The rise in crypto assets has led traditional banks to enter the market in the United States and throughout the world. In response to that, more and more companies are promoting their tokens and offering them to clients. This trend has been quite active in many Asian countries and Singapore is not an expectation in this regard too.
Cryptocurrencies are digital assets traded on the platforms and are created with the help of blockchain technology, which makes the whole industry separated from the central authority. Fiat currencies are backed by central banks who are responsible for ensuring that the currencies maintain their declared value. This assurance enables us to execute business transactions ranging from the purchase of a cup of coffee to the purchase of a new home. Bitcoin and other cryptocurrencies do not have such supporters.
Old meets new
In April Sygnum Bank, the world’s first digital asset bank with offices in Switzerland and Singapore conducted a survey.