Crypto On LYO: The Blend — About $6 Million in Crypto Donated to Earthquake Victims, Huobi to Launch in Hong Kong, Visa Not Slowing Down Plans for Crypto Products

What happened in the crypto world in the last week? Let’s see some interesting news together!

About $6 Million in Crypto Donated to Turkey and Syria Earthquake Victims

About $6 million in cryptocurrency has been donated to support relief materials since the devastating series of earthquakes hit Turkey and Syria.

According to Chainalysis, a blockchain analytical firm, about four humanitarian bodies received the donations. The bodies include the Turkish Ministry of Interior Earthquakes Humanitarian Aid Campaign, the Turkish Red Crescent, Save the Children, and Project Hope.

Chainalysis Director, Kim Grauer believes that the speed of transactions and the global nature of cryptocurrency transactions are proving to be important means of providing quick monetary support during times of crisis.

Huobi Prepares to Launch in Hong Kong

Hong Kong is poised to become a hub for virtual assets, with the city’s government set to introduce new requirements for virtual asset service providers (VASPs) this summer.

Huobi, a leading blockchain exchange in the region, is preparing to apply for a VASP license in Hong Kong and launch Huobi Hong Kong if approved.

Justin Sun, founder of the Tron blockchain and the man behind Huobi crypto exchange, expressed confidence that the license will be secured. Other exchanges seeking to operate in Hong Kong’s crypto market include Seychelles-based OKX. However, the shadow of China looms over the city, with Beijing viewing Hong Kong as an experimental zone for cryptocurrencies, according to Sun.

Visa Says It’s Not Slowing Down Plans for Crypto Products

American payments giant Visa is not slowing down its cryptocurrency plans despite last year’s bear market, according to a series of tweets on Tuesday from the firm’s crypto head Cuy Sheffield.

Sheffield said that a Reuters story claiming both Visa and fellow payments company Mastercard were slowing their crypto push was “inaccurate” regarding Visa.

According to Sheffield, Visa continues to partner crypto companies to improve transactions between fiat money and cryptocurrency and build products that can facilitate digital payments in a compliant and convenient way.

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