Crypto group DCG seeks new companions for portfolio corporations amid SVB collapse – CoinDesk

(Reuters) – Crypto conglomerate Digital Forex Group (DCG) is trying to discover new banking companions for portfolio firms following the collapse of Silicon Valley Financial institution, Signature Financial institution (NASDAQ:) and Silvergate, CoinDesk reported on Tuesday, citing messages considered by the outlet.

Santander (BME:), HSBC and Deutsche Financial institution (ETR:) are nonetheless keen to attach with crypto corporations, CoinDesk mentioned, after latest banking failures in america left crypto corporations and tech startups stranded and looking for new banking companions.

DCG has additionally reached out to BlackRock (NYSE:), JPMorgan (NYSE:) and Financial institution of America (NYSE:), the report added. DCG is the dad or mum firm of CoinDesk.

The businesses didn’t instantly reply to Reuters requests for touch upon the report.

Banks might prohibit some providers for crypto corporations, corresponding to brokerage and cash market providers and the power to wire cash to 3rd events, in accordance with the messages seen by CoinDesk.

Conventional banks might arrange banking accounts for crypto corporations, however would place restrictions primarily based on the extent of crypto publicity, the report added.

The collapse of Silicon Valley Financial institution final week has despatched shockwaves throughout the banking sector, with U.S. regional banks dealing with rising strain and business executives and advisers saying they might be compelled to hunt saviors if a rout of their shares would not let up.

(This story has been corrected to say that DCG is on a lookout for banking companions for its portfolio corporations, not for the group, within the headline)