As a seasoned analyst with extensive experience in the crypto and banking sectors, I find the recent developments at Singapore Gulf Bank intriguing. The bank’s strategic move to raise funds by selling equity stake seems like a shrewd business decision, given the current bullish market trends in both traditional finance and cryptocurrencies.
It’s reported that the digital bank based in Singapore, known for its support of cryptocurrencies, may be seeking investment funds totaling at least $50 million. This move is allegedly aimed at purchasing a company specializing in stablecoin transactions by 2025.
According to reports from Bloomberg on November 25th, Singapore Gulf Bank is considering selling a 10% share of its ownership by early 2025 in order to accumulate funds for a potential purchase. This information comes from unnamed sources who claim to have firsthand knowledge about the situation.
As a researcher, I’ve uncovered that the institution I’m studying is managed by the Whampoa Group, a prestigious family office headquartered in Singapore. Notably, they’ve just received approval for an operational license in Bahrain.
Singapore Gulf Bank has yet to provide a response to CryptoMoon’s query, either affirming or disputing the disclosed information.
Giving up equity for business expansion
Based on anonymous reports, it appears that Singapore Gulf Bank could be negotiating with a Middle Eastern sovereign wealth fund, as well as additional investors, about selling some of their shares. These funds are intended to speed up product innovation, improve the bank’s payment infrastructure, and aid in recruiting top talent.
Moreover, the bank intends to acquire a company specializing in stablecoin payments, either in the Middle East or Europe, as early as Q1 2025, based on the latest reports.
At present, it’s these investors hailing from Bahrain, Dubai, and Abu Dhabi who show the highest level of engagement within the Web3 landscape across the Middle East region.
According to a Chainalysis report published in September, approximately 7.5% of all worldwide cryptocurrency transactions originated from the Middle East and North Africa (MENA) region.
Middle East’s contribution to global crypto adoption
As per the findings, approximately 93% of the transactions involved amounts equal to or exceeding $10,000. This figure significantly outweighed the minor 1.8% contribution made by small retail investors when considering total transaction volume within the area.
In this area, most on-chain transactions were facilitated by centralized exchange platforms. Yet, the report highlighted that both the United Arab Emirates and Saudi Arabia have shown significant enthusiasm towards decentralized networks.
Lately, the Central Bank of the United Arab Emirates has given its approval for a protective insurance product that safeguards financial entities and their customers against losses stemming from cyber attacks, internal corruption, and damage to data storage facilities.
Read More
- GBP EUR PREDICTION
- HBAR PREDICTION. HBAR cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- Rumoured The Elder Scrolls 4: Oblivion Remake Dev is Working on an “Unannounced Unreal Engine 5 Remake”
- CNY RUB PREDICTION
- ICP PREDICTION. ICP cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
- Gaming Colossus Tencent Added to US Blacklist, Accused of Ties to Chinese Military
- The DCU Is Better Off Without More Batman Movies for Awhile
- Wise Guy: David Chase Revisits The Sopranos in HBO Documentary Trailer
2024-11-25 12:49