
Ando Finance Selects Chainlink for Tokenized Stock Platform
Ando Finance has chosen Chainlink as the official oracle infrastructure for its regulated tokenized stock platform. This decision positions Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as the preferred solution for financial institutions collaborating with Ando. Additionally, Ando has adopted Chainlink’s data standards to ensure accurate and reliable pricing of tokenized stocks based on market data. Chainlink has also joined Ando’s Global Market Alliance to fully support the on-chain launch of regulated tokenized stocks. This partnership is expected to enhance transparency and trust within financial markets, as tokenized stocks offer investors traditional stock market benefits through blockchain technology. Tokenized stocks represent an innovative financial concept by converting traditional stocks into digital tokens, simplifying, accelerating, and securing their trading and ownership processes. Ando Finance is a leading platform providing new investment opportunities through this technology, while Chainlink bridges blockchain with real-world data. This collaboration will help financial institutions deliver more advanced and integrated services in the future, although challenges related to blockchain, cryptocurrency market shifts, and regulatory issues may persist. Source: binance
Sharp Link Commits to Nasdaq Compliance, Prepares for Potential ETH Purchase
Sharp Link has announced full compliance with Nasdaq regulations, indicating that if the company decides to purchase Ethereum (ETH) under its ATM program, it will not require additional shareholder approval. The company emphasized that any investment will only be made if it enhances shareholder value, while maintaining transparency and adherence to regulatory standards. Sharp Link is a well-known financial services firm offering various cryptocurrency and blockchain-related services. Nasdaq is a global stock exchange where shares of technology and financial companies are traded, and compliance with its rules fosters investor confidence by demonstrating financial transparency and accountability. Ethereum, the world’s second-largest cryptocurrency, operates on blockchain technology and is used for digital contracts and other financial services. Institutional interest in acquiring Ethereum could boost its value and market confidence. This move may create new investment opportunities and help stabilize Sharp Link’s financial position. However, given the volatile nature of cryptocurrencies, investors are advised to exercise caution. Sharp Link’s commitment to regulatory compliance and transparency positions it well for future financial stability. Source: binance
Flare Partners with Everything Black Chain to Enhance Enterprise Bond Yields
Flare, a blockchain company, has signed a memorandum of understanding with Everything Black Chain Inc. (OTC: EBZT), a U.S.-listed firm, to utilize its XRP Finance (XRPFi) framework for improving enterprise bond yields. Central to this framework is Flare’s “FAssets” system, a trustless bridge offering smart contract capabilities specifically for tokens like XRP and Bitcoin. The system incorporates a re-collateralization layer called “Firelight,” enabling institutions to convert XRP into FXRP and allocate it across decentralized lending, collateral, and liquidity protocols. This initiative aims to advance enterprise-level investment and financial services within the blockchain and cryptocurrency sectors. Previously, Nasdaq-listed VivoPower International PLC allocated a significant amount of XRP within the Flare ecosystem, making EBZT the second publicly traded company to adopt this innovative financial model. The partnership is expected to expand cryptocurrency use in the enterprise bond market, providing investors with more diverse and sophisticated financial products. This development marks a significant step toward increasing blockchain and cryptocurrency adoption in business applications, enhancing transparency, speed, and cost-efficiency in financial markets. While such collaborations promise innovation and stability in finance, market volatility and regulatory challenges necessitate cautious progress. Source: binance
Binance CEO Richard Teng Sees Crypto and TradFi as Complementary
Binance CEO Richard Teng stated in a recent Q&A session that cryptocurrencies and traditional financial systems (TradFi) are not competitors but rather complementary to each other. He emphasized that cryptocurrencies play a vital role in enhancing financial inclusion, reducing costly remittance fees, and accelerating transaction speeds. While traditional finance has provided essential services for decades, approximately 1.4 billion adults worldwide remain unbanked. Remittance fees can reach 15 to 20 percent, posing a significant burden on users, and transaction speeds are often slow. Teng highlighted that cryptocurrencies can transform this landscape by enabling nearly instant, low-cost global money transfers and promoting greater financial access. Discussing Binance’s future plans, Teng revealed the company’s ambition to develop a “super app” powered by cryptocurrency. This app would allow users not only to send money to friends but also to shop, earn passive income, read news, and make donations. Teng assured that the app would be user-friendly enough for his mother to use it with ease. Binance, the world’s largest cryptocurrency exchange, is expanding beyond simple crypto trading to become a comprehensive financial platform bridging traditional and digital finance. With the growing popularity of cryptocurrencies and digital transformation in financial services, such initiatives could enhance global crypto adoption and financial inclusion. However, challenges related to regulation, security, and consumer protection remain critical to address. Source: binance
Yunfeng Financial Seeks License Upgrade to Enter Web3 Sector
Yunfeng Financial, a Hong Kong-listed company, has announced its efforts to enter the Web3 domain by applying for an upgrade of its Type 1, 4, and 9 licenses from the Hong Kong Securities and Futures Commission. Upon approval, the company will be authorized to offer services related to virtual asset trading and manage investment portfolios containing virtual assets. Web3 technology is considered the next phase of the internet, providing users greater autonomy and facilitating the use of digital assets such as cryptocurrencies and NFTs, which are integral to this emerging digital economy. Yunfeng Financial’s move is seen as an expansion of its modern financial services offerings. In Hong Kong, virtual asset trading is strictly regulated, and no company can provide such services without approval from the Securities and Futures Commission. Yunfeng Financial’s application for a license upgrade indicates its intention to legally enter the Web3 sector. If approved, the company will not only strengthen its presence in Hong Kong but also enhance its position in the global financial market, offering investors increased opportunities to invest in virtual assets. However, market volatility and regulatory changes in the virtual asset space may present challenges. This development reflects the growing importance of Web3 and digital assets among global financial institutions, potentially signaling new trends in future financial services. Source: binance
