Hong Kong-based ZA Bank is offering a warm welcome to web3 startups as the collapse of Signature Bank and Silvergate sent crypto companies scrambling. The online bank announced that it is now allowed to serve as the settlement bank for regulated web3 companies in the city at Hong Kong’s web3 festival. This event is backed by the region’s government and has attracted crypto startups and institutions from all over Asia.
ZA Bank is set to facilitate crypto-fiat conversions in collaboration with two licensed exchanges in Hong Kong, HashKey and OSL, where customers can swap crypto into fiat currencies. The crypto-fiat conversion will take place over the regulated exchanges rather than ZA Bank directly. The online bank is likely to settle transactions for more crypto exchanges as more companies apply to obtain digital asset permits from Hong Kong authorities.
This move is significant for web3 startups that have been seeking a reliable settlement bank after Signature Bank and Silvergate collapsed, causing panic among crypto companies. ZA Bank’s announcement provides hope for the future of crypto in Hong Kong and Asia, as well as the global crypto community.
