Hong Kong Web3 Daily Must-Reads: Robinhood Ventures' first fund plans to list on the New York Stock Exchange, a16z Crypto plans to raise 2 billion dollars for its fifth fund.

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3 hours ago

Organizer: Cora, Techub News

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Hong Kong police cracked down on a case involving money laundering using puppet accounts and cryptocurrency exchange shops. Two mainland men opened 43 local bank accounts in Hong Kong, received funds from 34 different fraud cases, and purchased cryptocurrencies through exchange shops, laundering about 17.3 million Hong Kong dollars in criminal proceeds. Fund flow analysis shows that the criminal group conducted cryptocurrency transactions through local bank accounts, laundering a total of up to 230 million Hong Kong dollars. The police charged the two men with 3 and 10 counts of money laundering respectively. After examining the case, the court approved heavier sentences of 28 months and 43 months in prison.

Hong Kong Securities and Futures Commission CEO Ashley Alder stated at the 2026 Asia Securities Industry and Financial Markets Association EU-Asia Financial Services Dialogue that Hong Kong must thoroughly upgrade its market infrastructure, particularly concerning the segmentation, clearing, and settlement of financial products, and that distributed ledger technology and tokenization development offer solutions. The core value of tokenization lies in its programmable nature, supporting a wide range of investment products such as bonds, funds, and even gold; as the tokenization ecosystem continues to expand, effective integration of related innovative projects is needed to seamlessly combine the trust of traditional finance with the efficiency of decentralized finance, further unlocking liquidity. Alder also revealed that the Hong Kong Securities and Futures Commission has jointly led a working group under the Asia-Pacific Committee alongside the Australian Securities and Investments Commission to combat online scams and exchange intelligence with global peers, participating in standard-setting and coordination in the areas including digital assets.

The Hong Kong Monetary Authority, Securities and Futures Commission, Insurance Authority, and Mandatory Provident Fund Schemes Authority jointly announced today the launch of the Generative Artificial Intelligence (GenA.I.) Sandbox++. This program expands on the successful experience of the GenA.I. Sandbox launched in 2024, covering multiple financial sectors, including banking, securities and capital markets, asset and wealth management, insurance, mandatory provident funds, and stored value payment instruments. It focuses on three key areas: risk management, anti-fraud, and customer experience, while advancing an "A.I. against A.I." strategy to manage A.I. application risks. Participating institutions will receive targeted regulatory guidance, technical support, and free access to Cyberport's artificial intelligence supercomputing center's GPU computing resources for developing and testing industry-specific or cross-sector A.I. applications, such as intelligent customer chatbots, fraud detection systems, insurance underwriting and claims processes, and investment product suitability assessments.

This is not a common "fan token" speculation in the world of Web3, nor is it an air project issued overseas by some project entity. This is the first compliance issuance of concert revenue as RWA (Real World Assets) in the Asia-Pacific region, operating under the regulatory framework of the Securities and Futures Commission.

Through comparison with Derlin Holdings' real estate RWAs, we can clearly see the complete thinking of Hong Kong regulators regarding RWAs. This article will deeply analyze the Yi Sheng model and explore more diversified issuance paths in the future.

We have specially compiled notable events in Hong Kong's cryptocurrency sector for March, which will open a window for you to the future of Web3.

Regulation/Macro

A Canadian resident received a scam text message by the end of 2025, luring them to deposit 5,000 Canadian dollars via a cryptocurrency ATM to participate in a "work-from-home trading stocks and cryptocurrency" opportunity, resulting in financial loss. Earlier this year, the resident saw a fake public service announcement purporting to be from the Royal Canadian Mounted Police (RCMP) online, and after clicking a link to fill out a form, received a call from someone claiming to be a lawyer from Toronto's Helprpc law firm, falsely stating they had seized about 60,000 dollars in "earnings" from the victim's two cryptocurrency wallets, and offered to provide recovery services. After the victim became suspicious and verified this, they found that the lawyer was not registered with the Law Society of British Columbia or Ontario, and the police confirmed that the caller's provided website was inaccessible. This case highlights the common tactic of second scams in cryptocurrency frauds, capitalizing on victims' urgency to recover their losses.

Esperanza signed a joint venture agreement with Hatcher Group Limited on March 3, 2026. The two parties will hold 49% and 51% stakes in the joint venture JV BVI Co respectively; upon receiving a license from the Securities and Futures Commission and completing other preconditions, Hatcher Group will issue consideration shares to Esperanza (or its agents) as compensation. The joint venture JV BVI Co will become a direct non-wholly owned subsidiary of Hatcher Group, and its financial performance will be consolidated into Esperanza's accounts. This collaboration aims to refine the market layout of tokenized investment products, establish a compliant tokenized issuance system, and develop a regulated asset tokenized investment automated trading system with cross-industry scalability.

The White House will review the new regulatory measures for prediction markets submitted by the Commodity Futures Trading Commission (CFTC). These measures aim to provide a clearer regulatory framework for prediction markets (such as event contracts) to support market development while mitigating risks. Specific details and review progress have not yet been publicly disclosed, and future developments will depend on feedback from the White House.

Projects/Company Dynamics

Visa, ANZ Bank, Hua Xia Fund, and Fidelity International completed a cross-border settlement solution based on Chainlink. Under the Hong Kong Monetary Authority's e-HKD program, Chainlink enables secure transfers of regulated assets through automated compliance and atomic settlement. Chainlink's digital transfer agent technology standards can automatically issue tokenized fund units while utilizing Chainlink's data standards to obtain on-chain NAV data for near real-time settlement. Chainlink CCIP supports secure messaging and e-HKD value transfer across jurisdictions and blockchains; Chainlink's automated compliance engine can validate cross-network identity credentials in real-time.

