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Apr 12, 2023 17:08 UTC
Apr 12, 2023 at 17:08 UTC
The account service for crypto companies comes at a time when United States-based companies are struggling to find genuine banking partners and are constantly looking abroad.
ZA Bank, Hong Kong’s largest virtual bank, will reportedly provide crypto account services and lubricate crypto-to-edict exchanges.
According to an April 12 Bloomberg report, the bank will act as a contract bank to allow token deposits on certified exchanges to be withdrawn in Hong Kong bones, Chinese yuan, and United States bones, and also offer account services for crypto companies.
Accounts for real crypto companies followed a pilot in a nonsupervisory sandbox that saw around 100 sharing companies, but ZA Bank CEO Ronald Iu noted that guests from mainland China would not be offered the service due to country restrictions.
Iu added that currency transformation is currently offered by only two licensed crypto exchanges in Hong Kong, HashKey and OSL.
He said ZA Bank will provide the same service on other exchanges once they get the license.
As crypto firms in the US struggle to find banking partners after the collapse of crypto-friendly banks Silicon Valley Bank, Silvergate Bank and Hand Bank, Hong Kong-based ZA Bank appears to be offering companies implicit returns, with Iu adding
For the dozens of interested companies, big or small, overseas and local, their main concern is having a pathway to make the effect work. ”
The ad from ZA Bank follows a concerted effort by Hong Kong controllers to turn the territory into a crypto mecca, and many in the crypto community believe Hong Kong’s approach compared to the hostility of US controllers will help it succeed in its sweats.
Chinese state-owned banks are also reportedly seeing interest in crypto companies moving into megacities and offering banking services to crypto companies or asking them questions.