Crypto VC Digital Currency Group Turns To New Banking Partners After SVB Financial Debacle
-
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.
-
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
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
This article Crypto VC Digital Currency Group Turns To New Banking Partners After SVB Financial Debacle originally appeared on Benzinga.com
.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
