ZA Bank, one of the first regulated digital banks in Hong Kong, is now supporting stablecoins.
Stablecoins are digital assets tied to another asset. Typically, this means fiat currency like the US dollar or Euro, but they can also be tied to other assets like commodities. ZA Bank did not share information on which stablecoin issuers it would support.
ZA Bank, licensed by the Hong Kong Monetary Authority (HKMA) on March 27, 2019, has announced today the launch of dedicated banking services for stablecoin issuers.
The Fintech describes the new feature as a “significant leap” in its vision of “Banking for Web3.”
leap in ZA Bank’s “Banking for Web3” vision and signals a new era of financial innovation.
ZA Bank reports that it has now topped in USD 1 billion in transfers from Web3 clients. The bank claims to secure over 80% 2 of Virtual Asset Trading Platform (VATP) clients’ banking needs in Hong Kong.
ZA Bank states that it is the preferred bank for Web3 companies.
ZA Bank Alternate Chief Executive Devon Sin commented on the new service stating their commitment to stablecoin issuers represents their dedication to Web2.
“The past year has seen ZA Bank emerge as the unrivalled pioneer in Web3 banking. With our new dedicated client accounts, we are tackling the unique challenges of stablecoin issuers head-on, promoting the growth and stability of the Web3 economy.”