Whampoa Group, one of Singapore's leading multi-family companies, plans to establish a cryptocurrency bank in Bahrain that will provide 24-hour payment and settlement services for digital asset companies.
Whampoa Group Establishes Cryptocurrency Bank in Bahrain
According to a statement from Whampoa Group, the bank aims to establish by the end of the year and provide banking services, as well as trading, storage and asset management of digital tokens.
A Bahraini government spokesman said the country's central bank had given Whampoa Group "an approval in principle" for the initiative, adding that "the approval is provisional and a full license will only be granted after all regulatory requirements are met".
Many existing lenders are wary of working with digital asset firms after last year's market crash and bankruptcies like the FTX exchange.
The industry also includes crypto-friendly lenders Signature Bank and Silvergate Capital Corp. lost its twenty-four-hour payment ways when it collapsed in this year's U.S. banking turmoil.
Whampoa Group said last year that it aims to raise $50 million for a crypto-related hedge fund and distribute $100 million for a venture capital fund related to the digital asset sector.
Prior to that, the group was with ByteDance Ltd., which applied for but failed to obtain a digital bank license in Singapore. He was part of a consortium led by
Jurisdictions globally are working to clarify and strengthen the regulation of digital assets. Some, such as Bahrain, Dubai, and Hong Kong, are trying to attract crypto-related investments. On the other hand, the US is dealing a blow to the sector.
*Not investment advice.
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