Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n
As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n
The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n
Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n
As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n
The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n
Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n
As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n
The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
This bill positions Pennsylvania as a potential leader in state-level Bitcoin adoption. According to the Satoshi Action Fund, 10 more states are likely to follow suit this year. <\/p>\n","post_title":"Pennsylvania Lawmaker Introduces Strategic Bitcoin Reserve","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pennsylvania-lawmaker-introduces-strategic-bitcoin-reserve","to_ping":"","pinged":"","post_modified":"2024-11-18 04:19:37","post_modified_gmt":"2024-11-17 17:19:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19510","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17300,"post_author":"1","post_date":"2024-06-10 03:13:16","post_date_gmt":"2024-06-09 17:13:16","post_content":"\n Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The proposal aligns with broader Republican efforts to incorporate Bitcoin into financial strategies. Republican Senator Cynthia Lummis has advocated <\/a>for a national Bitcoin reserve. Globally, countries like El Salvador and Bhutan have already integrated Bitcoin into their financial systems.<\/p>\n\n\n\n This bill positions Pennsylvania as a potential leader in state-level Bitcoin adoption. According to the Satoshi Action Fund, 10 more states are likely to follow suit this year. <\/p>\n","post_title":"Pennsylvania Lawmaker Introduces Strategic Bitcoin Reserve","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pennsylvania-lawmaker-introduces-strategic-bitcoin-reserve","to_ping":"","pinged":"","post_modified":"2024-11-18 04:19:37","post_modified_gmt":"2024-11-17 17:19:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19510","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17300,"post_author":"1","post_date":"2024-06-10 03:13:16","post_date_gmt":"2024-06-09 17:13:16","post_content":"\n Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The proposal aligns with broader Republican efforts to incorporate Bitcoin into financial strategies. Republican Senator Cynthia Lummis has advocated <\/a>for a national Bitcoin reserve. Globally, countries like El Salvador and Bhutan have already integrated Bitcoin into their financial systems.<\/p>\n\n\n\n This bill positions Pennsylvania as a potential leader in state-level Bitcoin adoption. According to the Satoshi Action Fund, 10 more states are likely to follow suit this year. <\/p>\n","post_title":"Pennsylvania Lawmaker Introduces Strategic Bitcoin Reserve","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pennsylvania-lawmaker-introduces-strategic-bitcoin-reserve","to_ping":"","pinged":"","post_modified":"2024-11-18 04:19:37","post_modified_gmt":"2024-11-17 17:19:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19510","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17300,"post_author":"1","post_date":"2024-06-10 03:13:16","post_date_gmt":"2024-06-09 17:13:16","post_content":"\n Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
While it remains unclear if the bill has enough support to pass, its introduction reflects Pennsylvania\u2019s increasing interest in cryptocurrency. In October, the state\u2019s House approved <\/a>legislation to protect the self-custody of digital assets and enable crypto payments.<\/p>\n\n\n\n The proposal aligns with broader Republican efforts to incorporate Bitcoin into financial strategies. Republican Senator Cynthia Lummis has advocated <\/a>for a national Bitcoin reserve. Globally, countries like El Salvador and Bhutan have already integrated Bitcoin into their financial systems.