Santander, HSBC, Deutsche Bank, Others Still Willing to Serve Crypto Clients After Banking Failures, DCG Says
Santander, HSBC, Deutsche Bank, Others Still Willing to Serve Crypto Clients After Banking Failures, DCG Says
Major banks are still willing to work with crypto firms, though they may restrict services, according to messages from DCG viewed by CoinDesk.
Crypto conglomerate Digital Currency Group (DCG) is trying to find new banking partners for portfolio companies following the collapse of Silicon Valley Bank (SVB), Signature Bank (SBNY) and Silvergate Bank, according to a memo viewed by CoinDesk.
Santander (SAN), HSBC (HSBA), Deutsche Bank (DB), BankProv, Bridge Bank, Mercury, Multis and Series Financial are still willing to connect with crypto firms, according to the memo.
DCG's efforts come after recent bank failures in the U.S., which left a lot of crypto firms and tech startups stranded and hunting for new banking partners.
DCG had also reached out to BlackRock (BK), JPMorgan (JPM) and Bank of America (BA), according to the list included in the memo. DCG is the parent company of CoinDesk.
The memo notes that banks may restrict some services for crypto firms such as brokerage and money market services and the ability to wire money to third parties. Traditional banks may be willing to set up banking accounts for crypto firms but would place restrictions based on the level of crypto exposure, according to the messages.
Western Alliance and Bridge Bank are still opening accounts for crypto firms, despite the fall in their share prices. DCG had also reached out to international banks including Revolut in the U.K., United Overseas Bank (UOB) in Singapore and Bank Leumi in Israel.
A DCG representative will meet with Senate Banking Committee staff on Wednesday on the fallout from SVB, Signature and Silvergate, according to the memo.
CoinDesk has reached out to DCG, Santander, HSBC, Deutsche Bank, BankProv, Mercury, Multis, Series Financial, BlackRock, JPMorgan, Bank of America, Revolut, UOB and Bank Leumi for comment.