Maze

The smart way to keep people passive and obedient is to strictly limit the spectrum of acceptable opinion, but allow very lively debate within that spectrum—even encourage the more critical and dissident views. That gives people the sense that there’s free thinking going on, while all the time the presuppositions of the system are being reinforced by the limits put on the range of the debate. ~Noam Chomsky

(Book [ad]: How the World Works https://amzn.to/4dkXzSJ)

(Art: Photograph by Erich Hartmann)

Bitcoin, Custody, Storage, Liquidity & Market Making

• What do crypto market makers actually do? Liquidity, or manipulation
• Various forms of Bitcoin custody, explained
• How Do The Wealthiest Bitcoin Holders Secure Their Bitcoin?
• How to securely store crypto in software wallets

What do crypto market makers actually do? Liquidity, or manipulation

https://cointelegraph.com/magazine/crypto-market-makers-legit-dodgy-fake-it/

Various forms of Bitcoin custody, explained

https://cointelegraph.com/explained/various-forms-of-bitcoin-custody-explained

How Do The Wealthiest Bitcoin Holders Secure Their Bitcoin?

https://bitcoinmagazine.com/technical/how-do-the-wealthiest-bitcoin-holders-secure-their-bitcoin

How to securely store crypto in software wallets

https://cointelegraph.com/news/how-to-securely-store-crypto-in-software-wallets

Tokenization, 10 years down the road

1. This is 10 years down the road, with, or without us, what flow, flows. 
2. The points have been summarized for our reference. Got time can checkout full content via the respective links.
3. Tokenization is important because it is part of banking services in the near future. 

Good news is, the future is already here, just not evenly distributed.

Tokenization

Anything that can be tokenized will eventually be tokenized.

More than $1 billion worth of U.S. Treasurys has already been tokenized across Ethereum, Stellar, and other blockchains. 

A recent estimate from Ripple forecasts tokenized markets to reach $16 trillion in the coming years, a figure eight times larger than the total market capitalization of the entire cryptocurrency sector.

Headlines 20240510

1. Tokenization to unlock interoperability across payments, investments

The lines between payment and investment assets are becoming increasingly blurred. In the near future, it may be possible to split a dinner and pay using shares of tokenized funds, a blend made possible by tokenizing assets.

This positive blur between investment and payment because it’s ultimately value, right? And we’re unlocking the movement of value.

https://cointelegraph.com/news/tokenization-unlock-interoperability-across-payments-investments

2. SEC doesn’t want Ethereum to transform banking landscape, says Joseph Lubin

... the prospect of the banking industry's customers moving assets into digital forms using decentralized finance constructs could scare many banks and other financial institutions.

https://cointelegraph.com/news/sec-thinks-ethereum-threatens-banking

3. Tokenizing money is the ‘greatest innovation’ after fiat — Tether co-founder

... global economies will likely transition to tokenized money in the next 10 years. 

The Tether co-founder noted that he was among the first institutional investors in PayPal. 

https://cointelegraph.com/news/money-tokenization-greatest-invention-fiat-tether

How to tokenize real-world assets (RWAs) | With Examples

Tokenization is the process of converting rights or ownership of an asset, like real estate or stocks, into a digital token on a blockchain. 

This enables a digital representation of the asset, allowing for fractional ownership, increasing liquidity and making some financial products more accessible to small investors.

https://medium.com/cyfrin/how-to-tokenize-real-world-assets-rwas-with-examples-41635a4f9645

Bitcoin Bull Run

• Post-halving boredom
• Boring Consolidation
• Before bitcoin bull run resumes

3 trends to think about before Bitcoin's bull run resumes

But for those with only a few thousand dollars to invest, investing in Bitcoin isn’t going to make you a millionaire. The near to mid-term growth potential is 2-3 times its current value.

Assets that proved popular in the previous bull run, like new layer-1 protocols and lending platforms, might offer a chance to grow your investment by five to 10 times.

However, risk and return are two sides of the same coin. How much one is willing to gain or lose in crypto really boils down to the time, resources, and energy one is ready to put into studying the market. 

That’s where the beauty of crypto lies: 

for those willing to learn, it's perfectly accessible.

The key is to figure out the story behind each product. 

Innovation stands at the forefront of this space because people in crypto are innovative and constantly looking for something new.

3 Trends:

1) the marriage of artificial intelligence and blockchain technology.

2) the tokenization of real assets or the tokenization of debt. 

In a traditional market, the debt market is larger than the stock market. Yet, in the crypto realm, there is currently no debt market.

