The Rise of Self-Custody Startups Amidst De-Banking of Crypto Companies.

The recent shutdowns of Signature and Silvergate banks have left the crypto industry with unanswered questions about the reasons behind the shutdowns. Companies want certainty that they will be able to tap banking services, but banks need to be comfortable serving crypto companies. The industry needs to know what factors led to Signature becoming a failed bank. The FDIC announced that Flagstar Bank would acquire the assets of Signature Bank, except for about $4 billion in crypto-related deposits. Major banks aren’t rushing to fill the Signature/Silvergate-shaped hole for crypto companies.