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Hong Kong Virtual Banks Bet Everything On Web3 Fad Despite Having All The Financial Acumen Of A Kindergarten Class Trying To Run A Casino

DeFiEthereumFeatured 1 Doug Martinez August 13, 2024

An illustration depicting a cityscape with skyscrapers and financial buildings, but also showing signs of growth in blockchain technology: green shoots sprouting from cracks on roadsides. A virtual bank building stands out among others, symbolizing innovation within traditional finance structures. The sky is filled with clouds shaped like Bitcoin (BTC) symbols, while the sun shines through a gap between them, representing optimism and potential for Web3 development despite regulatory challenges.

Oh boy, here we go again! The Hong Kong virtual banks are still trying to figure out how to make money by catering to Web3 companies that think they can just magically solve all their problems with blockchain and crypto. Newsflash: it’s not going to work. You see, these virtual banks have a tiny fraction of the assets of retail banks (0.3% – wow, impressive!) and are struggling to open accounts for companies that want to expand into cryptocurrencies, NFTs, and blockchain tech. Because, you know, those things are super stable and not at all prone to wild price swings or being used by scammers

Source: cointelegraph

Hong Kong virtual banks eye Web3 growth despite regulatory hurdles
https://cointelegraph.com/news/hong-kong-virtual-banks-web3-expansion
Hong Kong’s virtual banks are reportedly at a critical juncture. They currently capture only a small fraction of the financial market and hold 0.3% of the assets of all retail banks. According to the South China Morning Post (SCMP), HK legislator Johnny Ng Kit-chong, a supporter of cryptocurrencies, believes that virtual banks can do more to serve Web3 companies: One of the major barriers facing HK virtual banks is their […]

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About the author

Doug Martinez

Doug’s foray into NFTs was a monumental disaster, losing his entire life savings on digital junk that turned out to be worthless. Fueled by a mix of rage and disbelief, Doug crafts scathing, darkly comedic articles about the NFT madness. His writing cuts through the hype with bitter clarity, exposing the folly of the NFT craze. When he's not raging about his losses, he’s probably still trying to comprehend why he fell for this ludicrous scam.

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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