Some banks are rolling out the welcome mat for cryptocurrency firms that found themselves in need of banking services after the downfall of two big crypto-friendly lenders, Signature Bank and Silvergate Capital Corp., the Wall Street Journal reported. As crypto companies have scrambled to establish new bank relationships, industry executives say they have received a positive reception from regional banks such as Customers Bancorp, based in West Reading, Pa., and Fifth Third Bancorp, based in Cincinnati. Other crypto firms are moving deposits to smaller upstart banks that tout themselves as digital pioneers, such as New Jersey-based Cross River Bank. Still others are considering taking their banking business offshore. Meanwhile the biggest banks — such as JPMorgan Chase & Co. and Bank of New York Mellon Corp. — still do business with crypto clients, though they are selective about their client list and what banking services they provide.
