Morning Report | Startale completes $63 million Series A financing; STS Digital launches structured cryptocurrency platform; Polymarket will charge a taker fee on almost all trading categories

整理：ChainCatcher

Important News:

• STS Digital launches structured cryptocurrency platform, Kraken is its first distribution partner
• Futu Holdings announces its licensed virtual asset exchange "Cheetah Exchange" officially begins operations
• Polymarket will impose taker fees on almost all trading categories, with peak rates for cryptocurrency-related contracts reaching 1.8%
• Startale raises $50 million from SBI, completes $63 million Series A funding
• Cross-border payment company Tazapay completes $36 million Series B funding, led by Circle Ventures
• U.S. White House approves review of proposal to include cryptocurrency in 401(k) retirement plans
• Yi Lihua: The war is unlikely to end in the short term, but there will definitely be a bottom-fishing opportunity this year

What important events have occurred in the past 24 hours?

Hong Kong police announce progress in JPEX fraud case: 80 people arrested, assets worth approximately HKD 228 million frozen

According to ChainCatcher, the Hong Kong police announced the progress of the investigation into the JPEX fraud case involving the virtual asset trading platform, revealing that 80 people have been arrested since the investigation began, with a total of approximately HKD 228 million in assets frozen. Another round of prosecution actions has been taken, charging 10 individuals with "money laundering" and "conspiracy to commit money laundering."

Hong Kong police's Commercial Crime Bureau Chief Inspector Han Chenghao stated that the JPEX case is one of the largest in terms of the number of victims and the amount of money defrauded in recent years, with over 2,700 victims reporting losses exceeding HKD 1.6 billion. To date, no company or individual has claimed to be the actual operator, and the police need to conduct extensive investigations to clarify who the mastermind, core members, or accomplices behind the JPEX case are.

U.S. White House approves review of proposal to include cryptocurrency in 401(k) retirement plans

According to ChainCatcher, Cointelegraph reported that the U.S. White House Office of Information and Regulatory Affairs (OIRA) has completed its review of a proposal from the Department of Labor (DOL) that involves allowing 401(k) trustees to include alternative assets (including digital assets) in retirement plans.

OIRA marked the conclusion of this review as "change approved" and classified the proposal as "significant economic impact." The Department of Labor is expected to publish proposed rules next, initiating a 60-day public comment period, after which final rules are typically published following revisions. The completion of this review is a follow-up to Trump's executive order on August 7, 2025.

This executive order requires federal agencies to expand access to alternative assets in 401(k) plans, including obtaining exposure to digital assets through specific investment tools, and requires the Department of Labor to reassess regulations limiting private equity, real estate, and digital assets in defined contribution plans, while also requiring the Treasury Department to collaborate with the SEC to support rule revisions.

In May 2025, the Department of Labor rescinded a 2022 compliance guideline that required trustees to be "extremely cautious" when including cryptocurrency in 401(k) plans, marking a fundamental shift in the federal government's attitude towards including digital assets in retirement plans.

According to data from the Investment Company Institute, as of September 30, 2025, the financial assets in the U.S. retirement market reached a record $48.1 trillion. Additionally, the Indiana state legislature passed a bill on February 25 requiring certain state retirement and savings plans to offer at least one cryptocurrency investment option by July 1, 2027.

Yi Lihua: The war is unlikely to end in the short term, but there will definitely be a bottom-fishing opportunity this year

According to ChainCatcher, Liquid Capital (formerly LD Capital) founder Yi Lihua stated, "In the short term, the war cannot end, and the market is waiting for further clarity on the war. However, there will definitely be a great bottom-fishing opportunity this year, so prepare as much capital as possible beforehand. Setting aside the crypto industry, I have been working hard to learn AI recently and have been deeply impressed, especially by the efficiency of directing AI to work. This is not just a simple improvement in efficiency; it is a direct leap from the era of horse-drawn carriages to airplanes.

I require all companies I invest in to immediately learn to use AI and embrace it; companies that do not use AI in the future will be eliminated. Today, with AI, all companies and individuals are basically starting from the same starting line, and another wave is coming. This year, my requirement for myself is to spend half of my time working in collaboration with AI."

