A lot has happened since the collapse of major crypto-related banks in the United States. It has been noted that the closure of Silicon Valley Bank, Signature Bank, Silvergate and the like, a situation that has created a lot of uncertainty in the industry, has not only forced investors to make spontaneous decisions that have led to a fall of the unjustified profit-taking.
This has prompted major cryptocurrency firms to reconsider their investment options outside of the United States. So the latest story from this sector is that there has been a mass movement of these companies into Swiss banks.
According to some of the companies affected, the move is seen as a “financial lifeline.” Some of the sources contacted also said that the fact that all the banks collapsed within two weeks deserves attention – and the massive migration of Swizz Bank looks like a viable alternative for businesses for those who want to be on the safe side.
Which Swiss banks get the most patronage?
Speaking to journalists via email, Yves Longchamp, chief executive of SEBA Bank, said his bank had seen a significant increase in the number of US customers wanting to do business with it. The same applies to all branches in the United Arab Emirates, Singapore and Hong Kong.
They all confessed to seeing increased customers from the United States. Longchamp was quoted in its statement as saying that “the onboarding process for cryptocurrency firms and other wealth managers has already begun and there will be many more calls in the coming weeks.”
On the other hand, the information gathered has also shown that the Arab Bank of Switzerland has seen an increase in its cryptocurrency section since the beginning of March. They revealed that most of these clients are venture capital firms. It was also noted that this trend started after rumors of Silvergate’s collapse began to circulate in the industry.
According to an account held by Rani Jabban, Arab Bank’s chief financial officer, 80% of their potential customers are former Silvergate customers. Meanwhile, it has also been discovered that some US regulations prevent such banks from receiving these customers, which of course is a major obstacle for the new banks.
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