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Asia the Likely Winner as US Banks Collapse

Signature, Silvergate and Silicon have collapsed, shaming the US banking scene. But can Asia capitalise on the West's mess?

Image: Moustapha KEBE/ Unsplash

With the unexpected failure of three US banks on Monday, Marco Lim, chief executive officer of a cryptocurrency hedge fund, spent the day rushing to create accounts in Hong Kong.

One of the city's hedge funds, MaiCapital, kept funds at the defunct Signature Bank.

Lim, who is the managing partner of MaiCapital, has been in constant contact with the company's lenders, asking them to set up new accounts quickly.

Referring to Signature and Silvergate Capital, Lim said, "The two biggest crypto-friendly banks are gone. I've been through too many crises."

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