Resolv Labs: Approximately 57% of illegally issued USR assets have been removed from circulation, and the remaining portion has been frozen
According to ChainCatcher, the official disclosure revealed that of the approximately 80 million illegally issued USR during the attack, about 46 million (approximately 57%) have been removed from circulation through destruction and blacklisting, and currently, there are no assets left in the relevant addresses that can be further transferred or exchanged.

Approximately 9 million USR have been destroyed through two transactions, and another approximately 36 million in the form of wstUSR stored in addresses related to the attack have been blacklisted through contract upgrades.

Futu Holdings announces its licensed virtual asset exchange "Cheetah Exchange" officially begins operations

According to ChainCatcher, Futu Holdings announced that its wholly-owned virtual asset trading platform Cheetah Trading (Hong Kong) Limited has fully licensed operations and will soon be fully connected with its Hong Kong retail brokerage Futu Securities to provide trading matching, asset custody, and technical solution support for virtual assets.

Cheetah Exchange is Hong Kong's first licensed and compliant virtual asset trading platform incubated by a brokerage, and its deep integration with Futu Securities will create Hong Kong's first comprehensive financial service platform that operates both a licensed securities brokerage and a virtual asset exchange.

In addition, Futu plans to study incorporating virtual asset holdings into a unified purchasing power calculation system under regulatory guidance, launching cross-asset margin trading to achieve capital flow and leverage utilization between traditional finance and the crypto market.

Futu Group Managing Director Zeng Yuchao stated that with the deep integration of the self-built compliant virtual asset exchange, Futu is accelerating its role as a bridge connecting traditional finance and virtual assets, adhering to compliance and safety standards, and continuously promoting the collaborative development of traditional finance and virtual assets.

STS Digital launches structured cryptocurrency platform, Kraken is its first distribution partner

According to ChainCatcher, Cointelegraph reported that cryptocurrency derivatives company STS Digital has launched a structured product platform for digital assets, with Kraken as its first distribution partner.

The platform allows customers to use predefined yield structures and employs options-based strategies. Kraken has integrated the platform via API and utilizes it to support its dual investment product, which offers fixed returns on btc-42">Bitcoin to eligible customers.

It is reported that on February 26, STS Digital completed a $30 million strategic financing round, led by CMT Digital, with Kraken's parent company Payward also participating in this round of financing. The company stated that the funds will be used to expand its crypto options trading platform and institutional market access.

U.S. SEC Chair: Tokenization innovation exemptions may be introduced in the coming weeks

According to ChainCatcher, The Block reported that as the U.S. Securities and Exchange Commission (SEC) prepares to launch a tokenized asset innovation exemption program, the U.S. House Financial Services Committee held a hearing on March 25 titled "Tokenization and the Future of Securities: Modernizing Capital Markets."

Republican Congressman Andy Barr stated that the tokenization of securities is an inevitable trend, and the U.S. needs to lead this process while protecting investors. Some Democratic lawmakers expressed concerns that innovation exemptions might weaken core securities regulations.

SEC Chair Paul Atkins stated that the agency will soon seek public input on a series of issues related to future rulemaking, including a proposed innovation exemption that could serve as a regulatory sandbox for on-chain assets. Additionally, according to crypto journalist Eleanor Terrett, Paul Atkins indicated that the long-awaited tokenization innovation exemption may be introduced in the coming weeks.

Polymarket will impose taker fees on almost all trading categories, with peak rates for cryptocurrency-related contracts reaching 1.8%

According to ChainCatcher, prediction market platform Polymarket announced a significant policy adjustment, starting March 30, it will impose taker fees on almost all trading categories for the first time. The new fee structure adopts a variable rate, with peak rates for cryptocurrency-related contracts reaching up to 1.8%, and actual fees will vary based on share prices and market dynamics. Sports, finance, politics, culture, weather, and general categories will adopt lower tiered rates, while peak rates for mention categories and certain economic forecasts will be higher, around 1.5%.

Notably, geopolitics is the only category completely exempt from fees, highlighting Polymarket's strategic focus on high-risk global events. This change ends Polymarket's long-standing "zero fee" appeal.

