- Crypto conglomerate Digital Currency Group (DCG) is hunting for new banking partners for portfolio companies following the collapse of SVB Financial Group (NASDAQ:SIVB), Silicon Valley Bank, Signature Bank (NASDAQ:SBNY), and Silvergate Capital Corp (NYSE:SI).
- Santander, HSBC Holdings, Plc (NYSE:HSBC), Deutsche Bank AG (NYSE: DB), BankProv, Bridge Bank, Mercury, Multis, and Series Financial are still keen to connect with crypto firms, CoinDesk reports citing relevant messages.
- The banking collapses in the U.S. left a lot of crypto firms and tech startups pursuing new banking partners.
- Also Read: SVB Collapse Could Materially Impact Coinbase's Revenue, Profitability Considering USDC's Criticality To Coinbase, Analyst Says
- DCG had also reached out to BlackRock, Inc (NYSE:BLK), JP Morgan Chase & Co (NYSE:JPM), and Bank Of America Corp (NYSE:BAC).
- The 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 agree to set up banking accounts for crypto firms subject to restrictions based on crypto exposure.
- Despite the industry meltdown, Western Alliance and Bridge Bank are still opening accounts for crypto firms.
- DCG has also contacted international banks, including Revolut in the U.K., United Overseas Bank (UOB) in Singapore, and Bank Leumi in Israel.
- On Wednesday, a DCG representative will meet with Senate Banking Committee staff on the fallout from SVB, Signature, and Silvergate.
- Image by jenniferfgallagher from Pixabay
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