2023-03-22 04:58:36
The crypto ecosystem was built on the belief that no one entity, meaning a bank, should be in charge of one individual’s finances, but until that becomes a reality, traditional banking will likely have to serve as a bridge between centralized finance and decentralized finance.
Thus, the shutdown of Silvergate Bank, Silicon Valley Bank (SVB), and Signature Bank will certainly cause headaches for the industry in the short term as many crypto companies search for new banking partners, uncertain if larger entities will even want to touch crypto companies anytime soon.
“For now, it's not clear what new financial institutions will partner with these crypto companies in the wake of Silvergate, SVB, and now Signature,” said Ilya Volkov, CEO of and co-founder of YouHodler, a Swiss-based international fintech platform providing a variety of Web3 crypto and fiat service.
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