HSBC rolls out cryptocurrency services in Hong Kong

Daily Market Wrap

• Crypto market cap: USD 1.18T,? up 0.11%
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News of the Day

HSBC rolls out cryptocurrency services in Hong Kong

Why it matters:

• HSBC's cryptocurrency services will allow customers to buy and sell Bitcoin and Ethereum through its digital banking platform. The bank will also reportedly offer custody services for cryptocurrencies, allowing customers to securely store their digital assets.
• The move by HSBC is seen as a sign of growing acceptance of cryptocurrencies by traditional financial institutions. It also reflects the increasing demand for digital assets among consumers and investors.
• However, it is important to note that HSBC's cryptocurrency services are only available to professional investors and not retail customers. This is likely due to the regulatory challenges surrounding cryptocurrencies and the need for financial institutions to comply with anti-money laundering and know-your-customer regulations.

Crypto Daily Spotlight

zkSync unveils new network of ‘Hyperchains’ — Testnet by end of year

Brief introduction: ZkSync is a Layer-2 scaling solution for Ethereum that aims to address some of the scalability issues currently facing the network. The technology is based on zk-rollups, which allows for the bundling of multiple transactions into a single transaction, thereby reducing the load on the Ethereum network.

Why it matters:

• The ZkSync team has been working on the development of the Hyperchains network for several months and has already conducted successful tests on a private network. The launch of the public testnet is expected to provide developers with an opportunity to test the network's capabilities and identify any potential issues before its official launch.
• The Hyperchains network is based on zk-rollups technology, which allows for the bundling of multiple transactions into a single transaction, thereby reducing the load on the Ethereum network. The technology also enables the network to process transactions faster and at a lower cost than the current Ethereum network.
• The launch of the Hyperchains network is expected to address some of the scalability issues currently facing the Ethereum network, such as slow transaction processing times and high fees. It will also provide developers with an alternative platform for building decentralized applications (dApps) that require fast and cheap transactions.

Daily Sector Tracker

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