<\/p>\n\n\n\n This bill positions Pennsylvania as a potential leader in state-level Bitcoin adoption. According to the Satoshi Action Fund, 10 more states are likely to follow suit this year. <\/p>\n","post_title":"Pennsylvania Lawmaker Introduces Strategic Bitcoin Reserve","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pennsylvania-lawmaker-introduces-strategic-bitcoin-reserve","to_ping":"","pinged":"","post_modified":"2024-11-18 04:19:37","post_modified_gmt":"2024-11-17 17:19:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19510","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17300,"post_author":"1","post_date":"2024-06-10 03:13:16","post_date_gmt":"2024-06-09 17:13:16","post_content":"\n Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See ReTroubled Lender Republic First Sold By Authorities To Fulton Bank: Report(Opens in a new browser tab)<\/a><\/p>\n\n\n\n While it remains unclear if the bill has enough support to pass, its introduction reflects Pennsylvania\u2019s increasing interest in cryptocurrency. In October, the state\u2019s House approved <\/a>legislation to protect the self-custody of digital assets and enable crypto payments.<\/p>\n\n\n\n The proposal aligns with broader Republican efforts to incorporate Bitcoin into financial strategies. Republican Senator Cynthia Lummis has advocated <\/a>for a national Bitcoin reserve. Globally, countries like El Salvador and Bhutan have already integrated Bitcoin into their financial systems.<\/p>\n\n\n\n This bill positions Pennsylvania as a potential leader in state-level Bitcoin adoption. According to the Satoshi Action Fund, 10 more states are likely to follow suit this year. <\/p>\n","post_title":"Pennsylvania Lawmaker Introduces Strategic Bitcoin Reserve","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pennsylvania-lawmaker-introduces-strategic-bitcoin-reserve","to_ping":"","pinged":"","post_modified":"2024-11-18 04:19:37","post_modified_gmt":"2024-11-17 17:19:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19510","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17300,"post_author":"1","post_date":"2024-06-10 03:13:16","post_date_gmt":"2024-06-09 17:13:16","post_content":"\n Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Cabell highlighted the growing trend of institutional investors like BlackRock and Fidelity embracing Bitcoin as a hedge against economic volatility. Co-sponsored by Representative Aaron Kaufer, the bill, titled the Strategic Bitcoin Reserve<\/em> (HB 2664), mirrors a framework created by Bitcoin advocacy group Satoshi Action Fund.<\/p>\n\n\n\n See ReTroubled Lender Republic First Sold By Authorities To Fulton Bank: Report(Opens in a new browser tab)<\/a><\/p>\n\n\n\n While it remains unclear if the bill has enough support to pass, its introduction reflects Pennsylvania\u2019s increasing interest in cryptocurrency. In October, the state\u2019s House approved <\/a>legislation to protect the self-custody of digital assets and enable crypto payments.<\/p>\n\n\n\n The proposal aligns with broader Republican efforts to incorporate Bitcoin into financial strategies. Republican Senator Cynthia Lummis has advocated <\/a>for a national Bitcoin reserve. Globally, countries like El Salvador and Bhutan have already integrated Bitcoin into their financial systems.<\/p>\n\n\n\n This bill positions Pennsylvania as a potential leader in state-level Bitcoin adoption. According to the Satoshi Action Fund, 10 more states are likely to follow suit this year. <\/p>\n","post_title":"Pennsylvania Lawmaker Introduces Strategic Bitcoin Reserve","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pennsylvania-lawmaker-introduces-strategic-bitcoin-reserve","to_ping":"","pinged":"","post_modified":"2024-11-18 04:19:37","post_modified_gmt":"2024-11-17 17:19:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19510","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17300,"post_author":"1","post_date":"2024-06-10 03:13:16","post_date_gmt":"2024-06-09 17:13:16","post_content":"\n Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In a memo<\/a>, Cabell outlined the proposal enabling the state to invest portions of the General Fund, Rainy Day Fund, and State Investment Fund in Bitcoin. These funds collectively hold more than $16 billion, suggesting a significant potential investment.<\/p>\n\n\n\n Cabell highlighted the growing trend of institutional investors like BlackRock and Fidelity embracing Bitcoin as a hedge against economic volatility. Co-sponsored by Representative Aaron Kaufer, the bill, titled the Strategic Bitcoin Reserve<\/em> (HB 2664), mirrors a framework created by Bitcoin advocacy group Satoshi Action Fund.<\/p>\n\n\n\n See ReTroubled Lender Republic First Sold By Authorities To Fulton Bank: Report(Opens in a new browser tab)<\/a><\/p>\n\n\n\n While it remains unclear if the bill has enough support to pass, its introduction reflects Pennsylvania\u2019s increasing interest in cryptocurrency. In October, the state\u2019s House approved <\/a>legislation to protect the self-custody of digital assets and enable crypto payments.