Title : Crypto Headlines: HashKey Enters Hong Kong, Ark Invest's ETF Plans, TerraUSD Loss
Link : Crypto Headlines: HashKey Enters Hong Kong, Ark Invest's ETF Plans, TerraUSD Loss
Crypto Headlines: HashKey Enters Hong Kong, Ark Invest's ETF Plans, TerraUSD Loss
Opening Hook:
Today's crypto news brings a whirlwind of developments, as various players in the digital asset space make significant moves. From HashKey's expansion into retail trading for Hong Kong clients to ARK Invest's ETF application, the industry continues to evolve at an exhilarating pace.
Pain Points:
Despite the promising advancements, the crypto landscape also faces challenges. Prime Trust's recent loss of $8 million in client funds due to the TerraUSD crash highlights the volatility and risks involved in the digital asset market.
Target:
These developments underscore the growing demand for accessible crypto trading services, as well as the need for robust security measures to protect investors' assets.
Summary:
- HashKey expands crypto trading to retail clients in Hong Kong.
- ARK Invest and 21Shares apply for futures ETFs.
- Prime Trust experiences $8 million loss in TerraUSD crash.
- Industry advances demonstrate the increasing demand for crypto trading but also highlight the importance of security.
Today in Crypto: Hashkey to Offer Crypto Trading in Hong Kong, Ark Invest and 21Shares Apply for Futures ETFs
Hashkey to Launch Crypto Trading for Retail Clients in Hong Kong
Hong Kong-based digital asset platform Hashkey is set to launch crypto trading services for retail clients, further expanding its offerings in the Asian market. The platform plans to offer spot trading for a range of cryptocurrencies, including Bitcoin, Ethereum, and altcoins.
Ark Invest and 21Shares File for Bitcoin and Ethereum Futures ETFs in US
Investment firm Ark Invest and crypto asset manager 21Shares have filed with the US Securities and Exchange Commission (SEC) to launch a series of Bitcoin and Ethereum futures exchange-traded funds (ETFs). The ETFs would provide investors with exposure to the underlying assets without the need to purchase and hold the cryptocurrencies directly.
Prime Trust Loses $8 Million in Treasury Funds Due to TerraUSD Implosion
Cryptocurrency custodian Prime Trust has reportedly lost $8 million of its client treasury funds due to the collapse of the TerraUSD (UST) stablecoin. The funds were inadvertently exposed to UST through a third-party liquidity provider.
Other Notable News
- Coinbase to Suspend Hiring for Two Weeks: Crypto exchange Coinbase has announced a temporary hiring freeze as part of cost-cutting measures amid the market downturn.
- BitMEX to Introduce New Stablecoin and Derivatives: BitMEX is launching a new stablecoin, BUSD, and a range of crypto derivatives to expand its product offerings.
- Binance CEO CZ Denies Rumors of Insolvency: Binance CEO Changpeng Zhao (CZ) has dismissed rumors of the exchange being insolvent, stating that they have no liquidity issues.
- Terra Luna Classic (LUNC) Burns Over 1 Billion Tokens: The Terra Luna Classic community has burned over 1 billion LUNC tokens in an effort to reduce the circulating supply.
- FTX Launches New Venture Fund with $2 Billion: Crypto exchange FTX has launched a new venture fund, FTX Ventures, with a commitment of $2 billion to invest in web3 and blockchain startups.
Conclusion
The crypto market continues to navigate turbulent waters, with major players announcing significant changes and challenges emerging. Hashkey's expansion into retail crypto trading in Hong Kong and the efforts by Ark Invest and 21Shares to launch futures ETFs indicate the growing institutional interest in the space. However, the TerraUSD implosion and Prime Trust's loss highlight the risks associated with certain crypto assets and the need for prudent risk management.
FAQs
Q: Why is Hashkey launching crypto trading services in Hong Kong?
A: To expand its offerings in the Asian market and cater to the growing demand for crypto assets among retail investors in the region.
Q: What is the significance of Ark Invest and 21Shares filing for Bitcoin and Ethereum futures ETFs in the US?
A: It could provide investors with greater access to crypto assets through traditional financial markets and potentially increase institutional adoption.
Q: How did Prime Trust lose $8 million in treasury funds?
A: It was inadvertently exposed to UST stablecoin through a third-party liquidity provider.
Q: Why is Coinbase suspending hiring?
A: To control costs during a period of market downturn.
Q: What is the purpose of the Terra Luna Classic (LUNC) tokens burn?
A: To reduce the circulating supply and increase the token's value.
Thus this article Crypto Headlines: HashKey Enters Hong Kong, Ark Invest's ETF Plans, TerraUSD Loss
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