And while the recent regulatory issues have created a bump in that road, Exos has said that those plans will still come.Īnother bank is the FV Bank, which is also willing to provide these services. The bank previously held ambitions to create a stablecoin and support retail crypto trading. Exos FinancialĮxos Financial is a Las Vegas-based bank. And with Tassat, it also provides real-time payment capabilities. It has a digital assets and blockchain team that serves crypto-based clients. Western Alliance Bancorp is a Phoenix-based bank. According to Cross River spokesperson Josh Viasto, it is only looking to associate with “blue chip customers who are integral to the fin-tech ecosystem.” Western Alliance However, this bank is very selective about its clients. It offers real-time money movement but limits the transfer to $1 million per transaction. Known for its ties with fintech firms, this institution has provided banking services to the likes of Circle and Coinbase. Cross River BankĬross River Bank is a New-Jersey Based firm located in Fort Lee. Transfer of US dollars is possible through this bank. That platform caters to exchanges, trading firms, and institutional investors. It has launched a real-time platform that is similar to Signature’s Signal. This bank has been serving crypto-centric customers since 2021. Here is the list of Banks in America that are still receptive toward crypto firms as clients: Customer BancorpĬustomer Bancorp is a Pennsylvania bank headed by CEO Jay Sindhu. And the recent receptiveness of regional banks towards crypto means the arrival of a new, flexible system that even those limited to TradFi will appreciate. However, the future of economic development lies in ensuring that crypto and traditional finance stay together. And many who are, still avert their eyes due to apprehension. Many traditional banks aren’t up to date with the crypto developments. It has always been hard for crypto exchanges to find banking partners. New Crypto Banking System Involves Opening Accounts in Low-Tier Banks Rather than Going After Big Ones And thanks to that, we have a list of banks that are ready to receive crypto-centric clients. Bloomberg got information from a dozen of industry participants. This new, low-key, and fragmented approach is becoming preferable as the new banking system of crypto. However, the latter two are still largely selective about which crypto firm they choose as their client. It, along with many Swiss and Asian Banks, has become a favorite of many customers. The US is seeing many crypto firms going to regional lenders, such as Pennsylvania lender Bancorp Inc. Crypto Firms Turning to Regional Lenders for Opening Bank Accounts That resulted in traditional US banks becoming weary of the crypto industry, with many refusing to hold their deposits and process wire transfer.Īmidst this, two main banks – California-based Silvergate and New York-based Signature, became a go-to for crypto exchanges to process transactions.īut after these banks got close to being dissolved earlier this year, crypto firms started to scramble for better alternatives. The crypto winter revealed many major players in the space, and many were proven to be fraudulent – such as FTX. People consider 2022 to be a revelation in the crypto space. Regulatory Scrutiny Turned Banks Against Crypto Amidst this requirement, a few banks have arrived, heralding a new crypto banking system that is: However, crypto firms do need the aid of some traditional banks for their bank accounts. That led people to focus their attention back on cryptocurrencies, which in turn, resulted in Bitcoin climbing above the $20k mark. Join Our Telegram channel to stay up to date on breaking news coverageĢ023 has seen the downfall of major banking institutions such as Silvergate Capital Corp and Signature Bank.
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