3) enhancing blockchain technology itself — improving its efficiency, increasing throughput, and lowering operational costs. 

https://cointelegraph.com/news/3-trends-think-about-before-the-bull-run-resumes

Bitcoin price to ‘sustain’ $265K level once boring consolidation ends — Analysts

The hash rate to market cap ratio assesses the growth of mining activity relative to the market capitalization.

https://cointelegraph.com/news/bitcoin-price-to-sustain-265k-level-once-boring-consolidation-ends-analysts

❗❗*Control the narrative, control the world.*

But how can we use these narratives to delve into the product? 

Imagine an investor who studies a product. 

He is interested, maybe even excited about a project. Every time he encounters something incomprehensible in the document, he highlights it in red. 

Then he looks at the whole description and sees that there is too much red in the document: there is too much he does not understand about the product description. 

And he doesn't invest. 

This is a straightforward strategy: if an investment is too complex to understand, it might not be the right one. 

This approach emphasizes *the need for clarity*.

So, when you're thinking about investing in a trend, remember that the big funds have probably already made a move. 

If there is some kind of noticeable narrative, then they will most likely have already invested in it. 

This is a good reminder to stay informed — understanding that, *in the world of investment, it’s the giants who often lead the game*.

Regulation, Interchange

Regulation (Cross-border globalization)

Interchange

Lending (Incentivization)

• FCA crypto regulators will take the best from TradFi and DeFi, says exec
• Robinhood Q1 crypto trading surges 224% — SEC action ‘disappointing’
• Crypto lending platform Nexo allocates $12M for ecosystem incentives
  
  

Crypto lending platform Nexo allocates $12M for ecosystem incentives

The rewards will be active until July 7 and will incentivize users to trade, earn, deposit, and borrow on the platform.

Crypto lending protocol Nexo is allocating 10 million NEXO tokens, worth $12.5 million at the time of publication, to its users. 

"Stack points, multiply your gains, and unlock more surprises. The Nexonomics-inspired hunt is designed to reward new and existing users for exploring the Nexo ecosystem."

From now until July 7, Nexo users can receive up to 0.01 points per $1 of asset top-ups, 10 points per Nexo Card activation, 0.04 points per $1 in fiat borrowed through Nexo protocol, 0.03 points per $1 invested in Nexo Earn products, and 0.05 points per $1 of boosted trading on Nexo Exchange. The point-to-NEXO-token conversion ratio will be determined at the end of the event. 

"Keep in mind that certain actions can reduce your points balance. For instance, withdrawing crypto assets from your Nexo account will result in a loss of 0.01 points for each $1 withdrawn. Withdrawing BTC will result in a loss of 0.001 points for each $1 withdrawn."

"Suppose you haven't funded your account yet and want to buy $2,000 worth of BTC during the first week of the hunt. In this case, you will receive 450 points (2,000 purchase value x 0.03 points for each $1 purchased x 1.5 Weekly Multiplier x 5 New User Multiplier)."

Due to regulatory restrictions, U.S., U.K., and Canadian citizens and residents are not eligible for the campaign. 

Since its launch six years ago, the popular decentralized finance lending platform has attracted $537.56 million in total value locked (TVL). On March 6, the platform received UAE regulator approval for its local entity Nexo Services FZE for virtual asset lending and borrowing. 

https://cointelegraph.com/news/defi-lending-protocol-nexo-allocates-12m-incentives

Robinhood Q1 crypto trading surges 224% — SEC action ‘disappointing’

Robinhood’s crypto services contributed to nearly 40% of the firm’s transaction-based revenue and helped the firm produce a net profit for the second straight quarter.

Robinhood’s crypto-related services contributed to nearly 40% of its transaction-based revenue of $329 million, helping the firm record its second straight profitable quarter with a net income of $157 million.

But the strong quarter earnings results come in light of a Wells notice handed to the firm by the United States securities regulator last week, which targets Robinhood’s crypto listings and custodian operations.

...the firm has adopted a conservative approach toward its coin listings and services and holds its crypto business to the same legal and compliance standards as its brokerage business.

Aside from the dilemma, Robinhood’s first quarter performance surpassed industry expectations, with its reported revenue of $618 million beating a $534.5 million estimate by investment research firm Zacks by 15.6%.

Robinhood shares rallied as high as 7.3% to $19.15 in after-hours trading but has since cooled off to $18.55, according to Google Finance.

Robinhood’s share price is now up 44.3% year-to-date.

Robinhood reported custodying $26.2 billion worth of crypto for users, marking a 78% rise from last quarter.

https://cointelegraph.com/news/robinhoods-first-quarter-crypto-trading-surges-but-secs-action-disappointing

FCA crypto regulators will take the best from TradFi and DeFi, says exec

When it comes to regulating cryptocurrencies like Bitcoin (BTC), financial authorities in the United Kingdom aim to take the best of traditional finance (TradFi) and decentralized finance (DeFi), according to an executive at the Financial Conduct Authority (FCA).

