Crypto Banking Update November 2024
Oxido Solutions views the growing adoption of cryptocurrency by banks as a key signal for the future of the industry. While banks were initially hesitant about crypto, we have recently seen a rapid shift. Here’s a summary of the latest important developments in crypto banking:
🇨🇭 Haven1 & Sygnum Bank
Haven1 has partnered with Sygnum Bank as a network validator, bringing regulatory-grade security to DeFi. Sygnum’s role enhances trust, addressing DeFi’s ongoing security challenges.
🇸🇬 Paxos & DBS Bank
Paxos launched USDG, a dollar-backed stablecoin issued in Singapore and custodied by DBS Bank. With compliance and liquidity ensured, USDG is tailored for enterprise use, marking Paxos’ strong regulatory alignment in Singapore.
🇬🇪 Bybit VASP Registration
Bybit achieved VASP status in Georgia, reinforcing its commitment to compliance and regulatory growth. Bybit’s move supports Georgia’s digital transformation and promotes secure crypto trading in the region.
🇧🇭 Singapore Gulf Bank
Bahrain-backed Singapore Gulf Bank introduces digital asset custody and trading, aiming to bridge Asian and MENA markets. Bahrain’s government highlights this as part of its strategy to boost digital finance in the region.
🇩🇪 Deutsche Telekom & Bankhaus Metzler
Using renewable energy, these institutions are piloting Bitcoin mining to stabilize Germany’s grid, reflecting rising interest in environmentally responsible blockchain solutions.
🇬🇧 OKX & Standard Chartered
OKX has partnered with Standard Chartered for crypto custody solutions, strengthening the assurance and maturity of crypto offerings for institutional clients.
🇭🇰 ZA Bank’s Crypto Pilot
Hong Kong’s ZA Bank is piloting crypto trading services. With 75% of Hong Kong’s retail investors expressing interest, ZA Bank’s initiative aligns with the region’s vision for a regulated digital finance environment.
🇦🇪 UAE’s Dirham-Backed Stablecoin
The UAE’s Central Bank has approved AE Coin, a Dirham-backed stablecoin aimed at advancing digital finance. With full reserve backing, AE Coin strengthens UAE’s position as an innovator in digital payment solutions.
🇹🇼 Taiwan’s Crypto Custody Pilot
Taiwan’s Financial Supervisory Commission plans a 2025 pilot for crypto custody with local banks, supporting digital asset adoption under AML protocols.
Stay tuned for Oxido Solutions’ next Crypto Banking Update for more insights into the evolving world of crypto finance.
