While some banks won’t touch crypto with ten-foot pole, others welcome the business and are fine with assuming the risk after the fall of Silvergate Bank. Ryan was quoted in this Wall Street Journal article by Alexander Osipovich, Rachel Louise Ensign and Vicky Ge Huang. An excerpt is below, but you’ll need to login to the WSJ to read the entire article.
Other banks have welcomed new crypto clients, such as Surety Bank, a Florida lender with $220 million in assets that counts a number of cryptocurrency ATM companies as customers. Crypto firms make up 5% of the company’s revenue. Surety CEO Ryan James said it is important for crypto firms to have access to banks.
“You want to be able to monitor it and have it in the American banking system,” he said. “You don’t want it to go underground.”
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