Hong Kong fintech sector sees 250% blockchain growth since 2022  

Asset manager Hashdex has amended its S-1 regulatory filing for its cryptocurrency index exchange-traded fund (ETF) to include seven altcoins in addition to Bitcoin (BTC) and Ether (ETH), according to a March 14 filing. The revision proposes adding seven specific altcoins to the index ETF — Solana (SOL), XRP (XRP), Cardano (ADA), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Uniswap (UNI). As of March 17, the Hashdex Nasdaq Crypto Index US ETF holds only Bitcoin and Ether. Previous versions of Hashdex’s S-1 suggested the possibility of adding other cryptocurrencies in the future but didn’t specify which ones.According to the filing, the proposed altcoins additions “are decentralized peer-to-peer computer systems that rely on public key cryptography for security, and their values are primarily influenced by market supply and demand.”The revised filing signals how ETF issuers are accelerating planned crypto product rollouts now that US President Donald Trump has instructed federal regulators to take a more lenient stance on digital asset regulation. As part of the transition, the ETF plans to switch its reference index from the Nasdaq Crypto US Index — which only tracks BTC and ETH — to the more comprehensive Nasdaq Crypto Index, the filing said. The asset manager did not specify when it plans to make the change. The US Securities and Exchange Commission (SEC) must sign off on the proposed changes before they can take effect. Hashdex plans to add seven altcoins to its index ETF. Source: SECRelated: US crypto index ETFs off to slow start in first days since listingAccelerating approvalsIn December, the SEC gave the green light to both Hashdex and Franklin Templeton’s respective Bitcoin and Ether index ETFs. Both ETFs were listed in February, initially drawing relatively modest inflows, data shows. They are the first US ETFs aiming to offer investors a one-stop-shop diversified crypto index. Asset manager Grayscale has also applied to convert its Grayscale Digital Large Cap Fund to an ETF. Created in 2018, the fund holds a crypto index portfolio comprising BTC, ETH, SOL and XRP, among others. Industry analysts say crypto index ETFs are the next big focus for issuers after ETFs holding BTC and ETH listed in January and July, respectively.“The next logical step is index ETFs because indices are efficient for investors — just like how people buy the S&P 500 in an ETF. This will be the same in crypto,” Katalin Tischhauser, head of investment research at crypto bank Sygnum, told Cointelegraph in August.In February, the SEC acknowledged more than a dozen exchange filings related to cryptocurrency ETFs, according to records.The filings, submitted by Cboe and other exchanges, addressed proposed rule changes concerning staking, options, in-kind redemptions and new types of altcoin funds.Magazine: US enforcement agencies are turning up the heat on crypto-related crime

Robinhood has launched a betting markets hub as the online brokerage — best known for stock trading — expands its presence in emergent asset classes, including cryptocurrencies and event contracts, according to a March 17 announcement. Robinhood’s stock, HOOD, rose roughly 8% on the Nasdaq after the announcement, according to data from Google Finance. The new betting feature will let users “trade contracts for what the upper bound of the target fed funds rate will be in May, as well as the upcoming men’s and women’s College Basketball Tournaments,” it said. HOOD’s intraday performance on the Nasdaq on March 17. Source: Google FinanceThe online brokerage is tapping Kalshi, the US’ first CFTC-regulated prediction platform, to operate the event contract platform, it said. Kalshi is already registered to list dozens of event contracts, covering outcomes ranging from election results to Rotten Tomatoes movie ratings.Prediction markets “play an important role at the intersection of news, economics, politics, sports, and culture,” JB Mackenzie, vice president and general manager of futures and international at Robinhood, said in a statement. Experts say political betting markets often capture public sentiment more accurately than polls. Platforms such as Kalshi and Polymarket accurately predicted US President Donald Trump’s November election win even as polls indicated a tossup.Related: Robinhood tips Singapore launch, touts memecoin interest: ReportRising popularityPrediction markets have become increasingly popular in the US since September 2024, when Kalshi prevailed in a lawsuit challenging a CFTC decision to bar it from listing political event contracts.By November, trading volumes across popular prediction markets neared $4 billion for contracts tied to the US elections.Robinhood tested the waters of political event contracts in October when it started letting certain users bet on the outcome of the presidential election between former Vice President Kamala Harris and Trump.In February, Robinhood suspended Super Bowl betting after receiving a request from the CFTC to nix its customers’ access to the event contracts.Beyond stock tradingRobinhood has been expanding its footprint in emerging asset classes, including cryptocurrencies and derivatives. On March 13, the company listed memecoins like Pengu (PENGU), Pnut (PNUT) and Popcat (POPCAT) in a bid to expand its presence in crypto. Back in January, it rolled out futures contracts tied to cryptocurrencies such as Bitcoin (BTC).Robihood’s latest earnings report shows the firm posted a 700% year-over-year jump in crypto revenues in the fourth quarter of 2024 as Trump’s election win and rising market prices fueled boosted crypto trading.X Hall of Flame: Memecoins will die and DeFi will rise again — Sasha Ivanov 

