US banking giant JP Morgan Cryptocurrency recently Silvergate BankHe evaluated the liquidation decision from .
According to the news of Coindesk, JP Morgan analysts led by Nikolaos Panigirtzoglou said that the liquidation decision from Silvergate cryptocurrency He said it marked a difficult period for the industry.
Because analysts say that major crypto exchanges, miners, who use the Silvergate Bank network to transfer fiat money between Silvergate accounts or other bank accounts. stablecoin He pointed out that it has more than 1,000 institutional investors, including issuing companies and digital asset fund managers.
Noting that it is difficult to change the crypto network used by so many investors, analysts said:
“A network change among market participants to process dollar deposits and withdrawals will be difficult due to the current market outlook, general reluctance for traditional banks to engage with crypto platforms after FTX’s bankruptcy, and high regulatory pressure.”
JP Morgan analysts said that the cryptocurrency services provided by Silvergate after the liquidation decision. Signature Bank (SBNY), Provident Bancorp (PVBC), Metropolitan Commercial Bank (MCB), and Customers Bancorp (CUBI) He added that it is inevitable that it will move to other crypto-friendly banks, such as
Finally, it was stated in the report that due to the increasing scrutiny against crypto money platforms from US regulators, the entry of new crypto custodians into the industry is currently unlikely.
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