Zhu Su Miladin to 19 thousand dollars, Alchemy Pay Crypto Bank, HK Tokens: Asia Express

Singapore Alchemy Payment Eyes crypto banking expansion

Singaporean blockchain payments operator Alchemy Pay plans to launch a Web3 bank this year, licensed by the UK authorities as a payment institution to carry out money transfers, payment processing and managed accounting operations.

The company said on March 7 that its upcoming Web3 bank accounts will support both enterprises and retail users and offer accounts in both Euros and US dollars. “Through our cooperation with banks, both conventional enterprises and Web3 companies can establish multi-currency accounts with Alchemy Pay. Real-time currency exchange is facilitated between Euro and USD, as well as between fiat and USDC/USDT,” Alchemy wrote.

Founded in Singapore in 2017, Alchemy currently supports fiat to crypto on-ramping and payment solutions in 173 countries. The organization allows users to directly purchase imperishable tokens using their fiat payment methods and use their virtual or physical crypto cards for instant spending.

Milady NFT bull run

Milady, a collection of anime Avatar Invincible Tokens (NFT), has doubled its floor price in recent days to $19,000 each. According to data from Blur, 3,339 million Ether worth of NFTs have been traded in the past few days. The increase was partly due to the promotion by Zhu Su, founder of bankrupt Singaporean hedge fund Three Arrows Capital (3AC), who tweeted on March 6.

“How are you Milady Fami! After hearing that you have a great memory in Web 3, you should have cleaned up some Miladys! Is following Milady still a thing?! Anyway, hell yeah let's see what this community is all about! It's moon time my degens aha WAGMI nft sistas.”

Due to the promotions of various blockchain personalities and celebrities, the price of Milady NFT series is often volatile. May 11, 2023 Milady memecoins increased more than 5,250% in 24 hours.

Hong Kong regulators to support tokenization

The Hong Kong Monetary Authority (HMA) has authorized the seizure of tokenized assets in Hong Kong.

According to the March 7 announcement, the city's new initiative, Project Collection, seeks to develop a new wholesale Hong Kong dollar central bank digital currency (wCBDC) and explore the city's innovative financial market infrastructure.

“The project initially focuses on tokenized deposits, which is a digital representation of commercial bank deposits, issued by commercial banks and accessible to the general public,” the officials wrote.

“With WCBDC as a foundation, accumulated deposits can be used for asset transactions, opening up new opportunities for innovation and innovation in the tokenization era.”

Meanwhile, the project suite wCBDC sandbox serves as infrastructure for assets such as green bonds, carbon credits, aircraft, electric vehicle charging stations, as well as electronic inventory and treasury management.

At launch, HMMA will form a wCBDC architecture community consisting of local and foreign banks, along with key players in the Web3 industry.

Eddie Yu, CEO of HKMA, said: “The project portfolio will provide new impetus to the dynamic financial industry and strengthen our leading position in finance and assets.

In the year On February 7, Swiss International Bank announced that UBS' Hong Kong subsidiary has certified an investment warrant on the Ethereum blockchain with local cryptocurrency exchange OSL.

The mocked product was a stock-like call option from Chinese smartphone giant Xiaomi Corp. After tokenization, the digital asset is sold to the OSL exchange. Similarly, on June 12, 2023, UBS arranged to issue 200 million Chinese Yuan ($28 million) digitally structured notes on the Ethereum blockchain in Hong Kong.

Victory Securities and Matrixport to provide crypto asset security services

Hong Kong-based brokerage Victory Securities and Singaporean blockchain analytics firm Matrixport's subsidiary Cactus Protection have teamed up to bring crypto protection management solutions to institutional investors starting March 6.

Under the agreement, Cactus Protection will provide Victory Securities with customer-aware and anti-spoofing tools such as the Victory EMC BTC Cycle Fund, a Bitcoin fund that allows eligible investors to register using the stablecoin.

Victory Securities is a publicly traded Hong Kong brokerage with a market capitalization of HK$601.33 million ($76.89 million). In the year On November 24, 2024, the company was cleared by the city's Securities and Exchange Commission for retail crypto trading.

Unforgettable quarter of Singapore Bitdar

Singaporean cryptocurrency miner Bitdir grew 49% year-over-year to $114.8 million in the last quarter of 2023. According to earnings results reported on March 4, the company's net loss in Q4 2022 narrowed from $13.04 million to $5.03 million in the same period.

In January, Cointelegraph reported that Jihan Wu, the former CEO of Bitcoin application-oriented integrated circuit (ASIC) Bitmain, will take over as CEO after founding the firm in 2020. Wu is also the founder of crypto financial services firm Matrixport.

A report from analyst Matrixport made waves in January that the US Securities and Exchange Commission would not allow listings of Bitcoin BTC exchange-traded funds due to political risk. The SEC subsequently approved such offerings on January 10.

Despite the ongoing bull market, Bitcoin miners are facing a difficult recovery as rising electricity prices, mining difficulties and the expected halving of Bitcoin in April have all taken a heavy toll on the bottom line. Singapore-based Sci.Tech, one such Bitcoin miner, has seen its stock lose more than 95% of its value since its initial listing on the Nasdaq exchange in April 2022.

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Zhiyuan Sun

Zhyuan Sun is a reporter at Cointelegraph, focusing on technology-related news. He has many years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.