{"id":164833,"date":"2022-10-05T03:38:30","date_gmt":"2022-10-05T03:38:30","guid":{"rendered":"https:\/\/precoinnews.com\/?p=164833"},"modified":"2022-10-05T03:38:30","modified_gmt":"2022-10-05T03:38:30","slug":"anchorage-co-founder-sees-tons-of-opportunity-as-it-expands-into-asia","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/anchorage-co-founder-sees-tons-of-opportunity-as-it-expands-into-asia\/","title":{"rendered":"Anchorage co-founder sees 'tons of opportunity' as it expands into Asia"},"content":{"rendered":"

Anchorage Digital co-founder and president Diogo M\u00f3nica believe there is immense opportunity in Asia\u2019s institutional investors, with the digital asset infrastructure provider on Oct. 5 announcing a \u201cmajor expansion\u201d of its platform into the region.\u00a0<\/p>\n

Speaking to Cointelegraph, M\u00f3nica said the company chose Singapore as a \u201cjump point\u201d into the wider Asia market as the country has become a hub for crypto companies and has a strong regulatory environment. Anchorage is currently undertaking the application process with the Monetary Authority of Singapore (MAS), the city-state’s central bank. <\/p>\n

\u201cIt\u2019s about being in a regime that\u2019s friendly towards crypto and that businesses want to do business in. We\u2019re institutional only, institutions are going to Singapore, so we’re following suit.\u201d<\/p><\/blockquote>\n

However, M\u00f3nica said he sees \u201ctons of opportunity\u201d in the Thai, Indonesian, Japanese and South Korean crypto markets\u00a0as well, after speaking to regulators there, though he expects the company will need a more local presence.<\/p>\n

\u201cRight now our strategy is being regulated in Singapore as it\u2019s recognized by all the other regulators as a great location,\u201d M\u00f3nica says, adding other regulators in the region have \u201cvery strict, but very clear rules, which is amazing.\u201d<\/p>\n

Anchorage provides infrastructure for use by financial institutions to enable digital asset custody, exchange, staking and other Web3-related services.<\/p>\n

M\u00f3nica said however that Asian institutional investors have changed their tune on how they approached crypto investments after the wake of the Terra ecosystem collapse. <\/p>\n

He said it was rarer for Asia-based institutions to care about the security of the assets up until recently, with a tendency of focusing more on product features. However, in the wake of the collapse and the resulting sluggish crypto market, the focus has shifted to regulation, risk management and business continuity.<\/p>\n

\u201cI now have conversations about bankruptcy, and whether their assets are bankruptcy remote, and whether they’re on your balance sheet [\u2026] but a year ago, nobody’s asking me questions about bankruptcy. A year ago, everybody was asking me questions about DeFi and things like that.\u201d<\/p><\/blockquote>\n

M\u00f3nica says Anchorage already has a team in Singapore with clients from the region making up roughly 10% of its business. He sees that expanding to 25% over the next 12 to 18 months.<\/p>\n

He said the bear market is a good time to gain a foothold and build relationships with regulators as it demonstrates its ability to attract well-established clients who \u201care not just tourists to the space.\u201d<\/p>\n

\u201cYou’re seen as the leader, and you’re seen as the people that expanded and have conviction, even during the bear market.\u201d<\/p><\/blockquote>\n

Related: <\/em><\/strong>State Street: Institutional investors undeterred by crypto winter<\/em><\/strong><\/p>\n

The most popular use case for crypto that M\u00f3nica is witnessing in the region is cross-border remittances and borrowing and lending. He also mentioned mining is a common use case, not just for Bitcoin (BTC) but also companies running proof-of-stake validators.<\/p>\n

As for the future, he says announcements of \u201csome very large traditional firms\u201d using its technology to offer services themselves are on the horizon, along with a focus on stablecoins and the infrastructure component which will serve use cases for those assets.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Anchorage Digital co-founder and president Diogo M\u00f3nica<\/p>\n","protected":false},"author":3,"featured_media":164832,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nAnchorage co-founder sees 'tons of opportunity' as it expands into Asia - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/anchorage-co-founder-sees-tons-of-opportunity-as-it-expands-into-asia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Anchorage co-founder sees 'tons of opportunity' as it expands into Asia - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Anchorage Digital co-founder and president Diogo M\u00f3nica\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/anchorage-co-founder-sees-tons-of-opportunity-as-it-expands-into-asia\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-05T03:38:30+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/10\/Anchorage-co-founder-sees-x27tons-of-opportunityx27-as-it-expands-into-Asia.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/anchorage-co-founder-sees-tons-of-opportunity-as-it-expands-into-asia\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/anchorage-co-founder-sees-tons-of-opportunity-as-it-expands-into-asia\/\",\"name\":\"Anchorage co-founder sees 'tons of opportunity' as it expands into Asia - 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