US cryptocurrency companies "flooded" Swiss banks with partnership offers
U.S. cryptocurrency companies "flooded" with partnership requests from Swiss banks
After the collapse of Signature and Silvergate banks, U.S. digital asset companies have shifted their attention to Switzerland, known for its friendly attitude towards the crypto industry
U.S.-based cryptocurrency companies have started looking for new banking partners in Switzerland following the collapse of U.S.-based banks Signature and Silvergate. According to CNBC, some banks in Switzerland have been "inundated" with requests for cooperation from digital asset firms in recent days.
According to a representative of a private Swiss bank, who preferred to remain unnamed, on March 13, after the U.S. banks Silvergate and Signature closed, the bank received more requests from cryptocurrency firms in one day than ever before.
However, the reporter noted that Credit Suisse's problems were seen by industry participants as an "unfortunate isolated risk" for an individual bank and did not discourage them from doing business with other banks in Switzerland.
Sygnum, one of Switzerland's largest banks that specializes in serving cryptocurrencies, also confirmed that they are seeing an influx of inquiries. The fact that number of requests from non-European companies and customers from the United States increased, several representatives of different banks told the publication.
One of the reasons why cryptocurrency companies are turning to Swiss banks is that the country welcomes the development of the cryptocurrency industry and has set clear rules for the industry. In 2021, the government imposed regulations on firms using blockchain technology, and the stable operating environment is attracting more digital projects to Switzerland.
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