Cryptocurrencies
Singapore Gulf Bank to Raise Funds, Buy Stablecoin Payments Firm
- Bank’s offerings include crypto-related payments, settlements
- Company is also looking to buy a stablecoin payments business
This article is for subscribers only.
Singapore Gulf Bank is seeking to raise at least $50 million in a funding round and plans to acquire a stablecoin payments company next year, according to people with direct knowledge of the matter.
The startup bank, established by Singapore family office Whampoa Group and licensed in Bahrain since February, is in talks with a Middle East sovereign wealth fund and other investors to sell an equity stake of less than 10% by early 2025, the people said, asking not to be identified as the matter is private.