The group has been controversial in the cryptocurrency sector since its stable currency USD Coin (USDC) lost its dollar peg due to the collapse of Silicon Valley Bank (SVB) on March 10. Now that the company has cleared its arrears and the USDC has regained its peg on the US dollar, the future looks promising for both the company and the industry.
In an interview with Cointelegraph at the LATRO Summit in Hong Kong, Raagulan Pathy, Group VP for Asia-Pacific, said that the company will focus on recent events and have “more reliance on companies globally”.
“We don’t have any support plans to move right now. We have a very strong support system. We’ve spent a lot of time being transparent about it and setting it up.”
Following SBV’s bankruptcy, the Group quickly announced a new partnership with Cross River Trust and an expansion of its ties to BNY Mellon. According to Pathy, the Group now owns 80% of its reserves and treasury.
“Ultimately, we would like to keep all our money with H as well and use it in H’s payment channels, because it moves us away from our reliance on traditional financial partners.”
Pathy said the company has no plans to relocate its headquarters, which is currently in the US, calling the US regulatory landscape “very fluid”.
However, he commented on regulatory regimes in other countries such as Singapore, which he praised as “measured access to regulation”. According to Pathy, the country has a “gradual” approach to cryptocurrency.
Pathy also highlighted its signature presence in Singapore and its recent acquisition in Taiwan.
“In general, as a company, we are in the process of globalization. We are looking for the possibility of having more staff in countries where we see a favorable environment.”
Companies in the sector are increasingly targeting Singapore as a crypto-friendly destination in terms of regulation and innovation. On the other hand, the United States has been disrupted in the cryptocurrency sector.
Recently, one commentator called the actions of US regulators a “surgical removal” of cryptocurrency. Many in the industry believe that the US’s strict regulatory policies in the crypto industry are creating a vacuum for other countries to jump in to nurture a more “lively” landscape.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here is not intended to be used as financial advice or investment recommendations. All investment and commercial moves involve risks and it is the responsibility of each person to do their own research before making an investment decision.
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