Jpmorgan Chase Adopts Blockchain for Collateral Settlement

Financial tycoon, JPMorgan Chase (JPM), announced to use of blockchain technology in the collateral settlement, planning to expand to other asset types such as equities and fixed income, according to Bloomberg.

JPMorgan Chase used cryptocurrency tokens for collateral in traditional financial asset transactions for the first time on May 20.

Two of the bank’s entities are using tokens of BlackRock money market fund shares as collateral on their private blockchains, allowing trading outside of market hours.

Ben Challice, JPMorgan’s global head of trading services commented that:

“What we’ve achieved is the friction-less transfer of collateral assets on an instantaneous basis, they have been heavily involved since Day One, and are exploring use of this technology.”

To date, the bank has processed more than $300 billion in repo transactions using blockchain.

In addition to being used for derivatives and repo transactions and securities lending and other transactions, a blockchain-based collateral settlement will also expand the application scope of tokenized collateral, providing investors with a wider variety of assets to invest as collateral.

Intraday repurchases or repo refer to short-term borrowings with fixed income.

JP Morgan Chase, Ciena, and Toshiba announced to conduct research on a Quantum Key Distribution (QKD) system in groundbreaking research for better protection for blockchain networks from eavesdropping and quantum computing attacks.

JP Morgan has been crafting a name for itself in the blockchain/crypto space. For instance, it created a business unit dubbed Onyx to house its digital currency and blockchain efforts.

The leading bank also recently set foot in the metaverse through a virtual lounge.

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Crypto Exchange Establishes Toncoin Savings Product to Enhance TON Ecosystem

To enhance the growth of the TON community through the native token Toncoin, Singapore-based crypto exchange has rolled out a savings product.

Toya Zhang,’s CMO, said:

“By supporting the TON blockchain, Toncoin’s on-chain deposit and withdrawal fees will be much more affordable. Together with the 200% APY rewards, we believe this will contribute to the TON community growth in member numbers and user confidence.”

As part of’s Rebalancing Market Maker (RMM) strategy, Toncoin is paired with Tether (USDT), and by mid-May this year, it had attracted at least $665,000 in investments.

The RMM strategy was coined to ease crypto investment because users can gain rebalancing premiums.

Since TON is a community-driven blockchain project, the Toncoin savings product is deemed a stepping stone toward more growth in the ecosystem.

TON, which stands for “The Open Network,” is a third-generation proof-of-stake (PoS) blockchain designed in 2018 by the Durov brothers, who founded Telegram Messenger. The company is also eyeing the Web3 space through decentralized storage, instant payments, the Domain Name System (DNS), an anonymous network, and various decentralized services. 

Therefore, based on TON’s objective of offering lightning-fast transactions and being user-friendly and cheap, seeks to make this a reality.

Zhang pointed out:

“This is part of the strategic partnership between and TON. We will continuously work closely to bring more benefits to the community.”

To diversify options in the crypto space, established USDT margined futures that enabled users to create long or short positions based on the underlying asset and profit whenever the price surged or dipped. 

The exchange also launched a fixed savings product in March that permitted earning of interest from different coins like Bitcoin (BTC), USD Coin (USDC), Bitcoin Cash (BCH), USDT, Chainlink (LINK), and Ethereum (ETH). 

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BitMEX’s Daily Spot Exchange Trade Volume Hits $24m Record High

Less than 10 days after launching the spot trading option, crypto exchange platform BitMEX reached a new milestone by hitting a daily trade volume of $24 million recently. 

According to Alexander Hoptner, BitMEX’s CEO, the significant 24-hour trade volume illustrated a strong desire by institutional and retail investors to enter the crypto space.

Furthermore, the exchange’s first-time deposits and daily signup went through the roof, jumping by five times since the spot trading option was officially rolled out on May 17.

Hoptner pointed out:

“The influx of new BitMEX users and the trading volume reflects a strong appetite from institutional and retail traders and our long-term bullish views of today’s market environment.”

He added:

“ With the successful addition of Spot, BitMEX is in a strong position to further its expansion to introduce a wider array of offerings – on top of derivatives and interest-bearing products – to support traders around the world, bringing us closer to achieving global recognition of crypt as an asset class.”

