Hong Kong Crypto Firms Found Potential Support From Chinese Bank Branches
According to Bloomberg News, people familiar with the matter say that the Hong Kong branches of the Bank of Communications of China, Bank of China, and Shanghai Pudong Development Bank may have started offering banking services goods to local crypto companies or doing field investigations. At least once, a sales representative of a Chinese bank visited a crypto company’s office to showcase their services.
Despite the fact that trading in cryptocurrencies has been prohibited on the Chinese mainland for well over a year, Chinese banks have been directly contacting cryptocurrency businesses over the past few months. This indicates that Beijing supports the city’s efforts to become a major digital asset hub. The lenders are filling a hole left by the failure of American tech banks Silicon Valley Bank, Silvergate Capital, and Signature Bank, which makes it a good time as well. Bank of China, Bank of Communications, and Shanghai Pudong Bank did not respond to requests for comment at press time.
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