CoinDesk reports the willingness of banks to continue cooperation with crypto companies
In this, financial institutions may limit certain services for such firms
14.03.2023 - 11:30
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Crypto conglomerate Digital Currency Group (DCG) is trying to find new banking partners for portfolio companies following the collapse of Silicon Valley Bank (SVB), Signature Bank (SBNY), and Silvergate (SI), according to messages viewed by CoinDesk.
Santander (SAN), HSBC (HSBA), Deutsche Bank (DB), BankProv, Bridge Bank, Mercury, Multis and Series Financial are still willing to connect with crypto firms, according to the messages.
DCG's efforts come on the back of banking failures in the U.S., which left a lot of crypto firms and tech startups stranded and hunting for new banking partners.
DCG had also reached out to BlackRock (BK), JPMorgan (JPM) and Bank of America (BA), according to the list. DCG is the parent company of CoinDesk.
The messages note that banks may restrict some services for crypto firms, for instance, brokerage and money market services and the ability to wire money to third parties. Traditional banks may be willing to set up banking accounts for crypto firms, but would place restrictions based on the level of crypto exposure, according to the messages.
Western Alliance and Bridge Bank are still opening accounts for crypto firms, despite the fall in their share prices. DCG had also reached out to international banks including Revolut in the U.K., United Overseas Bank (UOB) in Singapore, and Bank Leumi in Israel.
A DCG representative will meet with Senate Banking Committee staff on Wednesday on the fallout from SVB, Signature and Silvergate.
CoinDesk has reached out to DCG, Santander, HSBC, Deutsche Bank, BankProv, Mercury, Multis, Series Financial, BlackRock, JPMorgan, Bank of America, Revolut, UOB, and Bank Leumi for comment.
This material is taken from the website https://www.coindesk.com.
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