Industries appear to be fleeing to Switzerland for a financial lifeline as the top crypto-supportive banks in the U.S. look to be falling apart at the seams.
Following the close failures of Silvergate, Signature Bank, and Silicon Valley Bank (SVB) over the previous two weeks, crypto-focused institutions in the area are reporting increased traffic.
Following the close failures of Silvergate, Signature Bank, and Silicon Valley Bank (SVB) over the previous two weeks, crypto-focused institutions in the area are reporting increased traffic.
According to a report released on Monday, SEBA Bank managing director Yves Longchamp informed Reuters via email that the bank has noticed a “pronounced rise” in traffic from the United States. More interest from US clients was also noted by bank representatives from Singapore, Hong Kong, Abu Dhabi, and Switzerland.
Since early March, when concerns about Silvergate’s finances started to surface, the country’s Arab Bank has witnessed an increase in interest from cryptocurrency venture capital firms.
Rani Jabban, the head of treasury of Arab Bank, claimed that former Silvergate clients made up 80% of the bank’s increased number of prospective clients. Nevertheless, regulatory concerns about bringing on U.S. clients ultimately limit the bank to taking on no more than one or two additional enterprises.
Rani Jabban, the head of treasury of Arab Bank, claimed that former Silvergate clients made up 80% of the bank’s increased number of prospective clients. Nevertheless, regulatory concerns about bringing on U.S. clients ultimately limit the bank to taking on no more than one or two additional enterprises.