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Hong Kong lists Standard Chartered, Animoca Brands as stablecoin sandbox participants

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5 months ago

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Hong Kong’s financial regulator has unveiled a list of its stablecoin issuer sandbox participants, including Standard Chartered and Animoca Brands.

The Hong Kong Monetary Authority (HKMA) has announced the list of participants of the stablecoin sandbox, who can already start their experiments with issuing digital currencies backed by fiat currencies.

In an announcement on Thursday, HKMA listed JD.com’s subsidiary JINGDONG Coinlink Technology Hong Kong, RD InnoTech, and a collaboration involving Standard Chartered Bank (Hong Kong), Animoca Brands, and Hong Kong Telecommunications among the sandbox participants.

A person familiar with the matter told crypto.news that the coalition plans to leverage the institutional digital asset custody capabilities of Zodia Custody, partially owned by Standard Chartered.

The HKMA says the aforementioned companies managed to demonstrate “genuine interest in developing a stablecoin issuance business in Hong Kong with a reasonable business plan,” adding that their sandbox pilots “would be conducted within a limited scope and in a risk-controllable manner.”

The regulator highlighted that during the sandbox piloting, its members “will not handle the general public’s funds at the initial stage, and will not solicit funding from the public or offer any products associated with the sandbox.”

This announcement follows Hong Kong’s disclosure that it received over 100 submissions from market participants endorsing the establishment of a stablecoin licensing regime. As crypto.news reported, a “vast majority” of the 108 respondents to a public consultation agreed on the need for regulatory oversight as virtual assets continue to evolve. HKMA Chief Executive Eddie Yue highlighted the potential for a well-regulated environment to foster the sustainable and responsible growth of the stablecoin ecosystem in Hong Kong.



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Moca Network (MOCA) Price Rockets 370% Today, Here’s Why

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7 days ago

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December 16, 2024

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Moca Network (MOCA), Mocaverse ecosystem native utility and governance token, price has skyrocketed 370% today. This follows after South Korean crypto exchanges announced the listing of the token in Korean Won (KRW) pair. MOCA Foundation took to X and claimed it signifies an important milestone for MOCA. Will the sudden spike in the token sustain?

South Korean Exchanges Lists Moca Network

Upbit and Bithumb, the top crypto exchanges in South Korea, have revealed support for Mocaverse and listed the MOCA token. This has triggered a massive sentiment among investors causing Moca Network price to spike suddenly by 370%.

According to Upbit’s announcement, users can trade the token in KRW, BTC and USDT spot pairs. The trading will start at 14:00 KST on December 16. MOCA token deposits and withdrawals through networks other than Ethereum are not supported.

“Deposits and withdrawals are only possible with personal wallet addresses that have completed ‘ownership verification’, and even if the deposit is made through a linked personal wallet, a deposit return may need to be processed depending on the network of the asset.”

Moreover, Bithumb has also announced the listing of Moca Network. The digital asset exchange has listed MOCA in KRW pair on the Ethereum network.

As per the official listing announcement, the trading will commence on December 16 at 2:00 PM. The base price will be 136 won. The exchange has also listed MOODENG in KRW pair.

Both top crypto exchanges have changed the name of the token to Mocabus in consistent with the South Korean market.

Animoca Brands Co-founder Yat Siu Reacts

Yat Siu, co-founder of Animoca Brands, commented on the support of South Korean exchange to its Mocaverse and MOCA token. He said “Thank you Upbit and welcoming Korea to the Moca Network bringing mass adoption to web3.” Yat Siu spoke about Mocaverse in an exclusive interview with CoinGape recently.

MOCA Foundation said the listing signifies a milestone as the team continues to support the expansion of Moca ecosystem to the South Korean market. Furthermore, Mocaverse added that South Korea is a key market, with its mission to onboard over 28 million retail consumers.

MOCA Token Shoots 370%

MOCA price jumped 370% after the South Korean exchange announced the listing. Currently, Moca Network price is trading at $0.40, with a 24-hour low and high of $0.08 and $0.41, respectively. Furthermore, the trading volume has shot up by more than 600% in the last 24 hours, indicating a massive interest among traders.

Total MOCA futures open interest climbed almost 1000% in 4 hours and 1250% in 24 hours. The 134.26 million futures OI are now valued at $33.27 million, signaling support for a further upside move.

Notably, Lookonchain revealed that two wallets have deposited 9.5 million MOCA tokens valued at $3.55 million to Bybit. The wallets are likely controlled by the same whale, to make $2.55 million in profit if sold completely.

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Varinder Singh

Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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TON Blockchain, Mocaverse partner to target 1.6b user market

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5 months ago

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July 22, 2024

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TON Blockchain, Mocaverse, and the MOCA Foundation have announced a strategic partnership to bring together an ecosystem boasting over 1.6 billion users.

In an announcement on Monday, Animoca Brands said the initiative will target growth and crypto adoption across the Mocaverse and TON Blockchain ecosystems. MOCA Coin (MOCA) and Toncoin (TON) will be at the heart of this partnership, the firm wrote.

TON Blockchain and Mocaverse eye 1.6 billion user base

Mocaverse, a consumer network project backed by gaming and investment giant Animoca Brands, and TON Blockchain, the cryptocurrency network that benefits from support from Telegram, eye the collaboration for an “identity and reputation-based consumer network.”

According to Yat Siu, executive chairman, and co-founder of Animoca Brands, this collaboration brings together a shared mission around Web3 adoption and digital property rights. Siu noted that joining forces has the potential to magnify user adoption for both Mocaverse and TON Blockchain.

“The unique partnership between Telegram and the TON Foundation and the collaboration revealed today provide an opportunity to bring Moca ID and the Realm Network SDK to Telegram’s 900 million users, which we believe could exponentially magnify all our respective network effects,” he commented.

In essence, the deal suggests a total addressable market of over 1.6 billion users, given Telegram’s 900 million user base and Moca Network’s over 700 million addressable users. The latter includes a portfolio of over 450 companies in the Moca Network and Animoca Brands’ ecosystem.

Initiatives to include games, hackathons, accelerator program

TON and the MOCA Foundation plan to leverage go-to-markets and native token resources to realize the partnership’s objective. The partners will also integrate Moca ID on TON Blockchain and within its ecosystem, as well as TON Society ID for interoperability.

There are also plans to tap into Mocaverse’s interoperable SDK product and Telegram’s Mini App Platform, which was announced a few days after Telegram CEO Pavel Durov announced the launch of a mini app store.

Areas likely to support the onboarding of more users across the networks include social casual gaming, sports, and IP experiences. The partners will also launch co-branded hackathons and an accelerator program.

It’s notable that Telegram-based tap-to-earn projects, including Notcoin and Hamster Kombat, have exploded onto the crypto market scene in recent months.

MOCA and TON incentive program

As part of the strategic partnership, MOCA Foundation and TON Foundation have agreed upon a foundation-level token swap for MOCA and TON.

The agreement outlines a steering committee that will use a combined war chest of $20 million to incentivize developers and users. Initiatives to this end will include joint airdrops using TON’s The Open League and Moca Network’s PointFi.



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