According to Bloomberg, a Singapore family office has established a startup bank, with funding primarily aimed at accelerating product development and enhancing the bank's payment network.
With the support of the U.S. presidential candidates, optimism in the digital asset industry is growing, particularly regarding interest in stablecoins. Stablecoins are cryptocurrency tokens pegged to fiat currency, typically linked to the U.S. dollar, and their value is often backed by cash and bond reserves.
Multiple jurisdictions worldwide are working to develop cryptocurrency hubs to protect investors and attract blockchain technology and service companies. Bahrain, Dubai, and Abu Dhabi are centers in the Middle East competing to attract businesses.
Cryptocurrency companies sometimes find it difficult to enter the banking sector due to the industry's volatility and history of scandals. However, the situation is improving as more financial centers introduce specialized regulations.