Ripple’s XRP (XRP), the third-largest cryptocurrency by market cap, gained national recognition after President Donald Trump mentioned the “valuable cryptocurrency” alongside BTC, ETH, SOL, and ADA as part of a planned US strategic crypto reserve. Trump’s executive order on March 6 established a new structure for the altcoins — the Digital Asset Stockpile, managed by the Treasury. While the crypto community remains divided on whether XRP is truly as valuable as President Trump suggests, a closer look at the altcoin’s utility is warranted. XRP’s potential role in bankingLaunched in 2012 by Ripple Labs, the XRP Ledger (XRPL) was designed for interbank settlements. It initially offered three enterprise solutions: xRapid, xCurrent, and xVia, all later rebranded under the RippleNet umbrella. XCurrent is real-time messaging and settlement between banks, xVia is a payment interface allowing financial institutions to send payments through RippleNet, and xRapid, now part of On-Demand Liquidity (ODL), facilitates cross-border transactions.Only ODL actually requires XRP; the other services allow banks to use RippleNet without ever holding the token. This means bank adoption of Ripple technology does not always drive XRP’s price.Some of the world’s largest banks have used xCurrent and xVia, including American Express, Santander, Bank of America, and UBS. There is less data on the entities that use XRP-powered ODL service. Known adopters include SBI Remit, a major Japanese remittance provider, and Tranglo, a leading remittance company in Southeast Asia.XRP’s role in Web3XRP is also used as a gas token. However, unlike the Ethereum network, where fees go to validators, a small amount of XRP is burned as an anti-spam mechanism.XRP’s role in Web3 is minimal. Unlike Ethereum, Ripple does not support complex smart contracts or DApps. It offers only basic Web3 functionality, such as a token issuance mechanism and native NFT support under the XLS-20 standard, introduced in 2022.The XRPL Web3 ecosystem is small. Its modest DeFi sector holds $80 million in total value locked (TVL), according to DefiLlama. XRPL’s tokens have a combined market cap of $468 million, according to Xrpl.to. Most of them are DEX tokens (SOLO) and memes (XRPM), as well as wrapped BTC and stablecoins.So far, XRPL’s Web3 sector remains niche and trails true smart contract platforms like Ethereum and Solana.Related: SEC delays decision on XRP, Solana, Litecoin, Dogecoin ETFsCrypto pundits split hairs on XRP’s role in a strategic reserveRipple Labs representatives have long advocated for equal treatment of cryptocurrencies, with CEO Brad Garlinghouse reiterating this on Jan. 27. Garlinghouse said,  “We live in a multichain world, and I’ve advocated for a level-playing field instead of one token versus another. If a government digital asset reserve is created—I believe it should be representative of the industry, not just one token (whether it be BTC, XRP or anything else).”However, not all cryptocurrencies serve the same purpose. Bitcoin’s primary role is to be a “geopolitically neutral asset like gold,” in the words of crypto analyst Willy Woo. XRP’s purpose remains less clear, but few in the crypto space would argue that it could qualify as independent money. This is primarily due to one of Ripple’s most uncomfortable aspects—its permissioned nature. Unlike Bitcoin or Ethereum, Ripple does not rely on miners or staked tokens to secure the network. Instead, it uses a Unique Node List—a group of trusted validators responsible for approving transactions. While this optimizes speed and efficiency, it raises concerns about censorship, corruption, and security risks.Bitcoin proponent and co-founder of Casa Jameson Lopp didn’t hold back when discussing XRP’s potential:“There’s Bitcoin, then there’s Crypto, then there’s Ripple. Ripple has attacked Bitcoin at a level rivaled only by BSV’s lawsuits. Ripple explicitly wants to power CBDCs. They have always been focused on servicing banks. Few projects are as antithetical to Bitcoin.”There’s no love lost between Bitcoiners and Ripple supporters, especially after Ripple co-founder Chris Larsen partnered with Greenpeace to fund an anti-Bitcoin campaign. However, Lopp’s comparison to CBDCs holds some weight, given XRPL’s permissioned nature. It reflects a common view in the crypto community that XRP functions more like a banking tool than a truly independent cryptocurrency.While the XRPL blockchain sees widespread use in banking, XRP’s utility remains a point of concern. It is underscored by the fact that approximately 55% of the 100 billion pre-mined coins are still held by Ripple Labs. This concentration raises concerns about potential market manipulation and the coin’s long-term stability. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.