U.S. Banking Crisis Could Present an Opportunity for Some Crypto Exchanges: JPMorgan
A number of fintech payment companies and offshore banks are trying to fill the void left by the collapse of Silvergate Bank, Silicon Valley Bank and Signature Bank in the U.S., but it will likely take time before new banking networks are established, JPMorgan (JPM) said in a research report Wednesday.
“In the meantime, crypto market participants and investors appear to have become more reliant on stablecoins to move money around,” analysts led by Nikolaos Panigirtzoglou wrote. A stablecoin is a type of cryptocurrency whose value is pegged to another asset, usually the U.S. dollar.