Startale raises $50 million from SBI, completes $63 million Series A funding

According to ChainCatcher, Japanese Web3 infrastructure company Startale announced that SBI has invested $50 million in it while completing $63 million in Series A funding, with both companies focusing on tokenized securities, stablecoins, and consumer on-chain products in Japan.

Startale Group CEO Watanabe Sota stated, "Through deep cooperation with SBI, we will accelerate the adoption of tokenized stocks centered around the Japanese stock market and yen stablecoins this year."

Visa announces it will become a super validator for Canton Network

According to ChainCatcher, Visa announced that it will join the Canton Network as the first major global payment company to serve as a super validator. Visa will become one of 40 super validators, helping banks and financial institutions move payment flows on-chain.

Rubail Birwadker, Visa's Head of Global Growth Products and Strategic Partnerships, stated, "Many banks see the lack of privacy as a fatal factor in moving meaningful activities on-chain. By operating as a super validator on the Canton Network, we bring Visa-level trust, governance, and operational rigor to privacy-protecting blockchain infrastructure, enabling regulated financial institutions to move payments on-chain without having to rethink their operations."

Obex deploys $1 billion in decentralized investments to enhance the yield of USDS stablecoin under Sky

According to ChainCatcher, cryptocurrency incubator Obex announced the start of deploying $1 billion in funds, linking Sky ecosystem's USDS stablecoin to real-world asset (RWA) yields, focusing on credit, energy, and AI asset sectors, including tokenized products such as AI data centers, housing, and energy infrastructure, aiming to provide USDS holders with higher quality and sustainable yields beyond "cyclical" crypto-native returns.

Sky, as the third-largest stablecoin issuer globally (with USDS at approximately $10 billion), generated about $435 million in annual revenue in 2025 and plans to increase the USDS supply to over $20 billion next year. Previously, Obex was authorized to invest up to $2.5 billion from Sky's reserves into RWAs, and this $1 billion is the first actual deployment. Partners include Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital, Better, and others.

Bloomberg analyst: Morgan Stanley Bitcoin ETF may soon receive official listing announcement from NYSE

According to ChainCatcher, Bloomberg senior ETF analyst Eric Balchunas stated that Morgan Stanley's Bitcoin ETF (ticker: $MSBT) has received an official listing announcement from the New York Stock Exchange (NYSE).

The release of such announcements typically indicates that the relevant product is about to officially launch.

Trust Wallet launches AI agent for executing cryptocurrency trades, capable of handling cross-chain exchanges

According to ChainCatcher, Binance-supported cryptocurrency wallet Trust Wallet has officially launched the Trust Wallet Agent Kit (TWAK), an infrastructure that allows AI agents to execute real cryptocurrency trades across more than 25 blockchains under user-defined and controlled rules. In addition to managing regular purchases, it can also handle cross-chain exchanges across multiple networks, including Solana and Bitcoin.

Reports indicate that the new toolkit offers two operational modes: one where the AI agent has its own wallet and can automatically execute trades based on set rules; the other where it suggests trades that require user approval.

MilkyWay announces closure of L1 mainnet, all assets have been returned to the native chain

According to ChainCatcher, MilkyWay officially announced that it has initiated the process to close the L1 mainnet. Before the closure, the team completed an on-chain upgrade and securely migrated all user assets from the MilkyWay L1 chain back to their respective native chains. This move aims to ensure that user assets return intact and safely to their original blockchain networks.

According to the announcement, users who previously held assets on MilkyWay should now be able to view the relevant assets on the corresponding original networks. For example, TIA assets that were cross-chained from Celestia to MilkyWay should now be displayed again on the Celestia network. If users cannot see their assets, the official recommends submitting their wallet addresses to the official team or leaving a comment under the announcement post for further assistance.