Google's Threat Intelligence Team discovered a new iOS exploit kit called "Coruna" that can target iPhones running iOS versions 13.0 to 17.2.1 to steal cryptocurrency wallet mnemonic phrases. The kit contains five complete iOS exploit chains and 23 vulnerabilities, some of which were previously undisclosed. Google first discovered this kit in February 2025, which was suspected to have been used by a Russian spy organization to target Ukrainian users, and later appeared on counterfeit Chinese cryptocurrency websites to steal cryptocurrency assets; when users visit these sites, the kit scans and extracts text containing keywords like mnemonic phrases, backup phrases, etc., specifically targeting applications like Uniswap and MetaMask to steal sensitive information. Google recommends that iPhone users immediately update to the latest iOS version or enable "Lockdown Mode" to defend against such attacks, as this kit is not compatible with the latest iOS.

Cryptocurrency payment company Alchemy Pay has obtained a currency transmission license issued by the state of Delaware, USA, allowing it to conduct compliant money transfer-related business locally. Following the approval of this license, Alchemy Pay now holds currency transmission licenses in 15 states in the United States. Its global compliance layout has expanded to cover regions such as Australia, South Korea, Switzerland, and Hong Kong.

Robinhood is hosting the "Take Flight" event and releasing several new products and features. Among them, Robinhood Ventures' first fund, Fund I, is expected to go public on the NYSE on March 6; a shared account function with revocable trust accounts and flexible permission settings will soon be available; this year, a "Family Center" will be launched to provide an overview of family finances and track external brokerage accounts; a children's investment custodial account (UTMA) has now been launched, allowing gifts of cash, stocks, or ETFs. Additionally, Robinhood announced the launch of the Platinum Card, enhanced Robinhood Strategies features, Gold Rewards Hub, early dividend payments, and the Robinhood Market merchandise store.

Cross-border payment giant Western Union has partnered with infrastructure provider Crossmint to support the issuance of the USD stablecoin USDPT on the Solana blockchain and connect it to Western Union's global payment network. This collaboration will integrate Crossmint's wallet and payment APIs with Western Union's infrastructure, allowing fintech platforms to use stablecoins to transfer funds and convert digital dollars to local fiat currency through over 360,000 cash withdrawal points via Western Union. Previously, in October 2025, Western Union announced plans to launch the USDPT stablecoin based on Solana in 2026.

Cryptocurrency execution trading platform Crossover Markets has completed $31 million in Series B financing, led by Tradeweb Markets, with participation from institutions including DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and Illuminate Financial. The company plans to utilize the funds to further optimize its forex-style market structure and enhance the efficiency and liquidity of institutional-level cryptocurrency trading. Previously, Crossover Markets completed $12 million in funding in June 2024, led by Illuminate Financial and DRW Venture Capital.

Several informed sources disclosed that a16z Crypto is currently raising funds for its fifth fund, targeting approximately $2 billion, and plans to complete fundraising in the first half of 2026. This fund will focus entirely on blockchain investments. Since its initial $300 million fund launched in 2018, a16z Crypto has continuously expanded its scale, raising a massive $4.5 billion fund in 2022. Although the new fund's size is less than half of the previous round, sources say a16z Crypto plans to shorten the fundraising period to adapt more quickly to the rapidly changing trends in the cryptocurrency industry.

Tether is making a strategic investment in smart sleep technology company Eight Sleep, valued at $1.5 billion. Eight Sleep utilizes artificial intelligence and embedded sensors to provide personalized sleep insights and enhancement services. This investment aims to enhance Eight Sleep’s capabilities and establish a long-term collaboration to jointly develop AI-driven health technologies based on the Tether QVAC framework. This investment follows Tether's launch of the QVAC Health personal health platform, which integrates fragmented health data and supports local device processing to ensure user control, providing a highly personalized experience.

In-Depth & Forward-Looking

As the number one player in the crypto VC field, a16z's news of counter-cyclical fundraising quickly attracted widespread attention in the market. Although the $2 billion size is less than half of the peak of $4.5 billion set in 2022, this move undoubtedly injects a booster shot into the cryptocurrency market during the winter, reaffirming its firm bet on the long-term prospects of blockchain technology at this critical point of industry cycle rotation and gradually clarifying regulatory environment.

We now have tools to quickly simulate the future, which presents both opportunities and pressure. The opportunity lies in identifying real problems earlier, while the pressure comes from the need to make decisions faster—because with every hesitation, competitors are advancing.

Opinions

Tom Lee believes that March is a bottom formation period. The decline of software, the Mag 7, and cryptocurrency assets has completed about 90%. They are outperforming the market, which is a reflection of leadership. Even with global trade disruptions, you still need AI, and you still need the Mag 7. The fundamentals of these companies remain strong. Investors need to remain patient and cautious, maintaining some cash. However, I believe opportunities are emerging.

Previously, we have dissected the technical elements of the NYSE platform, including 24/7 trading, fractional share mechanisms, stablecoin-based instant settlements, and native digital security issuances. This article will not reiterate those details but will attempt to answer two deeper questions: Why did the NYSE choose to launch at this moment? Where is the future of tokenization in US stocks?

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