Following the fall of crypto fund Three Arrows Capital and cryptocurrencies Luna and TerraUSD this year, it has been revealed that cryptocurrency investors in Southeast Asia’s financial centre have seen the worth of their assets decline.
On Wednesday, Blockchain.com, a cryptocurrency exchange funded by Lightspeed Venture Partners and others said it had been granted permission by the Monetary Authority of Singapore to provide payment services in the country.
The bitcoin exchange firm Coinbase had announced the same thing the day before. From the approximately 180 businesses that have sought a crypto payments licence in Singapore since 2020, this takes the total number of approved crypto companies to 18.
In a statement, Blockchain.com, which was worth $14 billion in March, stated that it sees Singapore as a favourable place to expand its institutional clients and workforce. It claims to have 84 million wallet holders from 200 countries and that half of its revenue originates from institutional customers.
The value of cryptocurrency assets held by people in the financial centre of Southeast Asia has dropped this year due to the failure of the crypto fund Three Arrows Capital and the coins Luna and TerraUSD.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.