BitMEX currently offers seven pairs of cryptocurrencies, including Bitcoin (XBT), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS), and ApeCoin (APE), all against Tether (USDT).

To expand options in the crypto ecosystem, the exchange’s spot trading joins other strategies like interest-bearing products and derivatives.

Genia Mikhalchenko, the vice president at BitMEX spot, stated:

“We are very excited about the strong start to the launch of our spot markets and really appreciate the supportive feedback and positive responses from existing and new BitMEX traders. The numbers we are seeing internally in the first 10 days reinforce that our decision to go beyond derivatives was the right one.”

The exchange’s average daily value (ADV) also scaled the heights after hitting more than 3 million traded in the first week. 

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Proposal to Burn 1.3bn UST Tokens Wins Approval from Terra Governance

The Terra governance has approved the proposal to burn a certain amount of TerraUSD (UST) tokens. The tokens were held in the project’s community pool and also deployed for past liquidity on Ethereum. - 2022-05-27T140410.886.jpg

The total number of votes favouring the action was 99.3% of the total number. According to CoinGecko, the total number of tokens to be burnt equals more than 1.3 billion UST or around 11% of the existing 11.2 billion UST supply.

The burn will be taken care of by Terraform Labs – Terra’s core development firm – and it will be conducted in two phases, the Terra governance forum revealed.

In the first phase, Terraform Labs will permanently remove about 1 billion UST from the supply chain by sending those tokens from Terra’s community pool to a burn module.

While in the second phase, Terraform Labs’ team will bridge back 370 million UST to Terra from the Ethereum blockchain and destroy them.

The dollar-pegged algorithmic stablecoin UST token plummeted to $0.04 cents earlier in May, representing a  93% drop from its value prior to the fall from dollar parity.

The decision to burn the UST tokens comes following approval by the Terra governance system of the revival plan to re-launch the Terra blockchain and create LUNA 2.0 tokens. However, the controversial algorithmic UST stablecoin will not be a part of the rebirth.

According to Blockchain.News, the collapse of Terra’s native tokens LUNA and UST sent shockwaves to the crypto market as nearly $60 billion was shed off.

Do Kwon, the CEO of Terraform Labs, previously opined that hard forking the Terra blockchain would play an instrumental role in saving the ecosystem.

Therefore, UST will not be integrated into Terra 2.0 because it is regarded as the genesis of Terra trouble based on its algorithmic nature. The report noted:

“It will effectively create a new Terra chain without the algorithmic stablecoin. The old chain will be called Terra Classic (LUNC), and the new chain will be called Terra (LUNA). The chain upgrade will commence a few hours after the Launch snapshot.”

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Ark Invest Refiles Application for Bitcoin Spot ETF Alongside 21 Shares

Ark Investment Management, the investment company, tagged with Cathie Wood, is taking another dig at a spot Bitcoin Exchange Traded Fund (ETF) product.


This latest application is still filed in partnership with European ETF issuer, 21Shares. It came after about a month when the United States Securities and Exchange Commission (SEC) rejected the application for the same product.

The new application contains a proposed rule change from the Chicago Board Options Exchange (CBOE) BZX Exchange, and per Bloomberg ETF analyst Henry Jim, the SEC has until January 24, 2023, to either approve or reject the ARK 21Shares Bitcoin ETF.

The race for a spot Bitcoin ETF has continued to heat up, despite the US SEC consistently rejecting a series of applications for such a project. The investment management firms that have been applying for these ETFs said the demand for the product is on the rise amongst Bitcoin investors, a scenario that shows that many are still not satisfied with the ProShares Bitcoin futures ETF product approved last year alongside others.

Ark Invest rejoining the race for the approval process is a bold one and the firm assured that its product seeks to “achieve its investment objective, the trust will hold Bitcoin and will value the shares daily based on the index.” 

Besides Ark Invest, Grayscale Investments is also awaiting the final decision to convert its Bitcoin Trust into a full-fledged Bitcoin spot ETF. Under the leadership of Michael Sonnenshein, the company has taken a more proactive approach, launching a campaign that will get members of the public to send messages compelling the SEC to say ‘YES’ to its application.

