After the failure of three financial institutions that supported digital assets last week, some American bitcoin firms are looking for offshore bank accounts. 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 US 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.
Many solutions for US dollar-based banking have been mentioned by industry sources, including FV Bank in Puerto Rico, Jewel Bank in Bermuda, and Tether and FTX-tied Deltec in the Bahamas. Dominica’s EQIBank has also been mentioned as a possibility. Yet, when CoinDesk asked these banks for comment, they did not provide it.
Regulators closed down three of the U.S.’s favorite banks for cryptocurrency last week. Although Silicon Valley Bank has established a bridge bank so that individuals may utilize their accounts in the near future, businesses will eventually need to transfer their money to other banks. Bridge banks are normally set up for up to two years by the Federal Insurance Deposit Corporation, which oversees the procedure, providing businesses plenty of time to join with other banks.
As of 9 am IST on March 15, 2023, major cryptocurrencies are trading as follows:
USD $25,089.95 in bitcoin
+1.38%
Bitcoin: $1,732.20 USD
+1.36%
Tether: -0.17% at $1.02 USD
$1.00 USD Coin: +0.02%
$313.16 USD +1.01% BNB
$0.3789 USD + 0.74% for XRP
0.007656 USD + 3.54% Dogecoin
$0.3476 USD +0.39% for Cardano
$1.22 USD +1.79% for Polygon
$6.40 USD + 2.73% for polka dots
-0.27% at $0.06723 USD for Tron
Litecoin: +4.07% at $85.63 USD
Shibu Inu: USD 0.000.00001155 + 2.06%
