Crypto Banking System Launching As Coinbase & Binance Crackdown
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Major banks like Silvergate Capital Corp and Signature Bank fell in 2023. This made people look at cryptocurrencies again. As a result, Bitcoin went above $20k.
Crypto companies still need traditional banks for their accounts. But some banks have come forward to offer a new system for crypto banking.
Regulators' Delve Turned Banks From Crypto
2022 could bring significant changes to the crypto world. In the past, some big names turned out to be scams during the crypto winter - like FTX. As a result, some US banks don't trust the industry and don't want to process transactions or take deposits.
In the middle of all this, two important banks, Silvergate in California and Signature in New York, are popular options for processing crypto transactions.
Earlier this year, some banks were about to close down. Crypto companies then started to look for other options.
Crypto Companies Seek Regional Banks For Account Opening
Many crypto companies in the US are using local banks like Bancorp Inc. to open their accounts. Swiss and Asian banks are also popular with customers, but they are more choosy about which companies they work with.
The crypto banking system is changing to a new, low-key style. Many people in the industry told Bloomberg this. Now we know some banks that want crypto clients.
Open Accounts In Small Banks For New Cryptocurrency Banking System
Crypto exchanges struggle to find banking partners. Traditional banks don't keep up with crypto. Even those who do, worry and avoid it.
The economy needs crypto and traditional finance to work together. Regional banks are becoming more open to crypto. This means a new system that everyone can use will arrive. It will be flexible and helpful even for those who only use traditional finance.
These are the Banks in America that welcome crypto firms as clients: 1. Signature Bank 2. Silvergate 3. Metropolitan Commercial Bank 4. Provident Bank 5. Quontic Bank 6. Cross River Bank If you're a crypto firm, you might want to consider these Banks.
The CEO of Customer Bancorp is Jay Sindhu. From 2021, the bank has been helping customers focused on cryptocurrency. They made a new platform like Signal called Signal. The platform assists trading firms, exchanges, and investors. People can transfer US dollars using this bank in real-time.
Cross River Bank is in Fort Lee, New Jersey. They are connected with fintech companies like Circle and Coinbase. They offer banking services and can move money in real-time. However, they only allow transfers up to $1 million per transaction.
This bank is picky with clients. It only wants blue chip customers important to fin-tech. A spokesperson named Josh Viasto said this.
Western Alliance Bancorp is a bank in Phoenix. They have a team for crypto clients. This team handles digital assets and blockchain. They also have real-time payment features with Tassat.
Exos Financial is a bank located in Las Vegas. Its customer is Binance.US. The bank wanted to make a stablecoin and back retail crypto trading. There are a few bumps in the road due to regulations. However, Exos said they will still go ahead with their plans.
There is another bank, FV Bank, that is ready to offer these services.
Crypto firms are being accepted as clients by banks in Asia. The leaders in this move are the banks.
Several banks and payment service providers are reaching out to crypto firms and institutions. These include BCB Group, Bank Frick and Co, SEBA Bank AG, Signum Bank, and Clear Junction.
There are benefits to this new crypto banking system that's not widely promoted. Newer banks are open to new ideas. Plus, customers can connect with crypto companies.
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Patrick loves Fintech, crypto, and NFTs. He worked in finance for years and writes beginner-friendly tutorials. He's a good researcher and journalist too. Patrick is the expert when it comes to the newest in finance, FinTech, and Blockchain.
