Hey there, PoI readers! 💫

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From Chinese banking giants making crypto moves in Hong Kong and Logan Paul dodging legal haymakers to Figure Technology figuring out it's IPO time and OpenAI going Bollywood with budget pricing, we've got a lot to unpack. So, buckle up and get ready for a wild ride through the wonderland of digital assets!

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INTEL BRIEF

🟧 China Merchants Bank's Hong Kong subsidiary launched a crypto exchange for professional investors after securing regulatory approval, marking the first Chinese bank-affiliated crypto trading platform in the region.

🟧 A Texas judge recommended dismissing Logan Paul's CryptoZoo lawsuit but allowed plaintiffs to amend most claims, calling one argument about NFTs creating option contracts "dizzying mental gymnastics.”

🟧 Blockchain lending company Figure Technology filed for a Nasdaq IPO under "FIGR," joining the growing wave of crypto companies going public amid strong earnings and a $3.2 billion valuation.

🟧 OpenAI launched ChatGPT GO in India for ₹399/month ($4.60), offering a cheaper alternative to the ₹1,999 Plus plan with 10x more features than free tier and UPI payment support.

China Merchants Bank Subsidiary Launches Crypto Exchange in Hong Kong

China Merchants Bank just pulled off the ultimate financial plot twist! While mainland China continues to treat crypto like that one relative nobody talks about at family dinners, CMB's Hong Kong subsidiary decided to crash the digital asset party in style.

CMB International Securities Limited reportedly secured a shiny new virtual asset service provider license from Hong Kong's Securities and Futures Commission back in July, and they're not wasting any time putting it to good use. The bank has now launched what appears to be Hong Kong's first Chinese bank-affiliated crypto exchange, offering 24/7 trading of the holy trinity: Bitcoin, Ether, and Tether's USDT.

The exchange is believed to be exclusively for professional investors, so your average retail trader will have to admire from the sidelines. Think of it as the VIP section of crypto trading, complete with velvet ropes and everything.

While CMB's Shenzhen headquarters operates in a country where crypto trading has been banned since 2017, their Hong Kong arm is essentially doing the digital equivalent of waving at mainland China from across the border saying.

CMB isn't exactly small potatoes either – we're talking about a financial institution managing over $1.7 trillion in assets with a market cap of $153.16 billion. That's some serious traditional finance muscle flexing into the crypto space.

The bank also hinted at plans to integrate traditional stock trading with digital assets.

CMB's Hong Kong subsidiary launched the first Chinese bank-affiliated crypto exchange for professional investors

The platform offers 24/7 trading of Bitcoin, Ether, and USDT with proper regulatory approval

Plans reportedly include integrating traditional stocks with digital assets, potentially bridging old-school finance with crypto

Texas Judge Backs Logan Paul in CryptoZoo Class Action Dismissal

Texas Magistrate Judge Ronald Griffin reportedly threw Logan Paul a lifeline in what can only be described as the legal equivalent of "it's not you, it's... actually, it's your lawyers' arguments."

In a 75-page judicial masterpiece that probably took longer to write than CryptoZoo took to collapse, Judge Griffin essentially told the class-action plaintiffs: "Nice try, but you're gonna need to connect some actual dots here." The judge appears to have found that the lawsuit failed to sufficiently tie Paul to the claims that investors got rugpulled.

The plaintiffs tried to argue that CryptoZoo NFTs were option contracts because they started as "eggs" that "hatch" into animals that could then breed to create hybrids. Judge Griffin's response? He called this logic "dizzying mental gymnastics" and basically said trying to follow their reasoning made his brain hurt.

"The mental gymnastics required to come to this conclusion are truly dizzying," the judge wrote. He added that the court couldn't understand how buying NFT eggs somehow creates option contracts – which is basically legal speak for "what in the actual heck are you talking about?"

