According to Bloomberg, a Singapore family office has founded a startup bank, and the funds will be mainly used to accelerate product development and enhance the bank's payment network.
With the support of the U.S. president-elect, optimism is growing in the digital asset industry, particularly interest in stablecoins, which are crypto tokens pegged to a fiat currency, usually the U.S. dollar, and whose value is often backed by reserves of cash and bonds.
Several jurisdictions around the world are working to develop crypto hubs to protect investors and attract blockchain technology and service companies. Bahrain, Dubai and Abu Dhabi are among the hubs in the Middle East vying to attract businesses.
Cryptocurrency companies sometimes find it difficult to enter the banking industry due to the volatility and scandal history of the sector. However, the situation is improving as more financial hubs introduce specialized regulations.