As a seasoned crypto investor with a penchant for staying abreast of global financial trends, I find this latest move by Singapore Gulf Bank particularly intriguing. Having witnessed the meteoric rise and fall of various cryptocurrencies over the years, I can’t help but feel a sense of cautious optimism towards stablecoins, especially with their growing popularity among banks worldwide.
According to insider reports, it’s expected that Singapore Gulf Bank intends to obtain at least $50 million to purchase a company specializing in stablecoin transactions before the year 2025.
As a crypto investor, I’ve recently come across intriguing whispers in the market. Unnamed insiders hint towards Singapore Gulf Bank’s potential acquisition of a stablecoin payment company. Despite their reluctance to disclose the specific stablecoin firm they have their eyes on, this news certainly stirs excitement and anticipation among us in the crypto community.
As a crypto investor, I’m excited to share that the funds we’re raising will be instrumental in speeding up our product development, improving our payment network, and expanding our team. We’re currently in talks with a Middle Eastern sovereign wealth fund, as well as potential investors keen on acquiring a minority equity stake of less than 10% by the first quarter of 2025. This partnership will undoubtedly strengthen our position in the market.
This year in February, Singapore Gulf Bank was founded, a collaboration between Singapore’s multi-family office, Whampoa Group, and licensed in Bahrain. This unique firm focuses on managing conventional finance and cryptocurrency through a unified platform, with intentions to make its services available to customers by the end of this year. The newly established bank is supported by Bahrain Mumtalakat Holding Co, a sovereign wealth fund, as well as the Whampoa Group.
Worldwide, banks increasingly prefer stablecoins because of their consistent value, which is typically tied to traditional currencies like the US dollar. For instance, Thailand’s Siam Commercial Bank and Japan’s Mitsubishi UFJ Financial Group are financial institutions that have initiated projects involving stablecoins.
Numerous nations are actively establishing crypto centers and rules aimed at safeguarding both investors and businesses focused on blockchain innovation and solutions. Countries like Bahrain, Dubai, and Abu Dhabi (located in the Middle East) are some of the contenders vying to entice stablecoin and cryptocurrency investors.
In simpler terms, the Monetary Authority of Singapore has just finalized a set of rules for digital coins (stablecoins) that are backed by a single currency, such as the Singapore dollar or any of the G10 currencies. If the value of these stablecoins exceeds 5 million Singapore dollars or approximately 3,567 US dollars, they will be subject to this new regulatory framework, as per previous reports from crypto.news.
The regulatory framework covers several points, including the requirements for value stability, capital, redemption at par and disclosure of audit results to users.
Just those stablecoin issuers who can fulfill all the specified conditions are eligible to submit an application to the agency for recognition as “MAS-regulated stablecoins.
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2024-11-25 12:46