<\/p>\n\n\n\n The proposal aligns with broader Republican efforts to incorporate Bitcoin into financial strategies. Republican Senator Cynthia Lummis has advocated <\/a>for a national Bitcoin reserve. Globally, countries like El Salvador and Bhutan have already integrated Bitcoin into their financial systems.<\/p>\n\n\n\n This bill positions Pennsylvania as a potential leader in state-level Bitcoin adoption. According to the Satoshi Action Fund, 10 more states are likely to follow suit this year. <\/p>\n","post_title":"Pennsylvania Lawmaker Introduces Strategic Bitcoin Reserve","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pennsylvania-lawmaker-introduces-strategic-bitcoin-reserve","to_ping":"","pinged":"","post_modified":"2024-11-18 04:19:37","post_modified_gmt":"2024-11-17 17:19:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19510","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17300,"post_author":"1","post_date":"2024-06-10 03:13:16","post_date_gmt":"2024-06-09 17:13:16","post_content":"\n Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
A Pennsylvania lawmaker introduced a bill allowing the state\u2019s treasury to allocate up to 10% of its funds to Bitcoin. Representative Mike Cabell, a Republican, presented the legislation as a safeguard against inflation. He emphasized Bitcoin\u2019s potential to provide stability in uncertain economic times.<\/p>\n\n\n\n In a memo<\/a>, Cabell outlined the proposal enabling the state to invest portions of the General Fund, Rainy Day Fund, and State Investment Fund in Bitcoin. These funds collectively hold more than $16 billion, suggesting a significant potential investment.<\/p>\n\n\n\n Cabell highlighted the growing trend of institutional investors like BlackRock and Fidelity embracing Bitcoin as a hedge against economic volatility. Co-sponsored by Representative Aaron Kaufer, the bill, titled the Strategic Bitcoin Reserve<\/em> (HB 2664), mirrors a framework created by Bitcoin advocacy group Satoshi Action Fund.<\/p>\n\n\n\n See ReTroubled Lender Republic First Sold By Authorities To Fulton Bank: Report(Opens in a new browser tab)<\/a><\/p>\n\n\n\n While it remains unclear if the bill has enough support to pass, its introduction reflects Pennsylvania\u2019s increasing interest in cryptocurrency. In October, the state\u2019s House approved <\/a>legislation to protect the self-custody of digital assets and enable crypto payments.<\/p>\n\n\n\n The proposal aligns with broader Republican efforts to incorporate Bitcoin into financial strategies. Republican Senator Cynthia Lummis has advocated <\/a>for a national Bitcoin reserve. Globally, countries like El Salvador and Bhutan have already integrated Bitcoin into their financial systems.<\/p>\n\n\n\n This bill positions Pennsylvania as a potential leader in state-level Bitcoin adoption. According to the Satoshi Action Fund, 10 more states are likely to follow suit this year. <\/p>\n","post_title":"Pennsylvania Lawmaker Introduces Strategic Bitcoin Reserve","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pennsylvania-lawmaker-introduces-strategic-bitcoin-reserve","to_ping":"","pinged":"","post_modified":"2024-11-18 04:19:37","post_modified_gmt":"2024-11-17 17:19:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19510","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17300,"post_author":"1","post_date":"2024-06-10 03:13:16","post_date_gmt":"2024-06-09 17:13:16","post_content":"\n Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
News of the preferred stock offering generated mixed reactions in the market. MicroStrategy\u2019s stock surged more than 10% on Jan. 3 before a slight decline in after-hours trading. It remains to be seen whether the company will proceed with the offering. If successful, the $2 billion raise is expected to strengthen the company\u2019s position as a dominant force in the Bitcoin investment space.<\/p>\n","post_title":"MicroStrategy Plans $2 Billion Stock Offering For Bitcoin Acquisitions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-plans-2-billion-stock-offering-for-bitcoin-acquisitions","to_ping":"","pinged":"","post_modified":"2025-01-13 03:23:21","post_modified_gmt":"2025-01-12 16:23:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=20008","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":19510,"post_author":"15","post_date":"2024-11-18 04:19:31","post_date_gmt":"2024-11-17 17:19:31","post_content":"\n A Pennsylvania lawmaker introduced a bill allowing the state\u2019s treasury to allocate up to 10% of its funds to Bitcoin. Representative Mike Cabell, a Republican, presented the legislation as a safeguard against inflation. He emphasized Bitcoin\u2019s potential to provide stability in uncertain economic times.