{"id":622540,"date":"2023-03-27T13:49:29","date_gmt":"2023-03-27T18:49:29","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/27\/chinese-banks-seek-to-invest-in-crypto-web3-startups-amid-global-crisis\/"},"modified":"2023-03-27T13:49:29","modified_gmt":"2023-03-27T18:49:29","slug":"chinese-banks-seek-to-invest-in-crypto-web3-startups-amid-global-crisis","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/27\/chinese-banks-seek-to-invest-in-crypto-web3-startups-amid-global-crisis\/","title":{"rendered":"Chinese Banks Seek To Invest In Crypto & Web3 Startups Amid Global Crisis\u00a0"},"content":{"rendered":"
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The cryptocurrency market has seen a surge in popularity amidst the ongoing global banking crisis<\/a> and high inflation, leading banks in Mainland China to seek ways to invest in digital assets. Despite the ban on cryptocurrency trading and related businesses by the People\u2019s Bank of China in 2021, Mainland China<\/a> residents are finding unorthodox methods to access the Web3 industry and invest in the digital asset market.<\/p>\n

Usage of VPN and Fake Proof-of-Residence<\/strong>\u00a0<\/h2>\n

To access the Binance crypto trading platform, Mainland China residents are reportedly using VPN and fake proof-of-residence. This allows them to bypass China\u2019s strict regulations and participate in the cryptocurrency market. Additionally, Bitcoin prices have gained nearly 70 per cent year-to-date while the traditional stock market is either lagging in negative gains or minimal volatility.<\/p>\n

Hong Kong Arms of Chinese Banks Seek to Invest in Web3 Startups<\/strong><\/h2>\n

According to a report by Bloomberg, Hong Kong<\/a> arms of Bank of Communications Co., Bank of China Ltd., and Shanghai Pudong Development Bank have sought to invest in Web3 startups. The fall of three US regional banks has seen Asian investors migrate from American financial institutions to local firms.\u00a0<\/p>\n

Related: Here\u2019s Why US Banking Crisis Is The Best Marketing Campaign For Bitcoin In History \u2013 Coinpedia Fintech News<\/a><\/p>\n

The Hong Kong Monetary Authority (HKMA) has stated that it takes nearly three months for crypto-related businesses to open a corporate bank account in Hong Kong.<\/p>\n

Crypto Adoption in Hong Kong To Surge<\/strong><\/h2>\n

The entrance of the Chinese banking sector in Hong Kong could significantly bump crypto mainstream adoption in the region. This move could be a game-changer for the crypto industry in Hong Kong and beyond, as Chinese banks are known for their influence and investment power.\u00a0<\/p>\n

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\u201cIt would be great if local banks could start some trial program to support crypto firms and more professional service providers that understand our native environment,\u201d said Dominic Law, chief Metaverse officer of Neopets Metaverse, a game backed by Chinese firm NetDragon Websoft Holdings Ltd. \u201cThe business landscape would certainly be more welcoming and easier to support more startups to develop in this field.\u201d<\/p>\n<\/blockquote>\n<\/div>\n

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\n Sohrab Khawas<\/p>\n","protected":false},"excerpt":{"rendered":"

The cryptocurrency market has seen a surge in popularity amidst the ongoing global banking crisis and high inflation, leading banks in Mainland China to seek ways to invest in digital assets. Despite the ban on cryptocurrency trading and related businesses by the People\u2019s Bank of China in 2021, Mainland China residents are finding unorthodox methods<\/p>\n","protected":false},"author":1,"featured_media":622541,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[181,933],"tags":[],"class_list":{"0":"post-622540","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banks","8":"category-chinese"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/622540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=622540"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/622540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/622541"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=622540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=622540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=622540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}