Digital Currency Group (DCG) has revealed that major banks have expressed interest in collaborating with cryptocurrency companies, although there may be certain limitations imposed.
Following the bankruptcy of American banks Silicon Valley Bank, Signature Bank, and Silvergate, DCG initiated discussions with multiple financial institutions for cooperation.
Potential partners include Santander, HSBC, Deutsche Bank, BankProv, Bridge Bank, Mercury, Multis, and Series Financial, all of whom have indicated their readiness to work with crypto firms.
Nevertheless, some financial institutions have specified potential constraints for cryptocurrency firms, such as providing brokerage or market maker services, and transferring money to third-party entities.
Traditional banks, however, are prepared to open bank accounts for crypto firms, and limitations will be determined based on the number of cryptocurrencies held by the company.
Additionally, Western Alliance and Bridge Bank, two American banks that have seen their share prices drop, continue to allow cryptocurrency companies to open accounts.
In a previous statement, Changpeng Zhao, the CEO of the largest cryptocurrency exchange Binance, highlighted that banks pose a legitimate threat to the stability of fiat-pegged stablecoins.