<\/p>\n\n\n\n In a memo<\/a>, Cabell outlined the proposal enabling the state to invest portions of the General Fund, Rainy Day Fund, and State Investment Fund in Bitcoin. These funds collectively hold more than $16 billion, suggesting a significant potential investment.<\/p>\n\n\n\n Cabell highlighted the growing trend of institutional investors like BlackRock and Fidelity embracing Bitcoin as a hedge against economic volatility. Co-sponsored by Representative Aaron Kaufer, the bill, titled the Strategic Bitcoin Reserve<\/em> (HB 2664), mirrors a framework created by Bitcoin advocacy group Satoshi Action Fund.<\/p>\n\n\n\n See ReTroubled Lender Republic First Sold By Authorities To Fulton Bank: Report(Opens in a new browser tab)<\/a><\/p>\n\n\n\n While it remains unclear if the bill has enough support to pass, its introduction reflects Pennsylvania\u2019s increasing interest in cryptocurrency. In October, the state\u2019s House approved <\/a>legislation to protect the self-custody of digital assets and enable crypto payments.<\/p>\n\n\n\n The proposal aligns with broader Republican efforts to incorporate Bitcoin into financial strategies. Republican Senator Cynthia Lummis has advocated <\/a>for a national Bitcoin reserve. Globally, countries like El Salvador and Bhutan have already integrated Bitcoin into their financial systems.<\/p>\n\n\n\n This bill positions Pennsylvania as a potential leader in state-level Bitcoin adoption. According to the Satoshi Action Fund, 10 more states are likely to follow suit this year. <\/p>\n","post_title":"Pennsylvania Lawmaker Introduces Strategic Bitcoin Reserve","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pennsylvania-lawmaker-introduces-strategic-bitcoin-reserve","to_ping":"","pinged":"","post_modified":"2024-11-18 04:19:37","post_modified_gmt":"2024-11-17 17:19:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19510","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17300,"post_author":"1","post_date":"2024-06-10 03:13:16","post_date_gmt":"2024-06-09 17:13:16","post_content":"\n Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
His vision has made MicroStrategy a key player in corporate Bitcoin adoption worldwide. Saylor\u2019s efforts have also significantly boosted MicroStrategy\u2019s stock performance, with shares rising 438% year-over-year as of Jan. 3.<\/p>\n\n\n\n News of the preferred stock offering generated mixed reactions in the market. MicroStrategy\u2019s stock surged more than 10% on Jan. 3 before a slight decline in after-hours trading. It remains to be seen whether the company will proceed with the offering. If successful, the $2 billion raise is expected to strengthen the company\u2019s position as a dominant force in the Bitcoin investment space.<\/p>\n","post_title":"MicroStrategy Plans $2 Billion Stock Offering For Bitcoin Acquisitions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-plans-2-billion-stock-offering-for-bitcoin-acquisitions","to_ping":"","pinged":"","post_modified":"2025-01-13 03:23:21","post_modified_gmt":"2025-01-12 16:23:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=20008","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":19510,"post_author":"15","post_date":"2024-11-18 04:19:31","post_date_gmt":"2024-11-17 17:19:31","post_content":"\n A Pennsylvania lawmaker introduced a bill allowing the state\u2019s treasury to allocate up to 10% of its funds to Bitcoin. Representative Mike Cabell, a Republican, presented the legislation as a safeguard against inflation. He emphasized Bitcoin\u2019s potential to provide stability in uncertain economic times.<\/p>\n\n\n\n In a memo<\/a>, Cabell outlined the proposal enabling the state to invest portions of the General Fund, Rainy Day Fund, and State Investment Fund in Bitcoin. These funds collectively hold more than $16 billion, suggesting a significant potential investment.<\/p>\n\n\n\n Cabell highlighted the growing trend of institutional investors like BlackRock and Fidelity embracing Bitcoin as a hedge against economic volatility. Co-sponsored by Representative Aaron Kaufer, the bill, titled the Strategic Bitcoin Reserve<\/em> (HB 2664), mirrors a framework created by Bitcoin advocacy group Satoshi Action Fund.