- Singapore Gulf Bank plans to raise at least $50 million by early 2025 to acquire a stablecoin payments firm, Bloomberg reports.
- The move highlights how traditional players seem to be increasingly embracing the digital asset class.
- Expectations of a more pro-crypto regulation in the US under President-elect Donald Trump fuel hopes of similar deals ahead.
Singapore Gulf Bank plans to raise at least $50 million to acquire a stablecoin payments company by early 2025. A Bloomberg report on Monday disclosed that the bank is planning to acquire a stablecoin firm, though it did not reveal its name. Funds raised will be used for product development, expanding the payment network and hiring more staff.
Negotiations are underway with a Middle Eastern sovereign wealth fund and other investors regarding selling a minority equity stake under 10%. The deal should close by Q1 2025.
Singapore Gulf Bank, established in February this year by Whampoa Group, is licensed in Bahrain. The firm integrates traditional finance and cryptocurrency services on one platform and aims to launch its offerings to customers by year-end. Bahrain Mumtalakat Holding Co and Whampoa Group back the startup.
Major financial institutions embrace cryptocurrency
Financial institutions are increasingly adopting cryptocurrency as it becomes a key part of the global economy. Goldman Sachs and Morgan Stanley now provide cryptocurrency-related services, indicating a notable shift towards digital asset integration.
Goldman Sachs restarted its crypto trading desk in 2021, allowing Bitcoin futures trading and offering institutional clients access to Ethereum funds. Morgan Stanley has expanded its offerings, enabling wealth management clients to invest in Bitcoin-related funds.
USAA, a bank for United States (US) military families, has partnered with Coinbase to enable users to manage crypto investments with traditional banking services. Additionally, Revolut, a digital bank with a global presence, has incorporated cryptocurrency trading, allowing customers to buy and sell Bitcoin directly through its banking app.
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