SVB and Silvergate are out, but major banks are still backing crypto firms
Over the last week, the collapse of three of the largest banks backing the crypto scene — Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank — has many industry pundits wondering how United States-based crypto companies will fare after such losses.
While it has been said that there is “nobody left to bank crypto companies,” some in the crypto space have already highlighted the remaining options.
One Twitter user called out another after they said there is “basically no one left to bank crypto companies in the U.S.” by listing off some banks with crypto clients.
This is false. United Texas Bank, Western Alliance Bank, JP Morgan Chase, and Bank of New York Mellon all have crypto businesses as customers, and there are probably more. https://t.co/Q27bkzq2n8
Along with that rebuttal, various users began to compile lists of banks that still could be long-term options for smaller crypto operations. Although the situation surrounding banks, crypto and stablecoins is fragile, there remain mainstream options for those working in the space.
On Oct. 11, 2022, BNY Mellon announced the official launch of its digital custody platform for institutional clients to hold Bitcoin (BTC) and Ether (ETH).
BNY Mellon reports having $43 trillion in assets under custody, though it has not disclosed how much of that total includes BTC and ETH holdings. In March 2022, Circle chose BNY Mellon as one of its custodians for its USD Coin (USDC) reserves.
On Feb. 9, during a cryptocurrency panel at Afore Consulting’s 7th Annual FinTech and Regulation Conference, the bank’s head of advanced solutions, Michael Demissie, said digital assets are “here to stay.”
In light of the recent events involving SVB, Circle also announced it was working on
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