Crypto, Startups and Banking Make a Scary Mix
Circle, Erebor and others look like they could run straight toward the Silicon Valley Bank trap.
What’s next?
Source: Bloomberg
The next must-have accessory for crypto and tech bros looks to be far less sexy than a Lamborghini — it’s a banking license. Getting approved is typically time-consuming, bureaucratic and dull, but these budding lenders are likely to find themselves pushing on an open door — and that poses dangers.
Stablecoin issuer Circle Internet Group Inc. and tech billionaire Peter Thiel are among the names linked with trust bank charter applications in recent days. The backdrop to this is a White House pushing for regulators to help innovation and growth in the economy and finance. Some of that is down to the backing Donald Trump got from Silicon Valley billionaires and crypto moguls in last year’s presidential race, plus his personal financial interests in memecoins and digital assets.