Hong Kong exhibited for the first time ever in Asia by legitimizing cryptocurrency as an asset that is legally recognized and speculated for investment purposes. With this meaningful change, traders from Hong Kong can now buy and sell BTC and ETH stocks in traditional stock markets, which makes no crypto exchange needed.
Two asset management platforms, Bosera Asset Management, and China Asset Management have recently been approved by the Hong Kong SFC to set up Spot ETFs trading based on Bitcoin and Ethereum cryptocurrencies. Spot ETFs of crypto-currency are designed to change their values in real-time, thus providing traders with opportunities to deal with crypto-currencies using price fluctuations.
This plan will set a precedent for the evolution of the crypto world, moving away from US oversight in investment facilities.
Also, the US had granted several 11 BTC ETFs in the past but they witnessed huge trading volumes and popularity among investors. Even though ETH ETFs have not yet received approval, SEC, tomorrow could change its mind, and the crypto market may witness further growth due to ETF approval.
Mountain supporters of the Indian Web3 group have supported Hong Kong’s decision, pointing to it as a new milestone for experimentation within crypto-assets in Asia. In addition to this, such an investment decision on the part of Chinese investors can be explained by the fact that despite some economic weaknesses, many investors from China are on the lookout for alternative investment opportunities.
Subsequently, in March this year, Mudrex, a crypto investment company, introduced a spot ETF investment service concerning BTC for Indian traders. Investors from India will now have an easy option to be directly involved in BTC ETFs through low-cost, investable units denominated in INR and with investment amounts varying from Rs. 5000 to Rs 250,000.
Mainstream adoption of Cryptocurrencies as investment options is a result of the approval of Bitcoin and Ethereum Spot ETFs by the authorities in Hong Kong which means that this gives legitimacy to the cryptocurrency market. Moreover, the introduction of such a system not only benefits international dealers of cryptos but can also serve as an indicator for other Asian countries to think about similar inceptions. With this type of regulatory progress, the crypto space matures and becomes a place where traditional financial markets embrace digital currencies.
Can CryptoGuard, a new security extension by ChainGPT, safeguard the Web3 frontier?
ChainGPT, the leading AI-driven Web3 infrastructural platform, recently announced the release of CryptoGuard, a state-of-the-art security extension to protect Web3 community members from the dangers of being online. Leveraging advanced AI algorithms and comprehensive threat intelligence, CryptoGuard aims to fortify the defenses of users navigating the DeFi ecosystem.
In the middle of the existing vulnerabilities in the DeFi sector, where a significant number of threats despite the decreased misfortunes since last year, CryptoGuard arises as the response. The tool deals with the whole range of attacks that target infrastructure and data stealing tricks through the mechanism of “learning” from the hacker’s actions that may evolve.
Using these algorithms, CryptoGuard benefits from AI-led threat intelligence from key industry players such as malware detection, phishing protection, and AI transaction explanations. Such actions aim at enhancing transparency and also data protection for users, to experience a safer internet environment.
CryptoGuard has a Web3 Antivirus that scans related activities of the wallet to flag risky patterns and calculate thorough risk reports. With this feature, the “My Transaction Tab”, users can analyze their transaction history more easily, whereas Live Tracker alters the users in real-time about the possibility of risks; especially for those who usually use the active DEX platforms.
llan Rakhmanov, CEO of ChainGPT, stresses that it is particularly important that services for strong cyber security be provided within the Web3 framework. He emphasizes the AI role in the degeneration of threats and calls for CryptoGuard as a remarkable cybersecurity solution granting defenders digital amour against thieves.
With the recent introduction of CryptoGuard, ChainGPT now goes one step further and comes as the most up-to-date tool in the kit for AI integration within the blockchain. The start of CryptoGuard shows one of ChainGPT’s missions which is to provide world-class technologies to Web3 with regards to being sophisticated and simple at the same time.
ChainGPT aims to offer CryptoGuard as its autonomous security mechanism to Web3 followers to provide more reliability and safety in the domain of decentralized finance. With more advanced threats developing daily, CryptoGuard becomes an instrumental element to help protect the integrity of the Web3 universe, leading to more trust and confidence from the end-users.
Can OKX’s new layer-2 chain, X Layer, built on Polygon technology, succeed in the market?
OKX, one of the biggest cryptocurrency exchanges, has just introduced its latest innovation- Xlayer, the second-layer blockchain that stands on the technology of Polygon. It occurs in the wake of similar cases with larger crypto companies like Coinbase and Kraken who have also entered into building their own layer-2 networks.
X Layer previously named X1 leverages Chain Development Kit (CDK) which is a toolkit of Polygon and helps developers to develop custom chains using contemporary techniques. X Layer, on the other hand, attempts to use zero-knowledge technology to have fast and more effective blockchains.
The launch of X Layer has got interested in peaking inclusively layer-2 solutions inside the cryptocurrency industry. The big exchange darling, Coinbase, introduced the “Base” blockchain, whereas Kraken is looking into building its own chain. The team of developers of OKX will continue to commit its time to the code of the CDK, further improving the functionality of the X Layer to Polygon’s overall platform.
By the OKX launch of X Layer, the exchange community which consists of more than 50 million users will be provided with universal interfaces to a range of decentralized applications (DApps). Currently, users have more than 170 DApps to access on the X Layer network and this number is expected to grow up soon.
Marc Boiron, Polygon Labs CEO, narrated the reason behind X-layer integration and the advantage an OKX user will realize from it. On the other hand, Haider Rafique, Chief Marketing Officer of OKX, referred to the technology of layer-2 chains such as X Layer which functions as the infrastructure of the Web3 world, and DApps as the marketplaces, and self-hosted wallets as how to travel through this new digital universe.
Fundamentally, OKX‘s unveiling of X Layer offers a milestone development in the blockchain space, allowing users to navigate the network quicker and likewise improving scalability for distributed applications.
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