November 2024 Community Updates

As another month draws to a close, we find ourselves standing at the nexus of opportunity and momentum in the ever-evolving world of Web3. The post-U.S. election landscape has brought fresh energy to the markets, Gary Gensler SEC chair resigning, Bitcoin hovering tantalizingly close to the historic $100,000 mark, and Elon Musk’s foray into political discourse has added another layer to the intriguing interplay between technology and policy. These moments are not just headlines—they are signals of a broader shift, a rallying cry for Web3 builders to harness the optimism and press forward in driving meaningful adoption. With positive sentiments seen following the election implications, we are anticipating a ripple effect of developments around the world.

The Highly Anticipated Bitcoin Milestone

We are thrilled to see momentum for Bitcoin taking great strides, closely hitting the much-anticipated $100k mark. We launched a community poll last week and community sentiment was overwhelmingly bullish though many acknowledged the resistance near this historic level. With just one month left in 2024, the countdown is on.

However, with the crypto space comes a great degree of unpredictability and volatility as well, and we’d urge our community members to always DYOR throughout both bullish and bearish sentiments. In the meantime, tools like the Notifs app can help you stay informed and agile. By setting custom price alerts, you can track key movements and remain prepared for what’s ahead. The journey toward $100k may be unpredictable, but with the right tools, we can navigate it together.

Back to Asia: Retail Adoption via Digital Bank

In Hong Kong, where the OAX Foundation is headquartered, the digital asset space has taken a significant step forward. ZA Bank recently became the first bank in Asia to offer retail crypto trading services, partnering with HashKey Exchange to deliver this groundbreaking initiative. Unlike traditional approaches, which often involve building exchanges from scratch, ZA Bank’s collaboration with an existing platform ensures a swifter and more seamless entry for everyday users.

This move not only sets a precedent for other financial institutions but also signals a broader shift toward retail adoption in a region historically dominated by institutional focus. While Singapore’s DBS Bank pioneered crypto services several years ago, its offerings have remained exclusive to accredited investors. ZA Bank’s retail-centric approach marks a pivotal moment for the mainstreaming of digital assets in Asia. It’s an evolution we are closely watching, as it exemplifies how legacy banks can act as bridges, connecting traditional finance with the burgeoning world of Web3.

Green Finance Use Case

Sustainability was front and center this month as we attended the Green Fintech Showcase at WLAB in Hong Kong. The event highlighted some of the most promising startups in Green FinTech and featured thought-provoking discussions with industry leaders, including Cyberport’s Head of Fintech and InvestHK’s Global Head of Financial Services and Sustainability.

The consensus? Green FinTech is not just a buzzword; it is rapidly becoming the fastest-growing vertical in the industry. While RegTech currently tops the list in terms of investment focus, the surge in interest around sustainability solutions reflects a larger cultural and economic shift. Hong Kong has a unique opportunity to position itself as a leader at the intersection of Green Finance and digital innovation.

For us at OAX Foundation, the potential for convergence between blockchain technology and green initiatives is particularly exciting. Whether it’s through carbon credit markets, traceable supply chains, or decentralized sustainability solutions, the synergies between Web3 and Green FinTech are poised to redefine the future of finance.

Looking Ahead

As we reflect on the progress made this year, we want to express our deepest gratitude for the unwavering support of our community. At OAX Foundation, we prioritize the community and collaborations to drive forward innovation in the Web3 space.

Moving forward, we are gearing up to release our 2025 Trends Outlook Report, which will explore the opportunities and challenges shaping the next chapter of digital assets and decentralized technologies. The road ahead is filled with promise, and we are committed to staying at the forefront, with the OAX Foundation continuing to support the ecosystem in this transformative era.

OAX Foundation Team

Disclaimer: The above is an opinion piece written by an authorized author, but in no way represents the official standpoint of OAX Foundation Limited, nor should it be meant to serve as investment advice.