As the world of cryptocurrencies continues to grow and evolve, many traditional banks are grappling with navigating this emerging industry. While some banks have hesitated to work with crypto firms, others are still willing to partner with them, albeit with some restrictions.
One such crypto conglomerate, Digital Currency Group (DCG), is searching for new banking partners for its portfolio companies. Unfortunately, that is the result of Silicon Valley Bank (SVB), Signature Bank (SBNY), and Silvergate (SI) collapsing. However, despite this setback, several major banks are still open to connecting with crypto firms, albeit with some caveats.
Among the banks that are still willing to work with crypto firms are Santander (SAN), HSBC (HSBA), Deutsche Bank (DB), BankProv, Bridge Bank, Mercury, Multis, and Series Financial.
While these banks may restrict certain services for crypto firms, such as brokerage and money market services and the ability to wire money to third parties, they are still open to setting up bank accounts.
Of course, these traditional banks may place restrictions based on a firm’s crypto exposure level. So while they may be open to working with crypto companies, they may not be as willing to offer them the same services as they would to more traditional clients.
It’s worth noting that some overseas institutions, such as Bank Leumi, United Overseas Bank, and Revolut, have yet to take a firm stance.
That leaves the door open for potential partnerships in the future, but it remains to be seen how these banks will ultimately choose to approach the crypto industry.
Crypto firms may face various challenges when working with traditional banks. However, the fact that many banks are still willing to work with them is a positive sign for the industry.
As cryptocurrencies continue to gain in popularity and become more mainstream, we’ll likely see more banks and financial institutions looking to get involved in this burgeoning market.
In the meantime, crypto firms must be prepared to navigate the challenges and restrictions of working with traditional banks.
However, with the right partners and a willingness to adapt to changing circumstances, these companies can continue to thrive and grow in this exciting and rapidly-evolving industry.
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