By Zachary Stone
Following the closure of Silicon Valley Bank, Silvergate, and Signature Bank, Crypto conglomerate Digital Currency Group (DCG) is looking for new banking partners to do business with, a report by CoinDesk says. This has become necessary since the closure of the three crypto-friendly banks left many crypto startups stranded.
Major ccrypto companies like Coinbase, Paxos, and even Ripple had exposure to these banks. Okcoin, a top crypto exchange has halted USD deposit and trading of USD pairs until further notice because it is unable to process USD transactions due to Signature Bank closure.
Top Banks Still Interested in Crypto Firms
Luckily, there are top banks that are interested in working with crypto firms, giving DCG hope of staying in business. The banks include Santander (SAN), HSBC (HSBA), Deutsche Bank (DB), BankProv, Bridge Bank, Mercury, Multis, and Series Financial.
Other major banks like Western Alliance and Bridge Bank still welcome crypto firms. They are still open to creating accounts for crypto firms despite the fall in their share prices as a result of the turbulence experienced in the last few days of bank closures.
Meanwhile, DCG representatives are scheduled to meet with Senate Banking Committee to discuss the bank collapses on 15 March.
Banks May Restrict Services to Crypto Firms
Banks are still willing to work with crypto firms, but there’s a catch – there may be restrictions on some services. For example, brokerage and money market services and wire transfers to third parties may be restricted based on the level of crypto exposure.