US banking crisis spurs crypto firms to consider offshore relocation for stability

Image Source : FREEPIK US banking crisis spurs crypto firms to consider offshore relocation for stability

Several USĀ cryptocurrency companies are seeking offshore bank accounts following the collapse of three digital assets-friendly financial institutions last week. Sygnum in Switzerland, Bank Frick in Lichtenstein, and SEBA in Switzerland have reported an increase in requests to open accounts from various jurisdictions, including the USĀ Xapo Bank in Gibraltar has also seen an uptick in demand for new accounts and is adding GBP payment services with USDC options likely starting later this week.

Industry sources have suggested several options for USĀ dollar-based banking, including FV Bank in Puerto Rico, Jewel Bank in Bermuda, and Tether and FTX-tied Deltec in the Bahamas. EQIBank in Dominica has also been identified as an option. However, these banks did not respond to CoinDesk’s request for comment.

Last week, regulators shut down three of the U.S.’s preferred banks for crypto. While Silicon Valley Bank has set up a bridge bank to allow customers to use their accounts in the short term, in the long term, companies will have to move their funds to other banks. The Federal Insurance Deposit Corporation, which manages the process, typically organizes bridge banks for up to two years, giving firms plenty of time to onboard with other banks.

Major cryptocurrencies are trading as follows as of 9 am IST, 15th March 2023:

Bitcoin: $25,089.95 USD


Ethereum: $1.732.20 USD


Tether: $1.02 USD


USD Coin: $1.00 USD


BNB: $313.16 USD


XRP: $0.3789 USD


Dogecoin: $0.07656 USD


Cardano: $0.3476 USD


Polygon: $1.22 USD


Polkadot: $6.40 USD


Tron: $0.06723 USD


Litecoin: $85.63 USD


Shibu Inu: $0.00001155 USD


ALSO READ:Ā CryptoQuant CEO reveals $1 Billion buying pressure on BTC, ETH, BNB

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