Coin Bytes

In a crucial test of the market for regulated digital asset platforms in the city, HashKey, the operator of the biggest legal cryptocurrency exchange in Hong Kong, plans to price its IPO near the top of the range, raising roughly HK$1.6 billion ($206 million). After promoting the offer in a range of HK$5.95 to HK$6.95, the company sold 240.6 million shares at HK$6.68 each, according to a Monday report from Bloomberg. HashKey did not take advantage of a chance to boost the deal’s size. Surprisingly, investors were really interested in the platform’s public listing. Except stock designated for cornerstone buyers, the top 20 institutions in the institutional book acquired about 80% of the shares available in that tranche, according to the outlet. The total demand exceeded the quantity of shares available several times.

Figure Technologies is getting ready to submit a second initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC), potentially redefining the nexus between Wall Street and Web3. The result is a daring concept to issue firm shares natively on the Solana blockchain, not just another financial file. The move marks a turning point for investors and cryptocurrency aficionados as traditional finance adopts blockchain’s fundamental architecture. Figure encountered difficulties in his first attempt to go public, which are typical in the strict regulatory environment. But there’s a novel twist to their updated IPO application. The firm, a blockchain-based lending platform, plans to issue and manage its public shares by utilising Solana’s low-cost, high-speed network.

Standard Chartered and Capital A of AirAsia intend to test a stablecoin backed by the Ringgit in Malaysia’s regulatory sandbox. This experiment aims to demonstrate whether a digital currency based on the ringgit can enable quicker, easier, and more seamless payments for both consumers and companies. To put it another way, the main goal of anchoring the token in Malaysia’s own currency is to provide security and stability in online transactions. The experiment’s success might open the door for regulated stablecoins to be used more widely in the future.

VanEck is renaming its Gaming ETF the VanEck Degen Economy ETF, shifting its focus toward digital gaming, online gambling, and speculative internet companies. The move represents a growing interest in these fast-growing, high-energy sectors. By investing in the so-called “degen economy,” the fund hopes to be able to capitalize on opportunities in the realm of digital entertainment and online speculation-to give investors an avenue through which they can dive into riskier, high-reward sectors beyond traditional gaming.

Solana led DEX volumes within the last 24 hours with a total volume of $4.048 billion, well ahead of Ethereum at $1.916 billion and Binance Smart Chain with $1.781 billion. It should be no surprise that traders would be attracted to Solana’s fast transfers and low costs, and it would appear that traders are longing for something better. Although Ethereum and Binance Smart Chain are still leaders, Solana’s popularity shows they want something better.

YouTube will soon allow U.S. producers to receive payments in PayPal’s PYUSD stablecoin, marking one of the most visible steps Big Tech has taken towards crypto-based earnings. Instead than YouTube directly interacting with cryptocurrency, the service uses PayPal’s payout system. Creators who already use PayPal to generate money can enter YouTube Studio, pick PYUSD in the payout options, and have their ad revenue, subscriptions, and Super Chat income paid in the stablecoin.