OSL says it is in advanced conversations with local financial services firms still eager to experiment with Web3 technologies.
OSL, which counts Singapore’s DBS Bank and Britain’s Standard Chartered as clients, has two main revenue streams: a markets business providing investment banking-style crypto services to institutional and wealthy investors; and a software-as-a-service business that connects legacy banking technology to blockchain networks.
While he had no knowledge of FTX’s financials or any inkling that it could collapse, Mr Trench said it was obvious the firm was “smart on technology” but had not prioritised governance or risk management. “We’ve proactively opted in to this painful regime … at the cost of revenues, to go early and provide this level of safety and security.”
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