Sources: Dark Side of the Moon is considering an IPO in Hong Kong and has begun discussions with Goldman Sachs and others

According to ChainCatcher, Bloomberg reported that the parent company of AI chat assistant Kimi, Dark Side of the Moon, is in the preliminary stages of considering an initial public offering in Hong Kong and has begun discussions with China International Capital Corporation and Goldman Sachs regarding listing cooperation. The specific timing has not yet been determined, and the planning is still ongoing, with the possibility that it may not proceed. Representatives from Dark Side of the Moon and Goldman Sachs declined to comment, and China International Capital Corporation did not respond.

After completing over $700 million in financing earlier this year, Dark Side of the Moon is negotiating a new round of financing, potentially up to $1 billion, which would value the company at approximately $18 billion after this round of funding. Its valuation was around $4.3 billion at the end of last year during its Series C round, and it has rapidly climbed since then. Founder Yang Zhilin stated in an internal letter at the end of last year that the company has RMB 10 billion in cash and is "not in a hurry to go public" in the short term. There were also rumors of a "backdoor listing" last December, which the company denied.

Competitors in the same field, Zhipu and MiniMax (Xiyu Technology), have already listed on the Hong Kong Stock Exchange, and leveraging the investor enthusiasm generated by peer listings, Dark Side of the Moon has been accelerating financing in the private market.

Cross-border payment company Tazapay completes $36 million Series B funding, led by Circle Ventures

According to ChainCatcher, Singapore-based cross-border payment company Tazapay has completed a Series B extension financing round led by Circle Ventures, bringing the total amount raised in Series B to $36 million.

New investors include CMT Digital and Coinbase Ventures, participating alongside Circle Ventures, Peak XV Partners, January Capital, and GMO Venture Partners, with existing investors including Ripple, Norinchukin Capital, ARC180, and RTP Global.

Tazapay is dedicated to building cross-border transaction settlement payment infrastructure for businesses and currently holds licenses or has registered in Singapore, Canada, Australia, and the United States, and is applying for relevant licenses in the UAE, EU, and Hong Kong. The company stated that the funds from this round will be used to obtain more regulatory licenses and develop automated payment process products.

Forex trading startup XFX supporting stablecoin trading completes $17 million financing, led by Castle Island Ventures

According to ChainCatcher, forex trading startup XFX, which supports stablecoin trading, has completed $17 million in financing, led by Castle Island Ventures, with participation from Haun Ventures and Coinbase Ventures.

XFX co-founder and CEO Santiago Alvarado declined to disclose the valuation of the company in this financing round. It is reported that XFX currently allows customers to exchange between stablecoins and also allows customers to exchange three fiat currencies: USD, Mexican Peso, and Colombian Peso.

Meme Popularity Rankings

According to meme token tracking and analysis platform GMGN, as of March 27, 09:00,

The top five popular ETH tokens in the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO

The top five popular Solana tokens in the past 24 hours are: swarms, Punch, neet, Buttcoin, WOJAK

The top five popular Base tokens in the past 24 hours are: PEPE, BASED, B3, SKYA, TOSHI

What are some interesting articles worth reading in the past 24 hours?

a16z Crypto Operating Partner: Wall Street is undergoing the largest upgrade of its infrastructure in 30 years

Wall Street is no longer just exploring blockchain; it is migrating to it.

For years, the institutions that form the pillars of global capital markets—exchanges, clearinghouses, and electronic trading platforms—have been watching, and now they are turning to on-chain solutions.

What is happening now is the largest infrastructure upgrade in capital markets since the rise of electronic trading thirty years ago.

But most people will not realize this until the transformation is complete.

a16z Crypto's latest research: What is the key to the large-scale application of DeFi?

The popularization of on-chain financial applications still faces an invisible barrier: the lack of transaction order certainty. Under a single leader structure, nodes can delay, censor, or even front-run user transactions, distorting the game between market makers, bidders, and arbitrageurs. Only by achieving both "short-term resistance to censorship" and "transaction hiding" can a truly reliable foundation be laid for the next generation of on-chain capital markets.

Forbes Special Report: The embrace of AI Agents in the crypto industry

AI agents are becoming the true native users of cryptocurrency; they do not need a beautiful interface, just a wallet and a payment track. This wave of "machine commerce" may be the most reasonable narrative in the crypto industry for years, or it may just be another round of hype in a new bottle.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.