Setting Up Shop in Singapore
Anchorage Digital’s co-founder and president, Diogo Mónica, sees a huge opportunity for institutional investors in Asia, specifically in Singapore. The city has established itself as a welcoming hub for crypto companies, thanks to its strong regulatory environment. Speaking to Cointelegraph, Mónica highlighted how they’re diving into the Asian market, stating, “It’s about being in a regime that’s friendly towards crypto and that businesses want to do business in.” So, buckle up, folks! Crypto is about to get interesting in Asia.
Why Singapore?
It’s not just a random choice. Anchorage is applying for the necessary permissions with the Monetary Authority of Singapore. Mónica explained, “We’re institutional-only, institutions are going to Singapore, so we’re following suit.” Essentially, if the crypto crowd is heading to a party, Anchorage wants to be on the VIP list. Talk about a strategic move!
Opportunities across Asia
But Singapore isn’t the only area of focus. Mónica sees tons of potential in Thailand, Indonesia, Japan, and South Korea as well. He mentioned that while Singapore is the starting point, they will likely need a local presence in these countries to tap into their markets effectively. It seems it’s not just about opening a new office; it’s about knowing your neighbors.
Shifting Mindsets in Crypto Investments
Interestingly, Mónica observed a major shift in how Asian institutional investors are approaching crypto investments. Following the turmoil in the Terra ecosystem, safety has become top-of-mind. He noted, “I now have conversations about bankruptcy… but a year ago, nobody was asking about that.” It’s a rollercoaster ride of investment philosophies, where security has now taken center stage after a wild ride during the bull market.
Building Relationships in a Bear Market
With current challenging market conditions, Mónica believes it’s the perfect time to establish trust with regulators and clients alike. He stated, “You’re seen as the leader, and you’re seen as the people that expanded and have conviction, even during the bear market.” So yes, while everyone else is playing hide-and-seek with funds, Anchorage is planting roots for the future.
The Look Ahead
What’s next for Anchorage? Mónica hinted that we can expect announcements involving some significant traditional firms taking the plunge into crypto as they leverage Anchorage’s technology. Add to that a focus on stablecoins and infrastructure, and it sounds like Anchorage is gearing up to be a big player in the evolving crypto landscape.
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