Shinhan Asset Management and Plume will test a tokenized fund using a Korean won-denominated ultra-short-term bond fund as its underlying asset. South Korea’s Shinhan Asset Management signed a memorandum of understanding (MOU) with tokenization-focused blockchain network Plume to develop a proof of concept for a Korean won-denominated tokenized fund. The pilot project will use a Shinhan won-denominated ultra-short-term bond fund as its underlying asset and BlackRock’s BUIDL tokenized fund as a benchmark to test the issuance and distribution process, Shinhan said on Friday. The companies will also test compliance requirements for tokenized investment products, including whitelist-based transfer restrictions, onchain operations, Know-Your-Customer checks and Anti-Money Laundering controls. Read more
Bitcoin futures open interest on Binance fell alongside BTC price as analysis published on CryptoQuant flagged mounting pressure on leveraged longs. Bitcoin (BTC) long positions are “facing liquidation” as volatility shows signs that a range breakout is finally coming. Key points: Insights published on onchain analytics platform CryptoQuant by community analyst “BorisD on Thursday said that leveraged long BTC positions are being flushed out as BTC/USD targets month-to-date lows. Read more
RedotPay’s US IPO has reportedly been delayed as it seeks regulatory approvals, while the company says it secured a US money transmitter license. RedotPay’s plans for a US stock market debut have reportedly been delayed as the stablecoin payment company prepares to expand into the country. The company delayed plans for a US initial public offering (IPO) while it seeks regulatory approvals and contends with legal disputes involving Binance, Bloomberg reported on Friday, citing people familiar with the matter. A RedotPay representative declined to comment on the timing of an IPO to Cointelegraph. The representative instead pointed to the company’s US expansion, saying RedotPay obtained a money transmitter license in the US this week and is preparing to launch its product in the country. Read more