Hong Kong’s largest bank will start serving crypto companies
The business model already works with the city’s licensed crypto exchanges HashKey and OSL
12.04.2023 - 09:30
288
1 min
0
Hong Kong’s biggest virtual bank is pushing into transfers of crypto and fiat currencies and to provide account services for the city’s burgeoning digital asset sector.
Founded by Chinese billionaire Ou Yaping among others, ZA Bank will offer token-to-fiat currency conversions over licensed exchanges, Ronald Iu, the lender’s chief executive officer, said in an interview Tuesday. ZA will act as a settlement bank for clients to allow withdrawals in Hong Kong, China and US currencies after they deposit crypto tokens with exchanges, Iu said.
The business model is already in operation with HashKey and OSL, the only two currently licensed crypto exchanges in Hong Kong, Iu said. ZA Bank will also provide the same service for other exchanges as they become licensed.
“For the dozen of interested firms, big or small, from abroad and local, top of their concern is to have a path to make things work,” said Iu.
This material is taken from the website https://www.bloomberg.com.
Useful material?
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024