According to *FCA director of payments and digital assets Matthew Long*, the right way to regulate the industry is to combine different approaches and see which one works best.

...*the FCA is exploring opportunities to keep good actors in the crypto industry while making it “cleaner, safer and better.”*

In August 2023, the FCA reported that the authority had approved the registrations of 38 crypto firms since 2020, out of a total of 300 applications.

https://cointelegraph.com/news/fca-crypto-regulators-tradfi-defi

Malaysian Companies on Nasdaq

Nasdaq rolls out welcome mat for Malaysian companies 

(31-10- 2022 07:40 AM)

The US market is the largest, most liquid, the deepest capital market in the world with the largest set of investors, especially for companies in emerging technology, new technologies, fintech, and healthcare.

"We need that volatility to come down and the markets to be more receptive. Then we need some good IPO to happen, to not only price but to also trade well, to give confidence to other companies to come to the market."

The first company from Malaysia to list on Nasdaq is Starbox Group Holdings Ltd. Starbox builds cash rebates, digital advertising, and payment solutions. 

Malaysian companies that have indicated interest to list on Nasdaq include Carsome, Capital A Bhd, ARB IoT Group Ltd, Evoair Holdings, Graphjet Technology Sdn Bhd and Agape.

https://thesun.my/home_news/nasdaq-rolls-out-welcome-mat-for-malaysian-companies-NE10058371

Reference List: Malaysian companies on Nasdaq

1️⃣ VCI Global Ltd (Nasdaq:VCIG)

https://www.google.com/finance/quote/VCIG:NASDAQ

https://www.nasdaq.com/market-activity/ipos/financial-filings?dealId=1222193-104676

https://v-capital.co/

2️⃣ Starbox Group Holdings Ltd (Nasdaq:STBX)

https://www.google.com/finance/quote/STBX:NASDAQ

https://www.nasdaq.com/market-activity/stocks/stbx/financials

https://www.starboxholdings.com/

3️⃣ Bukit Jalil Global Acquisition 1 Ltd. Unit (Nasdaq:BUJAU) - SPAC

https://www.google.com/finance/quote/BUJAU:NASDAQ

https://www.nasdaq.com/market-activity/stocks/bujau

Nasdaq-listed Malaysian SPAC seeks M&As in US, Asia

https://www.nst.com.my/business/2023/07/931903/nasdaq-listed-malaysian-spac-seeks-mas-us-asia

4️⃣ AGAPE ATP Corporation (Nasdaq:ATPC)

https://www.google.com/finance/quote/ATPC:NASDAQ

https://www.nasdaq.com/market-activity/stocks/atpc

https://www.agapeatpgroup.com/

5️⃣ Graphjet Technology Class A Ordinary Shares (Nasdaq:GTI)

https://www.google.com/finance/quote/GTI:NASDAQ

https://www.nasdaq.com/market-activity/stocks/gti

https://www.graphjettech.com/

6️⃣ Technology & Telecommunication Aqstn Crp (Nasdaq:TETE)

https://www.google.com/finance/quote/TETE:NASDAQ

https://www.nasdaq.com/market-activity/stocks/tete

https://www.tete-acquisition.com/

7️⃣ Integrated Media Technology Ltd (Nasdaq:IMTE)

https://www.google.com/finance/quote/IMTE:NASDAQ

https://www.nasdaq.com/market-activity/stocks/imte

https://investor.imtechltd.com/ (connection is not private)

8️⃣ Greenpro Capital Corp (Nasdaq:GRNQ)

https://www.google.com/finance/quote/GRNQ:NASDAQ

https://www.nasdaq.com/market-activity/stocks/grnq

https://greenprocapital.com/

Malaysia ADRs

Stay on top of the latest data on Malaysia ADRs, including the ticker symbol, current price, daily high and low, and %change for each American Depositary Receipt.

https://www.investing.com/equities/malaysia-adrs

Tokenization, Hong Kong

 HKMA officially announced on May 7 that it will form a special community comprising industry representatives and regulators to develop tokenization standards.

Called “Project Ensemble Architecture Community,” the community aims to supervise and support the development of tokenization projects in Hong Kong.

The initiative is also designed to promote and support interoperability among wholesale central bank digital currencies (wCBDC) — a type of digital money used among banks and financial institutions.

According to the announcement, the community will initially focus on establishing a mechanism to support seamless interbank settlement of tokenized deposits through wCBDC for tokenized asset transactions.

------------------

Tokenization is the process of issuing a digital representation of real-world things such as fiat currencies, equity, commodities, real estate and others. 

Blockchain-based real-world tokenization (RWA) has emerged as one of the key trends in 2024 as investors look for new ways to diversify their portfolios.

