September is the activity month in the crypto market. Large-scale events such as Stanford Blockchain Week and Token2049 were held one after another. The latter set a record of more than 10,000 people and became the largest Web3 event in the world. At this Token2049, RWA, payment and deposits and withdrawals have become the most discussed activities. Although the event was in full swing, market sentiment did not fluctuate violently. Instead, due to difficulties in raising funds for the event, the industry further experienced a wave of closures of crypto projects. In the macro direction, the Federal Reserve stopped raising interest rates as scheduled in September, but expectations for a long-term high interest rate environment have increased, and risky assets are still negative. Judging from the time zone trading period, American investors are slowly increasing their holdings of BTC, and European investors are expanding, but Asian investors have shown a more significant trend of reducing their holdings. From the perspective of new projects, the Friend.tech project, which was previously considered a flash in the pan, has a model in which everyone can issue coins at a low cost, which has had a profound impact on the crypto industry, and in turn set off a wave of Twitter , the upsurge of Telegram's encryption ecological construction, but there is still no solution to the Ponzi structure. Returning to Hong Kong, the outbreak of the JPEX exchange fraud case has severely dampened confidence in Hong Kong’s crypto construction, and has once again increased local investors’ distrust of virtual currencies.
Policy direction, on September 13, the Hong Kong Securities Regulatory Commission named the virtual asset platform JPEX. This is also the first virtual asset exchange to receive a red card warning since Hong Kong’s new encryption regulations. After being named, JPEX responded forcefully on its official website, saying that the Hong Kong Securities and Futures Commission had treated it unfairly and raised the withdrawal fee on the 14th. Since then, the withdrawal rate of a Twitter KOL is only 0.1%, which has aroused heated discussion in the market. Digging deeper into the JPEX exchange, we found that not only does it carry out false and misleading propaganda on its official website, but its actual controllers and locations registered in six major regions around the world are also unclear, and its products are even more confusing. It is based on pyramid schemes such as attracting people and high ratios. Currently, JPEX has been investigated by the police for suspected fraud. 28 people, including Lin, were arrested for product promotion and staff. The latest news revealed that the amount involved exceeded 1.5 billion yuan. The incident had a strong repercussions in Hong Kong. Due to the active promotion of Hong Kong's new encryption regulations, many Hong Kong and mainland residents upheld the trust of the Hong Kong government to participate and invested heavily in it. Therefore, the incident severely damaged the public's confidence in encryption, and also caused virtual assets to once again compete with Fraud and other illegal labels are associated. This incident also exposed the loopholes in Hong Kong's supervision. The Securities and Futures Commission can only use license acquisition as the regulatory standard. There is insufficient supervision of unlicensed institutions, and they have been allowed to promote them online and in the streets for several months. Hong Kong Chief Executive Lee Chia-chiu and Legislative Council member Ng Kit-chuang both expressed their views on the matter, acknowledging the shortcomings of supervision and public education. The supervision of virtual assets will be increasingly improved in the future, but this case can only be handed over to the police as fraud, and the user is also an unsecured creditor, and the priority of compensation is at the bottom. On the other hand, the actual controller of JPEX is still unclear, and the user The amount may be difficult to recover.
