The crypto industry has lost three important banking partners with the collapse of Silicon Valley Bank, Signature Bank and Silvergate Bank. Yet major banks are still willing to partner with crypto companies. Also, the Digital Currecy Group (DCG) is looking for new banking partners for its various companies within the industry, CoinDesk, a subsidiary of DCG, reports.
Major crypto banks
The banks that still want to offer crypto services to customers are not small names from the traditional financial industry. These include Santander, HSBC, Deutsche Bank, BankProv, Bridge Bank, Mercury, Multis and Series Financial.
According to CoinDesk information, Digital Currency Group has also reached out to BlackRock, JPMorgan Chase, and Bank of America. It is currently unclear whether those parties are also interested in working with companies from the crypto industry.
Western Alliance and Bridge Bank are still opening accounts for crypto companies, despite their share prices falling sharply. DCG has also attempted to contact Revolut in the UK, United Overseas Bank in Singapore and Bank Leumi in Israel. In that regard, there are still plenty of options left for bitcoin (BTC) companies.
Banking with restrictions
The messages from Digital Currency Group also show that crypto companies often bank with a lot of restrictions. For example, on the amount of exposure that these parties have on crypto.
On Wednesday, a representative of Digital Currency Group has another meeting scheduled with the Senate Banking Committee about the collapse of Silicon Valley bank, Signature Bank and Silvergate Bank.
All in all, it is clear that the last word has not yet been spoken on this. Meanwhile, the bitcoin price continues to benefit from the misery at US banks. At the time of writing, the BTC price even breaks the $26,000 mark.