The lawsuit brought a whole smorgasbord of claims – fraud, unjust enrichment, negligence, breach of contract, and enough legal jargon to make your head spin. But Griffin said the complaints gave only "fragments of facts" and looked like they were trying to "jam together two pieces of different puzzles."

Paul already set aside $2.3 million for refunds back in January, refunding buyers 0.1 Ether each – though that came with a "please don't sue me" condition attached.

Judge recommended dismissing the lawsuit due to insufficient evidence tying Paul to the alleged fraud

Called plaintiffs' NFT option contract argument "dizzying mental gymnastics" in a brutal 75-page report

Plaintiffs can amend most claims except the commodity pool fraud allegation, which got permanently axed

Figure Technology Files to Go Public on Nasdaq Under FIGR Ticker

The blockchain-based lending company reportedly filed to go public on Nasdaq under the ticker "FIGR.”

Founded in 2018 by Mike Cagney, Figure is essentially trying to be the cool kid who makes loans sexy by putting them on-chain.

The company's first half of 2025 earnings look pretty darn impressive – $191 million in revenue (up over 22% from last year) and a sweet $29 million profit compared to last year's $13 million loss.

Figure has reportedly originated over $16 billion in blockchain-based loans and completed more than $50 billion worth of on-chain transactions.

Goldman Sachs, Bank of America, and Jefferies are leading this IPO parade, which basically means the traditional finance big boys are taking this blockchain lending thing seriously. The company was last valued at $3.2 billion back in 2021.

Cagney's vision is deliciously ambitious – he believes blockchain can eliminate the "rent-seeking" middlemen and distill complex financial marketplaces down to just "buyer and seller."

This IPO filing comes during what appears to be a crypto IPO bonanza under the Trump administration, with companies like Bullish already making their public debut.

Figure Technology filed for Nasdaq IPO with Goldman Sachs leading, targeting the "FIGR" ticker symbol

Strong 2025 performance with $191M revenue (up 22%) and $29M profit vs. last year's $13M loss

Joins crypto IPO wave alongside Bullish, Gemini, BitGo, and others eyeing public markets

OpenAI Launches Super Cheap ChatGPT Plan in India

OpenAI just pulled a "price is right" move in India by launching ChatGPT GO – a shiny new subscription plan that costs about as much as a fancy coffee subscription. At ₹399 per month ($4.60).

Nick Turley, OpenAI's VP and ChatGPT head honcho, reportedly said this plan will boost message limits, image generation, and file uploads by 10x compared to the free tier. Plus, it's getting some memory upgrades for more personalized responses.

India has apparently become OpenAI's second-biggest market, with over 29 million app downloads in just the last 90 days. However, those downloads were only translating to $3.6 million in revenue .

UPI payment integration is the cherry on top here, because nothing says "we get India" like letting people pay through their preferred digital wallet system.

The company is reportedly geo-restricting this plan to India initially, treating it like a beta test for the rest of the world. Smart move – if you can make it work in a market of 850+ million internet users, you can probably make it work anywhere.

This launch comes amid some serious AI competition heating up in India. Perplexity recently partnered with Airtel for free Pro subscriptions, and Google rolled out free AI Pro plans for students. OpenAI's approach is different – they're not giving stuff away for free, but they're making premium features actually affordable.

ChatGPT GO launches in India for ₹399/month ($4.60), dramatically cheaper than the ₹1,999 Plus plan

Offers 10x more features than free tier including better memory, more messages, and UPI payment support

India-first strategy targets OpenAI's second-biggest market with 29M recent app downloads but low revenue conversion

And that's a wrap, my lovely PoI readers! 💎 I hope this edition left you feeling informed, entertained, and maybe even a little bit richer (in knowledge, of course). From traditional banks embracing crypto to AI companies getting creative with pricing, today's news shows the digital world keeps evolving in the most unexpected ways! Remember to stay curious, stay informed, and keep spreading the love. Until next time, this is Mochi, signing off with a virtual high-five!

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community! 📣❤️ Share the newsletter

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