In terms of investment and financing, the Fed’s tough attitude at the September interest rate meeting has continued to have a profound impact on the currency market, a typical risk market.In September, 73 global blockchain investment and financing events occurred started, slightly lower than last month, but the disclosed amount was only 2.809 billion yuan, which was almost halved from the previous month. The nascent signs of recovery were extinguished again, and the average financing amount was only 38 million yuan, which was also the lowest in the past year. Record. Judging from the changes in rounds in the past two months, mergers and acquisitions have increased significantly. The number of mergers and acquisitions in August and September reached 11, of which 7 occurred in September, becoming the largest merger and acquisition event this year. The month with the most occurrences. In terms of type, most acquirers merge tools and data indexes to optimize the platform experience. For example, MoonPay acquired the NFT ownership verification tool ethpass. However, there are also a few large companies that consider compliance. Ripple, which is in litigation, passed Acquisition of Fortress Trust, a chartered trust company, broadens payment channels and enhances censorship resistance. Generally speaking, the increase in the number of mergers and acquisitions represents a rebound in industry confidence, but the industry's head effect will also be further enhanced. From the perspective of segmented tracks, the chain gaming market has experienced significant fluctuations in recent months. After two consecutive months of decline, chain gaming became the leading area of growth in the segmented tracks in September. This month, it received 426 million yuan in financing from 7 incidents. , second only to the digital currency track’s 496 million yuan, an increase of 290.83% from August. DeFi has also achieved positive growth, but the average financing amount has an upward trend. There were 15 incidents and the amount obtained was 393 million yuan. The average financing amount was at the highest point in five months. The track that has dragged down the overall finance the most this month is infrastructure. Due to its excellent performance last month, infrastructure with only 251 million yuan this month fell by nearly 89.84%, dragging down the total amount by 40.83 percentage points.
In terms of industry direction, according to people familiar with the matter, Ant Financial is planning to withdraw its investment in A&T Capital and withdraw funds worth US$100 million. This investment is the core path of Ant Group in the field of virtual assets. Currently, A&T Capital’s WeChat public account has been cancelled, and the domestic team has basically stopped operating. A&T capital was established in April 2021. Ant Financial is the main investor of this capital. According to Pitchbook data, this capital has invested in 55 projects, including approximately 23 projects in blockchain, involving an amount of 761 million yuan. Compared with Last year, there was a significant decrease in investments this year, with only 4 investments, including Diva, CEBG Studio, Degame and Artela. Digging deeper into the reasons for Ant's withdrawal, in addition to the impact of the bear market, it may be closely related to the sexual assault scandal of senior executives. Coupled with the deterioration of the investment environment, Ant has begun to intend to withdraw. On the other hand, foreign media said that this move is to lay the foundation for Ant Group to restart its IPO. Since the blockchain business is highly sensitive to regulation and is a non-core business, if this business is not divested, it will affect the acquisition of a mainland financial holding license. Therefore, Ant Group Prepare for restructuring to meet IPO needs. But no matter what, it has become an established fact that Ant Group has withdrawn from the encryption field. Coincidentally, Tencent’s capital has also suspended investment in related fields this year after immutable , are easily affected by the external environment. In order to avoid supervision, large manufacturers are currently involved in cloud services, security and other third-party services. Capital investment will be increasingly reduced in the down market.
Regarding CBDC, the Hong Kong Monetary Authority (HKMA), together with the Bank of Israel (BOI) and the Bank for International Settlements Innovation Center (BISIH) Hong Kong Center, released a report titled "Project Sela – An Accessible and Secure Retail CBDC Ecosystem". The feasibility of digital Hong Kong dollar was discussed. Overall, the Sela project demonstrates the technical feasibility of non-bank payment intermediaries directly connecting to the central bank's digital currency ledger through the design structure of a central bank digital currency at the retail level. It is reported that it uses DLT technology, and the design ecosystem is mainly composed of central banks, commercial banks and its specially introduced access enablers (AE). AE is an intermediary between the central bank's ledger in this architecture and the commercial banks that actually clear digital Hong Kong dollars. By accessing the CBDC backend, the user's KYC/AML are reviewed by this agency. At the same time, this agency serves as an information intermediary and can communicate between accounts. Operate and coordinate transfers between platforms. It is worth emphasizing that AE does not need to use its own CBDC wallet to provide services to customers. It can be seen that the existence of AE is quite similar to the advising bank in wire transfer. It mostly provides information transmission and coordination as its service content. In a few scenarios, it can also participate as the paying bank. The introduction of this institution into the CBDC platform further enhances the market reach of CBDC and plays a very positive role in the promotion of retail central bank digital currency. On the other hand, the digital Hong Kong dollar pilot has achieved certain results. Hang Seng, Digital Port, the Chinese University of Hong Kong and other different companies, seven merchants successfully participated in the test with Hang Seng's hypothetical digital Hong Kong dollar wallet.
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