![]() ![]() Perhaps, once the Australian government passes laws that would make the country more accepting of digital assets, Westpac will become one of the first banks to offer cryptocurrency services. For now, though, Westpac remains silent about its approach to cryptocurrency. Letting clients link their accounts to Coinbase would be a reasonable first step in Westpac’s crypto strategy. The fact that Westpac has its stake in Coinbase indicates that the bank possesses all essential resources for deploying its own cryptocurrency infrastructure. Coinbase is a platform which lands in the top three crypto exchanges worldwide. On the other hand, Westpac’s venture capital fund called Reinventure became one of the key investors in Coinbase during its early funding rounds. On the one hand, there were reports of the bank refusing to process transactions of clients trading cryptocurrency. The bank’s relationship with cryptocurrency is quite difficult. Westpac is one of the “big four” banks of Australia, and it has millions of clients around the country. Australian merchants can use NOWPayments’ services as a way to accept crypto while avoiding banks.Some banks, including ANZ and Bendigo, are less welcoming of crypto traders.There are more and more crypto-friendly banks in Australia.If you live in Australia and consider buying or selling Bitcoin using the local banks, this article can give you great insight. Some Australian banks welcome crypto investors, while others ban their accounts. Australia is a country that is currently experiencing a complex situation in terms of its banking institutions’ perspectives on crypto. Additionally, National banks of certain countries view cryptocurrencies as a means for money-laundering and impose regulations which prevent retail banks from servicing crypto traders in a proper way. Many banks still list information about the risks of getting into crypto on their websites. Meanwhile, William Fung, a former UBS debt syndicate banker, joined Hong Kong-based financial firm AMTD as a fund manager in March.Traditional banking institutions were among the first critics of blockchain and the concept of cryptocurrencies. Jooris will head Pictet Group's private banking arm in Singapore effective from July 11, the Swiss firm said in a statement on Wednesday. There is also widespread speculation in the market that more investment banks will probably be forced to deepen their cost cuts and reallocate resources to growth markets such as Chinese domestic markets.Īmid these tougher conditions, a handful of senior bankers are switching their focus from deal-making to capital management.ĭominique Jooris left Goldman Sachs in April, where he was the Hong Kong-based head of credit capital markets for Asia ex-Japan. In April, Nomura cut around 30 jobs in its Asia ex-Japan equities business as the Japanese bank scaled back its overseas operations after years of losses.īarclays pulled out of the Asian cash equities business in January while Standard Chartered decided last year to shut down its loss-making global equities businesses, resulting in about 200 job cuts. Macquarie has 3,599 employees in Asia who generated income of A$1.3 billion ($950 million) for the infrastructure fund and investment bank in the year to March 31, according to its latest presentation to investors.īut it is not alone in seeking to trim costs in Asia as it tries to weather a slump in trading and deal-making. One of the people familiar with the matter said the job cuts at Macquarie form part of a broader initiative to trim costs as tougher competition crimps revenues.
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