Will collapse of three large crypto-friendly U.S. banks mean the end of crypto-banking? Industry experts say there are plenty of options left for the industry to thrive in the long-term, despite some short-term pain. By HeleneBraunn
new automated settlement“It would be shortsighted to assume that the events of the last few days will lead to a total divorcing of crypto and traditional banking,” said Joshua Frank, co-founder and CEO of provider of information services for digital assets, The Tie. He expects a rapid emergence of alternative banking partners and noted that there are still a few banking options available to U.S. crypto companies such as Cross River Bank, BankProv etc.
Perhaps a potential solution would be for the crypto companies to look outside of the U.S. for potential banking partnerships and use strategies involving stablecoins, “Future banking should become on-chain. That means that banks are going to start to more resemble blockchains as opposed to purely centralized entities,” Xu said. Such technology will allow the banks to have “on-chain metrics related to their exposure to AFS securities like treasuries and to allow better on-chain metrics for their cash management activities, he added.
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