Crypto firms Turn to Swiss Banks After Silvergate and Signature Fall
Earlier this month, two major banks in the US, namely Silvergate Capital and Signature Bank, known for their crypto-friendly policies, were closed down. This move by US regulators to tighten their control over banking institutions has prompted crypto firms to seek banking partnerships outside of the US. According to a recent report by CNBC, many of these crypto firms have turned to Swiss banks that are also friendly to the crypto industry, and have been inundating them with requests for banking services. While digital assets have demonstrated resilience in the midst of the banking crisis, it remains a fact that crypto firms still require banking partners for liquidity purposes. Following the closure of Silvergate Capital and Signature Bank, the two largest lenders for the crypto industry, crypto firms are turning to Swiss banks for support. In recent years, Switzerland has established itself as a hub for the crypto sector, implementing clear regulatory guidelines. According to an anonymous advisor at a private Swiss bank, the bank has been overwhelmed with requests for services from crypto firms. The advisor noted that since the shutdown of Silvergate and Signature, there has been a flood of inquiries at the private bank, describing the situation as “just nuts.” Interestingly,