Should the SEC disapprove, Sonnenshein said he is ready to take the regulator to court, which showcases that the investment expert sees no distinction between the GBTC, futures-based ETF, and the spot ETF application proving too hard to get.


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Binance Bahrain Gets Category 4 License to Provide Crypto Trading Service

Binance, a global cryptocurrency exchange, announced on Thursday that its subsidiary in Bahrain has received a Category 4 license as a crypto asset service provider (CASP) from the Central Bank of Bahrain (CBB).

According to the announcement, Binance Bahrain is the first exchange to be awarded a category 4 license by the CBB. The Category 4 license will allow Binance Bahrain to offer a full range of crypto trading services to consumers under the supervision of the Bahrain regulators.

Richard Teng, Head of MENA at Binance, further elaborated: “The upgrade to a Category 4 license in the Kingdom of Bahrain is a landmark achievement for Binance and further signifies our commitment to being a compliance-first exchange. This will allow us to provide the full suite of products and services that users have come to expect from an exchange, in a safe and well-regulated environment. We are grateful to the Central Bank of Bahrain for their support and vision in granting Binance Bahrain this license. Bahrain is well on the path to becoming a leading global hub for crypto.”

In December, Binance Bahrain was granted preliminary approval for the license but was required to complete the full application process before being awarded the full license. Bahrain, therefore, became the first nation in the Middle East/North Africa (MENA) region to grant such a license.

In March, Binance obtained a Category 3 license from the Central Bank that accepted it as a crypto service agent-principal provider. The license marked a significant step for the exchange to expand in the Middle East.

The Middle East Becoming a Crypto Trading Hub

Financial regulators and banks in the Middle East had been slower to embrace crypto than Europe and the US. Before the pandemic, the crypto market in the Middle East was still in its infancy. But after one year, the region started witnessing signs that crypto coins are evolving into an everyday part of life.

As a result, several cryptocurrency exchanges have emerged and raised funding, including Binance, Yoshi Markets, BitOasis, and CoinMENA, among others.

The Middle East and Bahrain in particular, is already a leader in fintech services. Flexible regulatory frameworks, rapid digital transformation, and a strong appetite for innovation in the financial sector are factors that have contributed to the region’s emerging position as a fintech hub, where technologies cryptocurrency and open banking can thrive.

In 2019, The Central Bank of Bahrain announced a legislative framework in 2019 by overseeing regulated crypto-asset services in the country, and keeping with its ambition of becoming a leading FinTech centre in the region.

Since the establishment of the regulatory framework, a number of crypto entities are taking advantage of the opportunity and collaborating closely with the CBB in optimizing their offerings. Firms that intend to participate in crypto financing are expected to obtain a license under Categories 1, 2,3, or 4 from the CBB.

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Elon Musk Sued by Twitter Investors for Delayed Disclosure

Twitter investors are out for Elon Musk, the Chief Executive Officer of electric auto manufacturer Tesla Inc for causing them some punitive damages. - 2022-05-27T103740.547.jpg

According to The Guardian and multiple sources, the group of investors said Elon Musk saved himself about $156 million for failing to disclose that he had purchased more than 5% of Twitter shares by March 14.

The investors said Musk continued to acquire the social media giant’s shares and, by so doing, profited from a relatively low price before finally announcing the acquisitions in early April.

The investors are led by Virginia resident William Heresniak who noted that “By delaying his disclosure of his stake in Twitter, Musk engaged in market manipulation and bought the Twitter stock at an artificially low price.”

The lawsuit was filed in San Francisco, and William and his fellow investors wish for the case to be classified as a Class Action. They are demanding an undisclosed amount of money in compensation for all punitive and compensatory damages.

The Elon Musk acquisition of Twitter is currently being dragged on for a long as the billionaire said he wants the company to provide proof that spambots do not exceed 5% of the social media’s total user base. In the lawsuit filing, the investors said the company’s proposed acquisition is currently under “major peril” since the Tesla shares that Musk pledged as collateral to acquire the firm has slumped from $1,000 when the deal was unveiled to $709 at the time of writing.

Musk, however, is still very committed to the acquisition as he reportedly secured a new $6.25 billion equity funding earlier this week. This complements the growing contributions from Venture Capital firms, including Sequoia Capital and Binance and aligns with Musk’s commitment to championing freedom of speech on the social media platform.

