Crypto conglomerate Digital Currency Group (DCG) is trying to find new banking partners for its holding company following the collapse of Silicon Valley Bank (SVB), Signature Bank (SBNY) and Silvergate (SI), as information viewed by CoinDesk. Santander (SAN), HSBC (HSBA), Deutsche Bank (DB), BankProv, Bridge Bank, Mercury, Multis and Series Financial are still ready to join the crypto industry, according to posts.
DCG’s efforts follow the banking collapse in the United States, which left many crypto and technology startups looking for new banking partners. Consensus 2023 logo
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Crypto conglomerate Digital Currency Group (DCG) is trying to find new banking partners for its holding company following the collapse of Silicon Valley Bank (SVB), Signature Bank (SBNY) and Silvergate (SI), as information found by CoinDesk. Santander (SAN), HSBC (HSBA), Deutsche Bank (DB), BankProv, Bridge Bank, Mercury, Multis and Series Financial are still ready to join the crypto industry, according to posts.
DCG’s efforts follow the banking collapse in the United States, which left many crypto and technology startups looking for new banking partners. Advertising
DCG has contacted BlackRock ( BK ), JPMorgan ( JPM ) and Bank of America ( BA ), according to the listing. DCG is the parent company of CoinDesk. The letters state that banks may restrict certain services for crypto transactions, for example, trading in stock markets and the ability to transfer money to others.
Traditional banks may be willing to set up bank accounts for crypto transactions, but they will impose restrictions based on the level of crypto exposure, according to the newspaper. Western Alliance and Bridge Bank are still opening accounts for crypto companies, despite falling stock prices.
DCG has contacted international banks, including Revolut in the UK, United Overseas Bank (UOB) in Singapore and Bank Leumi in Israel. A representative of DCG will meet with the Senate Banking Committee on the damages from SVB, Signature and Silvergate on Wednesday.
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.
