The collapse of Silicon Valley Bank (SVB) and Silvergate may have concerned some in the digital asset industry, but they haven’t stopped other major banks from maintaining involvement in the crypto sector.
Specifically, one Twitter user retorted the sentiment that the fall of SVB, Silvergate, and Signature has devastated the industry. Moreover, they pointed out some of the largest financial institutions in the industry that have kept ties to digital assets.
Crypto Not Devastated by Banking Closures
There is no understating of the weight of concern following the closure of three major US banks. Subsequently, the entire banking sector has reached near panic, as they represent some of the largest banking failures since the 2008 financial crisis. Conversely, all three were noted for their connections to the digital asset industry.
Yet, despite the collapse of SVB and Silvergate, there are major banks still involved in the crypto space. Specifically, Twitter user @yugacohler noted the major American banks that are still maintaining interest in the sector.
Responding to a sentiment that crypto firms have no banks left, the user is not the statements falsity. Noting, “United Texas Bank, Western Alliance Bank, JP Morgan Chase, and Bank of New York Mellon,” as having crypto interest. Stating the entities, “all have crypto businesses as customers, and there are probably more.”
Although the presence of banking options for crypto companies is still present, the failure of SVB, Signature, and Silvergate is still concerning. Specifically due to a statement from Signature Bank board member Barney Frank, who stated the move was clearly an “anti-crypto message,” to banks.