According to some forecasts, RWA tokenization could potentially revolutionize multiple industries and grow into a $16 trillion market by 2030.

https://cointelegraph.com/news/hkma-project-ensemble-asset-tokenization

Revolut X Crypto Trading Platform

Fintech company and global neobank Revolut has made a big move into the cryptocurrency sphere by quietly introducing a specialized crypto trading platform for retail customers in the United Kingdom.

Revolut unveiled Revolut X on May 7, targeting a specific set of customers. The platform is designed to rival major cryptocurrency exchanges by offering easy access for users and charging minimal fees.

The platform features easy “on-ramping” and “off-ramping,” allowing users to seamlessly convert fiat currencies like the British pound to crypto and vice versa. 

Notably, Revolut X offers fixed fees of 0% for makers and 0.09% for takers regardless of trading volume, potentially undercutting competitors.

Initially, the platform will offer trading for over 100 cryptocurrencies, including popular choices like Bitcoin (BTC), Ether (ETH) and XRP (XRP).

... customers' digital assets are held 1:1 and never lent out.

"The majority of these funds are also held in cold storage. Rigorous custodian due-diligence and constant risk monitoring mean that we can offer a market leading solution to our customers."

... any U.K. users with a retail account will have access to Revolut X desktop with their existing credentials, and they can trade directly between the platform and their Revolut accounts without additional fees or limitations.

Revolut — which started in the U.K. offering money transfers in 2015 — has grown to become one of the country’s largest fintech companies, with over 40 million users worldwide.

... Financial Conduct Authority (FCA). The FCA’s rules, which aim to increase transparency and protect investors...

... in August 2023, the company suspended its crypto-related services in the U.S., though it only affected around 1% of its user base _(and that is still 4 million in count!).

...a “compliance first” approach and strives to comply with the legal and regulatory requirements in all jurisdictions where it offers services.

... to ensure consumer protection and a level playing field...

The launch of Revolut X signifies a renewed focus on crypto for Revolut. 

It follows the March 2024 introduction of Revolut Ramp, a service that allows users to purchase crypto directly within their Web3 wallets through a partnership with Consensys, the developer of MetaMask.

https://cointelegraph.com/news/revolut-revolut-x-crypto-trading-platform-uk

NeoBank References

• fintech_devcon 2021: How neobanks make money with Saira Rahman
• Can We Trust Revolut? Neobanks explained
• Reasons why your startup should bank with Revolut Business
• NeoBank | The Future of Banking - Fortunesoft Video
• The Rise of Digital Challenger Banks

fintech_devcon 2021: How neobanks make money with Saira Rahman

This is good.

1. Interchange - rectified and proof that our initial positioning is spot on.

2. We need such a spokesperson like Saira Rahman for branding and awareness purposes. 

3. Focus on efficient.

4. A lot of liquidity requirements when growing deposit rapidly.

5. Regulatory capital - Put up a bunch of cash as proof to support their customer.

- Need to anticipate the pace of which the NeoBank is going to grow.

6. Try to target different niches and specialized in certain product. Target and acquire.

7. Balance sheet hedging

NMD - Non-Maturing Deposit = Largest liability

vs

Duration on Loan (extremely high yield for shorter period time possible)

Can We Trust Revolut? Neobanks explained

Good reference and 学习对象：

Investment in 3 clicks

Compliance, Anti-fraud

All key Revolut achievements KPIs as at 2021

Positioning:

Revolut - The Bank for Travelers.

- To reach as many global users as possible.

Reasons why your startup should bank with Revolut Business

1. Cash buffer

2. Super easy to open account

3. Multi-currency with real-time exchange rate

4. Multiple businesses on a Revolut business account

5. (Seamless) Integration with cloud accounting software (eg Xero)

6. Virtual Debit Card in 10 seconds

7. Keep it simple, keep it easy. 

8. Partner with Revolut - refer a business link

NeoBank | The Future of Banking - Fortunesoft Video

Neobank - digital only financial services

mobile-first financial solutions

tech-savvy and underbanked population

98 million users by 2024

- innovative banking and financial services
- attractive fees
- savings and expenses monitoring
- hassle-free account creation
- personalization

extending measures to financial inclusion

sustainable and lucrative business model in the fintech industry

emerging financial tool that has an exponential demand for world-wide adoption to provide niche solutions and detangle challenges of traditional banking.

The Rise of Digital Challenger Banks

1. Divestment from larger group (eg TSB from Llyods)
2. Wind down of a failed bank (Virgin Money from Northern Rock)
3. New entrants to the market 

Must get license from FCA Financial Conduct Authority

Protected by FSCS Financial Services Compensation Scheme?