Whampoa family office wants to open a crypto-friendly bank

Renowned family office in Singapore, Whampoa Group provides for the creation of a bank in Bahrain open to actors crypto and offering payment ramps. What to remedy the damage of the crypto-banking crisis at US ?

In a recent study, Goldman Sachs observed the decline in interest among family offices in investing in crypto assets. 62% of respondents do not plan to invest in them in 2023. Two years earlier, this share was much lower (39%).

Read:  Arbitrum forced to change plans in tense climate

For the Singaporean family office Whampoa Groupdigital assets are indeed an opportunity. In addition to investing in this ecosystem, the company plans to create a bank at Bahrain by the end of the year.

Financial services for digital assets

One of the priorities of this future bank will be to create services for crypto players. According to Bloombergthe institution will provide trading, custody and asset management for digital tokens.

According to a Bahraini government spokesman, the country’s central bank has granted a approval in principle to Whampoa for the creation of this bank. This green light was only temporary, however.

The family office will be eligible for a full license once all regulatory requirements are met. Crypto companies will certainly be watching this process closely. Whampoa should eventually make available to 24×7 payment and settlement services.

Read:  DCG finds common ground with Genesis creditors

A cure for falling liquidity in crypto

Since the collapse of FTX and the banks Signature and Silvergate, these companies are looking for new critical intermediaries. Both banks provided payment networks that enabled transfer funds in real time.

Their SEN and Signet solutions were particularly popular with crypto firms. As for FTX and Alameda, they were strategic providers of liquidity in a still hard-hit market.

SEN and the Signet payment network were two critical pieces of infrastructure for market makers in the industry, providing 24/7 access to USD settlements with trading firms, OTC desks and other crypto-currency firms,” Kaiko pointed out.

At present, “the liquidity situation in crypto-currency is in limbo as the industry waits for a viable alternative. Whampoa Group could therefore embody it.

Follow Corners.en on Twitter, Linkedin, Facebook or Telegram to not miss anything.

The Best Online Bookmakers April 14 2024

BetMGM Casino

Bonus

$1,000