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Tether Floats Mexican Pesos-based Stablecoin in Latin America

Tether Operations Limited, the blockchain startup behind the USDT stablecoin, has announced its entry into Latin America with the launch of the Mexican Pesos backed MXN₮ stablecoin. 


According to the company, the new stablecoin will be pegged to the Mexican Pesos on a 1:1 ratio and supported on three networks, including the Ethereum, Tron, and Polygon protocols. The company hopes that with the launch of the new token, the bulk of the cross-border transactions or remittances to Mexico can be taken on-chain, thus cutting transfer speed and fees, respectively.

“We have seen a rise in cryptocurrency usage in Latin America over the last year that has made it apparent that we need to expand our offerings,” said Paolo Ardoino, CTO of Tether. “Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and, in particular, Mexico. MXN₮ can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies. Tether customers in this entirely new market will be able to benefit from the same transparent customer experience.”

Tether is the world’s largest stablecoin with a market capitalization of $73.2 billion, ranking it as the third-largest digital asset per data from CoinMarketCap. The stablecoin is not just the largest but also the most popular, and several blockchain protocols support it. While being accused of market manipulation in the past, USDT has been a successful stablecoin backed by the US Dollar, the Euro, and the offshore Chinese Yuan, which it floated back in September 2019.

Tether Operations Limited said its entry into Mexico would serve as a basis for a more related push in the near future.

“The addition of MXN₮ is a milestone for the company as it marks Tether’s entrance into Latin America with a dedicated digital currency. The launch of MXN₮ will provide a testing ground for onboarding new users in the Latin American market and will pave the way for future fiat-pegged currencies in the region to be launched.”


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OKX Signs Formula 1 Driver Daniel Ricciardo as Brand Ambassador

OKX, a global cryptocurrency exchange and web3 platform, announced on Thursday that it has partnered with Daniel Ricciardo, McLaren Racing Formula One driver and crypto trading enthusiast.

Ricciardo will serve as an OKX ambassador role during the 2022/23 racing season based on the partnership.

OKX and Ricciardo will collaborate to supercharge the fan experience through a series of activities. Such activities include a global campaign, supported by Ricciardo, aimed at educating fans on cryptocurrency trading and collaborating with designers from underrepresented communities to create a special edition racing helmet that will be worn during a race.

The relationship will also lead to new and exciting opportunities that will give Ricciardo’s fans an intimate insight into his cryptocurrency trading journey, with the chance to interact and get to know him away from the racetrack.

OKX is Ricciardos’ preferred trading platform of choice, along with other 20 million users in over 180 international markets worldwide.

The partnership with Ricciardo comes after British Formula One team McLaren Racing signed a multi-year sponsorship deal with Malta-based cryptocurrency exchange OKX early this month. The deal made OKX the official primary partner of McLaren’s F1 team and Shadow esports Team from 2022.

The 2022 Monaco Grand Prix on Sunday, May 29, will be the first race in the Formula 1 season with Ricciardo as the official partner of OKX and will see OKX branding carried on Ricciardo’s racing cap.

OKX branding will also appear on McLaren’s MCL36 F1 cars as well as on the race suits and helmets of other drivers. OKX branding will also appear on the kits for both the McLaren F1 and Shadow esports teams.

Haider Rafique, Chief Marketing Officer at OKX, talked about the development and said, “The loveable F1 favourite will be integral in helping us expand the reach of OKX, supercharge the fan experience and educate new audiences on the benefits of trading responsibly with crypto. We are thrilled to be able to announce our long-term partnership ahead of the iconic Monaco Grand Prix, a race that is so special to Daniel.”

Driving Crypto Adoption

OKX is the latest cryptocurrency exchange to use sports advertising as a marketing tool. In March, OKX signed a sponsorship deal with Manchester City football club to provide a wide range of “experiences” to its consumer base.

The partnership saw OKX gaining a “presence” at Etihad Stadium and the Academy Stadium, the 10th biggest football stadium in the UK. According to statistics from CoinMarketCap, OKX, formerly known as OKEx, is the second-largest crypto exchange by spot-trading transaction volume.

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