Crypto companies withdraw to Swiss banks after the collapse of the industry
Crypto companies withdraw to Swiss banks after the collapse of the industry
Since the largest crypto support banks in the United States are crumbling from all the seams, industrial companies seem to withdraw to Switzerland as financial lifes.
cryptofocussed banks in the region report higher data traffic after Silvergate, Signature Bank and Silicon Valley Bank (SVB) have been effectively failed in the past two weeks.
where do crypto companies go?
The managing director of Seba Bank, Yves Longchamp, said Reuters by email that the bank published according to A Report Monday. Representatives of the banking of the bank in Singapore, Hong Kong, Abu Dhabi and Switzerland also found an increased interest of American customers.
"crypto company and other asset managers have already started on boarding process and many calls are planned for the next few weeks," wrote Longchamp.
Meanwhile, the Arab Bank of the country has been increasingly being interested in crypto venture capital companies since the beginning of March, as doubts about the finances of silvergate began to circulate .
The CFO of Arab Bank, Rani Jabban, said that 80 % of the potential customer growth came from former Silvergate customers. However, regulatory problems in the inclusion of US customers ultimately limit the bank to take over an estimated at most one or two other companies.
"I do not see any banks that also offer the structure that have offered the signature and silver gate with their internal blockchain processing around the clock," said Rani from Arab Bank.
Banks like Silvergate were a central lifeline for US crypto companies, including Coinbase, Bitstamp, Cryptocom and the now dissolved FTX. Some companies switched to signature to signature Liquidation last week, only so that the regulatory authorities take up the last few days later.
The January examination of the StableCoin emittent Circle reported that the bank kept part of its USDC reserves in Silvergate, Signature and SVB. Since then, the company has transferred All assets to the Bank of New York Melon.
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Certain leaders of the crypto industry and political decision-makers suspect that the sudden dirt of large crypters in the country is no coincidence, but a conscious attempt by the government to drive the industry away from its limits.
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