Representatives of over 20 largest players in the cryptanalysis market were to meet secretly in Singapore in January to discuss how they can help build a global financial architecture for digital assets. Bloomberg reported on April 25th.

The meeting was allegedly hosted by Standard Chartered Hoe Lon Leng and was attended by representatives of the Galaxy Digital cryptobank, Coinbase, and Binance, the largest stock exchange.

Bloomberg argues that this meeting resulted in an agreement to set up a crypto clearing clearing house that would reduce trading costs while increasing daily cryptoment trading. The Liqudity Offset Network could be regulated by the Singapore Monetary Authority at the beginning of July.

“We see this as an opportunity to get the cryptanal market into shape to absorb the input of traditional financial firms. We are witnessing the emergence of a new class of assets, ”said Simon Nursey, co-founder of CORA Network, an expert on financial derivatives.

During the meeting, priority was given to over-the-counter contracts, where trading is not under the auspices of the official institution, but only between the parties involved (the OTC market). According to Nursey, this project could help to encourage other banks and institutional investors to start exploring the possibility of investing in cryptocurrencies .

However, the former head of Credit Suisse noted Eoin O’Shea that cryptocurrencies still have a very bad name for well-documented fraud cases and their image will need to be improved if large institutions are to invest in them and become part of mainstream.

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