In an ironic turn of events, Cardano founder Charles Hoskinson recently told the story of when Credit Suisse turned him away due to “dangerous” crypto. Specifically, Hoskinson took to his podcast to explore his history with the bank, and why he was denied an account.
Interestingly, Credit Suisse has found itself struggling amid turmoil in the global banking sector; requiring a sale for its own salvation. Conversely, the digital asset industry has seemingly been holding steady amidst uncertainty. Leading us to wonder just which was more industry was truly more “dangerous.”
Cardano Founder Talks Credit Suisse
The failures of several entities in the banking industry have dominated the news over the past few weeks. Beginning with the closure of Silicon Valley Bank, and the largest banking failure in the US since 2008, the industry has not responded well, infused with newfound panic over the sector’s ability to withstand the concern.
Now, as the digital asset industry has remained rather unscathed, one interesting story has been made public. Specifically, Cardano founder Charles Hoskinson has to the story of being turned away by Credit Suisse because of his work with “dangerous crypto.”
Hoskinson took to his podcast to tell the story of his experiences with the bank, prior to its sale last week. Noting that the financial institution shared much of the world’s perspective at the time, that crypto was somehow a danger to some kind of global financial status quo. Not granting Hoskinson an account when he was CEO of Ethereum in 2014.
“The Credit Suisse people said, ‘oh, too dangerous, crypto, we couldn’t possibly consider, it would be so unstable, and so terrible, and we have a reputation to protect,” Hoskinson stated. “We’re here for the long term, we’ve been here for over 150 years, and we couldn’t embrace its crypto thing,” he added.
Conclusively, he stated, “and lo and behold, who’s buying Credit Suisse — UBS — only if the Swiss government bails them out.” Moreover, there is a sense of irony regarding the development. As the banking industry borders on a near crisis, it is clear which presented a greater danger.