ZA Bank becomes settlement bank for regulated web3 companies in Hong Kong

April 13, 2023

, By Editorial Team

ZA Bank becomes settlement bank for regulated web3 companies in Hong Kong

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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.

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ZA Bank becomes settlement bank for regulated web3 companies in Hong Kong

April 13, 2023

, By Editorial Team

ZA Bank becomes settlement bank for regulated web3 companies in Hong Kong

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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News

OpenAI unveils “Consistency Models” with potential to revolutionize AI-generated imagery

Next News

Google released the first of four public beta releases of Android 14

StartupNews.fyi is a leading global startup and technology media platform known for its end-to-end coverage of the startup ecosystem across India and key international markets. Launched with the vision of becoming a single gateway for founders, investors, and ecosystem enablers, StartupNews.fyi has grown steadily over the years by publishing tens of thousands of verified news stories, insights, and ecosystem updates, reaching millions of startup enthusiasts every month through its digital platforms and communities.

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