May 8, 2023 (Hong Kong) – With the imminent arrival of the Virtual Asset Service Provider (VASP) licensing regime in Hong Kong, Web3 trading platform – xWhale announces that it has reached a strategic agreement with Valuable Capital to change the name of BusyWhale’s Hong Kong business to xWhale, and intends to apply for a VASP license and a SFC Type 7 license (to provide automated trading services), officially launching the era of complied Web 3.0. The former BusyWhale global business will be transformed into a pure Defi platform.
The compliance of web 3.0 era in Hong Kong is approaching
As early as February 20 this year, the Hong Kong Securities and Futures Commission (SFC) conducted a consultation on the virtual asset licensing system and announced the official licensing on June 1 this year. xWhale, formerly known as Web3.0 trading platform – BusyWhale, will follow the original technology and system of BusyWhale. xWhale is a professional-grade virtual asset trading system that provides traditional financial institutions with seamless access and efficient trading capabilities, empowering users to confidently engage in virtual asset trading with confidence. xWhale has secured a major investment from Valuable Capital, a leading Internet financial brokerage platform owned by Sina.
xWhale co-founder WU Chen said, “Web 3.0 trading was previously focused on retail-oriented exchanges, but as the industry continues to innovate, web 3.0 trading is coming under the regulatory umbrella, and more and more traditional financial institutions are entering the market. In the current web 3.0 market, there is no professional level trading system or platform that can meet the trading needs of traditional financial institutions, and xWhale’s platform has unlimited business opportunities and development potential.
xWhale Partners with Valuable positions to serve Institutional Investors
xWhale will target institutional clients, especially traditional financial institutions with high requirements for financial systems, under the compliance framework. WU Chen believes that xWhale’s positioning, products and team will be able to achieve a strategic synergy with the traditional brokerage business, which is the leader of web2.5, with a large number of institutional and retail clients, and has already completed the deployment in many financial markets around the world.
In partnership with Valuable Capital, xWhale will host a series of exclusive events, including seminars on compliance, blockchain technology, and the Web3.0 industry outlook in Hong Kong. These seminars provide institutional investors with a rare opportunity to gain valuable insights and establish a strong foothold in the rapidly-evolving Web3.0 landscape.
About Us
xWhale (formerly BusyWhale) is a professional-level trading system with both OrderBook and RFQ and negotiation protocol, supporting a wide range of crypto products to meet the complex trading needs of institutional and individual investors. The core development team is composed of veterans from JPMorgan, HSBC, and other top-tier international investment banks, with years of experience in both traditional finance and Web 3.0.
