Tags: Crypto Bank

Crypto-Based Bank Receives Support from Myanmar‘s Shadow Government

After the recent collapse of three banks – Silicon Valley Bank, Silvergate Bank and Signature Bank – many pointed fingers at crypto as the cause. But crypto may actually be the solution, not the problem.

The Federal Deposit Insurance Corporation (FDIC) has reportedly asked banks interested in acquiring the shuttered New York institution to submit bids by Friday.

The bank’s exchange network, SEN, had a simple premise and played a crucial role from its inception in 2018 through its shutdown on Friday. Analysts and experts are handicapping who might fill the void.

Ailing crypto-friendly bank Silvergate closed its instant settlement SEN platform, which has been a key on-ramp for institutional crypto investors to transfer U.S. dollars to exchanges.

Regulators are leery of traditional banks offering services to crypto companies, and wary of specialist crypto banks, like Custodia, with new business models. Frances Coppola asks: Where do we go from here?

The firm paused services last month amid its former crypto custodian Wyre‘s turmoil.

The company‘s former custodian, Wyre, is scaling back its services.

Juno‘s current custodian, Wyre, will liquidate in January.