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:

The recent tweet by Larry Cermak, Research Director of The Block, sheds light on the situation of cryptocurrency banking services in the United States. Three US banks have reportedly stopped providing these services, but there are still many other banks offering such services to the cryptocurrency business. The mention of small banks such as Customers Bank, First Foundation Bank, Cross River Bank, Sutton Bank, Evolve Bank&Trust, BankProv, and Quintic Bank appear to be more welcoming towards this new form of currency. It is interesting to note that Larry has not mentioned big banks like JPMorgan Chase and Bank of New York Mellon, citing their unavailability or inaccessibility for small businesses.

This has become a common practice amongst banks around the world due to the high risks and uncertainties involved with cryptocurrencies. As a result, large and established banks will often refrain from offering banking services to cryptocurrency businesses. However, small banks have taken the opportunity to incorporate new technologies and have found cryptocurrency banking services as an offering that they can deliver in a competitive marketplace.

Overall, the tweet highlights the varying attitudes towards cryptocurrency banking services in US banks. On one hand, there are banks that are open to collaborating with the relatively new form of currency, while on the other hand, there are banks that are skeptical and avoid taking these risks. It seems that smaller banks have taken the early initiative to provide such services, while larger banks may be more reluctant to do so.