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Cryptocurrencies Rise; Hong Kong Investment Firm Backs Crypto Bank

Investing.com
Cryptocurrencies rose on Tuesday morning in Asia
Cryptocurrencies rose on Tuesday morning in Asia

Investing.com – Cryptocurrencies rose on Tuesday morning in Asia with the most popular currencies up modestly even as a Hong Kong investment firm threw its support behind the idea of a cryptocurrency investment bank.

Bitcoin rose 1.11% to $6,667 at 01:41AM (05:41GMT) on the Bitifinex exchange while Ethereum climbed 2.41% to $232.51.

XRP edged up 0.06% to $0.48704 on the Poloniex exchange while Litecoin gained 3.02% to $59.675 on Bitifinex.

In a move that could help propel cryptocurrencies towards the mainstream, Hong Kong investment firm Summer Capital said it had backed Switzerland’s SEBA Crypto AG, which might be the first cryptocurrency investment bank, according to comments published in the local newspaper the South China Morning Post (SCMP). Summer Capital did not specify the amount of investment it made in SEBA. SEBA raised $100 million last month.

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SEBA expects to have a license approval from Swiss authorities in the second quarter of next year. If the approval is granted, SEBA could start providing services to the blockchain companies in Asia.

“We believe we could support SEBA’s plan to expand into Asia, a region where digital asset trading and blockchain projects have been flourishing,” said Jack Chung, Summer Capital’s spokesperson.

SEBA plans to focus on providing transaction banking, believing many blockchain-focused companies are not happy with current services.

“It has been tough for blockchain start-ups to grow their businesses as they are unable to access the traditional banking system. We are building infrastructure to allow companies to pay salaries in cryptocurrencies, and bridging the disconnect between fiat and cryptocurrency payment,” said Guido Buhler, SEBA chief executive, in comments to the SCMP.

Elsewhere, the troubled Latin America economy of Venezuela officially launched an oil-backed digital token known as El Petro, which is expected to be on sale from Nov. 5. The Petro is the first state-backed cryptocurrency supported by natural resources. The idea for the Petro was first floated in February.

Venezuelan citizens will be required to pay in Petro for new passports. A new passport costs 2 Petros, equivalent to roughly $115 and four times Venezuela’s monthly minimum wage.

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