Hong Kong is one of the financial centers of the world. Numerous banks have set up shop in the region, as have cryptocurrency firms. A new trend is emerging where crypto firms are leasing space in buildings. To date, banks cannot follow this pace due to financial constraints.
Cryptocurrency in Hong Kong
Numerous prestigious office spaces can be found throughout Hong Kong. As is usually the case with prominent locations, the price to recent is quite steep. For banks, affording these costs has become a growing problem. Cryptocurrency firms, on the other hand, are doing things differently. They see a lot of merit in leasing space in this country at an accelerating pace.
BitMEX and Diginex are leading the pack. They follow other companies who are all eyeing a foothold in Hong Kong and the rest of Asia. Major banks, such as BNP Paribas and Goldman Sachs, continue to look for cheaper office space options. It is a remarkable trend which shows how cryptocurrency firms are thriving as of late.
The leasing of space in top-tier office buildings will help attract new talent. The blockchain industry continues to grow. New job openings will need to be filed in a swift manner. Finding the necessary talent can be challenging, even in regions such as Hong Kong. With the industry growing as a whole, the future looks bright for blockchain and cryptocurrency.
A Surprising Trend Throughout 2018
Most people will agree this trend in Hong Kong is peculiar. Cryptocurrencies have gone through an increasingly bearish year. Blockchain remains of keen interest, as more projects are being commercialized. Especially the rise of Ripple in Asia has not gone by unnoticed.
Cryptocurrency exchanges also note strong growth. The lower cryptocurrency prices tend to attract a lot of new investors and speculators. Binance has become the world’s leading exchange by cryptocurrency volume this year. There are also more stablecoins to provide additional liquidity for Bitcoin and altcoins.
How this situation will evolve, is difficult to predict. Crypto firms one-upping big banks will cause plenty of excitement among Bitcoin and altcoin holders. However, the increasing speed at which companies lease office space is not necessarily a future market indicator. Cryptocurrencies remain volatile and unpredictable, regardless of how well service providers are performing.
Do you see this trend continuing? Let us know in the comments below.
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