Larry Cermak: Customers Bank and other banks still provide services for the encryption industry

On March 13, Larry Cermak, Research Director of The Block, tweeted that three US banks providing banking services for the cryptocurrency business were eliminated. However, banks such as Customers Bank, First Foundation Bank, Cross River Bank, Sutton Bank, Evolve Bank&Trust, BankProv, and Quintic Bank still provide cryptocurrency banking services. Larry Cermak said that he did not mention big banks such as JPMorgan Chase and Bank of New York Mellon because most small businesses could not use these banks.

Interpretation of this information:

Larry Cermak, Research Director of The Block, recently tweeted that three US banks providing banking services for the cryptocurrency business were eliminated. This news implies that the cryptocurrency industry’s access to banking services has become increasingly limited. However, there are still banks that continue to provide cryptocurrency banking services, such as Customers Bank, First Foundation Bank, Cross River Bank, Sutton Bank, Evolve Bank&Trust, BankProv, and Quintic Bank.

Given the increasing prominence of cryptocurrency, it is not surprising that the banking sector has shown an interest in providing banking services to businesses operating in this industry. However, despite this interest, it appears that some banks have chosen to eliminate these services, which could be interpreted as further evidence of the difficulties cryptocurrency-related businesses have faced in obtaining standard financial services.

Interestingly, Larry Cermak did not mention major banks such as JPMorgan Chase and Bank of New York Mellon in his tweet. These banks often cater to larger corporations, and most small businesses may not be able to use them. This raises the question of whether smaller banks are more likely to offer cryptocurrency banking services, as they focus on serving small and medium-sized businesses.

Overall, this news provides insights into the state of banking services for cryptocurrency-related businesses. Despite some banks eliminating these services, there are still options available for businesses seeking to access traditional financial services. In conclusion, the three keywords that can summarize this news are cryptocurrency, banking services, and small businesses.