The large mainstream banks remain reluctant to provide banking to cryptocurrency businesses as the compliance costs and reputation risk continue to outweigh the benefits of the still-nascent crypto market. Serving cryptocurrency companies is simply too much of a headache for very little gain.
Until this week, Barclays was the largest bank ever to partner with a cryptocurrency-based business. Coinbase, perhaps the most compliant cryptocurrency exchange, was able to open an account at Barclays last year which allowed its customers to get access to the UK’s instant payment network. However, it was revealed this week that Barclays cut ties with Coinbase as its risk appetite towards cryptocurrency has reportedly “contracted a little.” The largest bank currently serving crypto clients is now Signature Bank, with $48.6 billion in total assets.
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Research: A comprehensive list of crypto-friendly banks written by Larry Cermak @ https://www.theblockcrypto.com/2019/08/14/research-a-comprehensive-list-of-crypto-friendly-banks/?utm_source=rss&utm_medium=rss&utm_campaign=default August 14, 2019 Larry Cermak