| DAEM Latest Updates |
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| Market Overview |
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Crypto market trading volume decreased to $68.49 billion over the past week. Bitcoin prices increased by 0.28% over the week to trade at $66,113 on Wednesday. Ethereum prices decreased by 5.92% for the week to $3,279 on Wednesday.
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| HSBC Australia to block all payments to crypto exchanges, citing scams |
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The Australian arm of international bank HSBC has informed customers that it has begun blocking customer payments to cryptocurrency exchanges as of July 24, 2024. This makes it the latest major bank to shun the industry, citing scams.
From 24 July 2024, HSBC will block payments from bank accounts and credit cards that we reasonably believe are being made to cryptocurrency exchanges. To support its decision, HSBC cited data from Australia's competition and consumer regulator, which show that Australians lost up to $171 million in investment scams in 2023.
HSBC's move comes a little over 12 months after Australia's "Big 4" banks, Commonwealth Bank, National Australia Bank (NAB), Westpac and Australia and New Zealand Banking Group (ANZ) took similar action to restrict payments to cryptocurrency exchanges.
Australia's Bendigo Bank followed suit soon after, citing the need to protect customers from investment scams.
(Source: Cointelegraph)
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| Russia, China turn to digital payments as sanctions hamper bilateral trade settlements |
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The increased use of digital assets in cross-border settlements between Russia and China is easing bilateral payment issues, digital platform Qifa told Reuters, as some settlements directly through banks are taking months to clear due to sanctions.
Qifa, founded in 2013 and Chinese owned, initially focused on importing Chinese consumer goods to Russia. However, it launched bilateral trade in 2024, tapping into surging trade between the two countries even as the threat of secondary U.S. sanctions on Chinese banks complicates payment flows with more stringent compliance procedures.
The dwindling pool of banks in China willing to risk possible sanctions retribution has caused payment bottlenecks and increasingly complex steps to avoid delays, including a workaround using small, regional Chinese banks, that can operate below the radar.
Facing those hurdles, Qifa, which operates out of Beijing and Moscow and will soon list on the Moscow Exchange, has turned to digital asset and cryptocurrency settlements that can happen in a single day.
Russia allows settlements using some digital financial assets that can bypass the banking system such as tether. The Russian parliament is also considering a bill that would legalise all cryptocurrencies as a means of payment in foreign trade.
Western sanctions prohibit the shipment of dual-use goods to Russia that could be used to sustain the conflict in Ukraine. China is seen by the U.S. government as a key global hub for Russia to source materials for its military, including semiconductors and drone parts.
(Source: Reuters)
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| ixCrypto Index Series |
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Affected by overall crypto sentiment and volatility, ixCrypto Index was closed at 12,255 points on Wednesday, down 2.2% for the week; ixBitcoin Index was closed at 15,964 points, up 0.3% for the week; ixEthereum Index was closed at 28,118 points, down 6.0% for the week; ixCrypto Stablecoin Index was closed at 1000.51. ixBitcoin SP Index up 0.3% over the week while ixEthereum SP Index down 6.0% over the same period.
| Index | Index Level
(as of 2024-07-31) | Weekly % Change |
| ixCrypto Index | 12255 | -2.2% (-276) |
| ixBitcoin Index | 15964 | +0.3% (+54) |
| ixEthereum Index | 28118 | -6.0% (-1799) |
| ixCrypto Stablecoin Index | 1000.51 | +0.037% (+0.37) |
| ixBitcoin SP Index | 66087 | +0.3% (+224) |
| ixEthereum SP Index | 3273 | -6.0% (-209) |
Note:
3 ixCrypto Benchmark indexes are rebased to have same base date and level (Base value is 1000 and base date is 3 Dec 2018) for the purpose of easy comparison. The Spot Price Index series provides a single price for the market at every 5 second interval real-time, USD-equivalent spot rate for the most representable coins in the world. Each of the 5-second interval disseminated indexes is an average price of the coin in 10 exchanges which will be reviewed quarterly. They are designed for mark-to-market use.
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| Top 5 Weekly Best Performers |
| Coins | Price | 7 Days Change |
 AIOZ Network | $0.61 | +19.60% |
 Bitcoin Cash * | $435.22 | +18.94% |
 Bitcoin SV | $51.45 | +15.78% |
 Flow | $0.69 | +15.45% |
 eCash | $0.00 | +14.28% |
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| Top 5 Weekly Worst Performers |
| Coins | Price | 7 Days Change |
 Ronin | $1.90 | -14.09% |
 Akash Network | $2.94 | -12.62% |
 Sui | $0.71 | -11.73% |
 Fantom | $0.44 | -10.65% |
 Sei | $0.33 | -9.89% |
Note:
* IXCI Constituents
Above data is based on the top 50 crypto coins by market cap
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| About US |
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IX Fintech Group is a Hong Kong based digital assets award winning company, including HK FinTech Awards, HK FinTech Impetus Awards, IFTA Awards and TADS Awards. The company's mission is to bridge the traditional finance and new digital finance in a secured and compliant way. In the past 3 years, the Group won awards in different areas including cross boarder payment solution, blockchain technology, wealth management and trading platform etc.
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| About DAEM |
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The Digital Asset Exchange Machine (DAEM) is the first next generation De-Fi ATM installed with post quantum computing security. The machine enables the exchange between cash and digital assets (cryptocurrencies, real asset backed tokens, and security tokens). DAEM Technology aims to build the best next generation digital asset financial framework, targeted to facilitate exchange between traditional assets and digital assets. The whole system is truly decentralized, meaning the savings of the customers are all on the blockchain but not in the machine. The machine is also prepared with a full set of KYC function for future regulatory adoption. Every transaction here is tri-protected by network security, time protected token (example OTP) and a patented encryption technology from a Canadian partner IronCAP which supercomputer cannot hack.
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| About ixWallet |
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ix Wallet is a decentralized digital asset wallet launched by ixFintech Group together with DAEM. Users can easily manage their digital assets and conduct transactions through the wallet APP. All user assets are stored on the blockchain similar with DAEM. In addition, ixFintech has cooperated with two overseas technology companies to apply their patented digital ID verification solutions and post-quantum encryption technology to the ixWallet, and build the e-wallet of choice to move in line with the world digital asset development and customer demand.
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