Cryptocurrency heavyweights including Coinbase and Galaxy Digital on Thursday dropped Silvergate Capital as their banking partner.
as their banking partner after the lender's latest filing raised questions about its ability to stay in business.
"It is now getting increasingly difficult for crypto companies to establish or sustain relationships with a U.S. bank," said Ivan Kachkovski, FX and crypto strategist at UBS. Silvergate, one of the most influential banks in the digital asset industry, has drawn the ire of lawmakers in the United States over its dealings with FTX and Alameda.
"The result of this remains to be seen, but we could potentially see a contagion from crypto businesses who use Silvergate Bank being impacted," Sotiriou added.
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