<\/p>\n\n\n\n See ReTroubled Lender Republic First Sold By Authorities To Fulton Bank: Report(Opens in a new browser tab)<\/a><\/p>\n\n\n\n While it remains unclear if the bill has enough support to pass, its introduction reflects Pennsylvania\u2019s increasing interest in cryptocurrency. In October, the state\u2019s House approved <\/a>legislation to protect the self-custody of digital assets and enable crypto payments.<\/p>\n\n\n\n The proposal aligns with broader Republican efforts to incorporate Bitcoin into financial strategies. Republican Senator Cynthia Lummis has advocated <\/a>for a national Bitcoin reserve. Globally, countries like El Salvador and Bhutan have already integrated Bitcoin into their financial systems.<\/p>\n\n\n\n This bill positions Pennsylvania as a potential leader in state-level Bitcoin adoption. According to the Satoshi Action Fund, 10 more states are likely to follow suit this year. <\/p>\n","post_title":"Pennsylvania Lawmaker Introduces Strategic Bitcoin Reserve","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pennsylvania-lawmaker-introduces-strategic-bitcoin-reserve","to_ping":"","pinged":"","post_modified":"2024-11-18 04:19:37","post_modified_gmt":"2024-11-17 17:19:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19510","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17300,"post_author":"1","post_date":"2024-06-10 03:13:16","post_date_gmt":"2024-06-09 17:13:16","post_content":"\n Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
With Bitcoin prices rebounding in recent months, the firm\u2019s investment strategy has reportedly yielded over 50% gain, Cointelegraph<\/em> reported<\/a>. Michael Saylor, MicroStrategy\u2019s executive chairman, has been instrumental in driving this strategy.<\/p>\n\n\n\n His vision has made MicroStrategy a key player in corporate Bitcoin adoption worldwide. Saylor\u2019s efforts have also significantly boosted MicroStrategy\u2019s stock performance, with shares rising 438% year-over-year as of Jan. 3.<\/p>\n\n\n\n News of the preferred stock offering generated mixed reactions in the market. MicroStrategy\u2019s stock surged more than 10% on Jan. 3 before a slight decline in after-hours trading. It remains to be seen whether the company will proceed with the offering. If successful, the $2 billion raise is expected to strengthen the company\u2019s position as a dominant force in the Bitcoin investment space.<\/p>\n","post_title":"MicroStrategy Plans $2 Billion Stock Offering For Bitcoin Acquisitions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-plans-2-billion-stock-offering-for-bitcoin-acquisitions","to_ping":"","pinged":"","post_modified":"2025-01-13 03:23:21","post_modified_gmt":"2025-01-12 16:23:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=20008","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":19510,"post_author":"15","post_date":"2024-11-18 04:19:31","post_date_gmt":"2024-11-17 17:19:31","post_content":"\n A Pennsylvania lawmaker introduced a bill allowing the state\u2019s treasury to allocate up to 10% of its funds to Bitcoin. Representative Mike Cabell, a Republican, presented the legislation as a safeguard against inflation. He emphasized Bitcoin\u2019s potential to provide stability in uncertain economic times.<\/p>\n\n\n\n In a memo<\/a>, Cabell outlined the proposal enabling the state to invest portions of the General Fund, Rainy Day Fund, and State Investment Fund in Bitcoin. These funds collectively hold more than $16 billion, suggesting a significant potential investment.<\/p>\n\n\n\n Cabell highlighted the growing trend of institutional investors like BlackRock and Fidelity embracing Bitcoin as a hedge against economic volatility. Co-sponsored by Representative Aaron Kaufer, the bill, titled the Strategic Bitcoin Reserve<\/em> (HB 2664), mirrors a framework created by Bitcoin advocacy group Satoshi Action Fund.<\/p>\n\n\n\n See ReTroubled Lender Republic First Sold By Authorities To Fulton Bank: Report(Opens in a new browser tab)<\/a><\/p>\n\n\n\n While it remains unclear if the bill has enough support to pass, its introduction reflects Pennsylvania\u2019s increasing interest in cryptocurrency. In October, the state\u2019s House approved <\/a>legislation to protect the self-custody of digital assets and enable crypto payments.<\/p>\n\n\n\n The proposal aligns with broader Republican efforts to incorporate Bitcoin into financial strategies. Republican Senator Cynthia Lummis has advocated <\/a>for a national Bitcoin reserve. Globally, countries like El Salvador and Bhutan have already integrated Bitcoin into their financial systems.<\/p>\n\n\n\n This bill positions Pennsylvania as a potential leader in state-level Bitcoin adoption. According to the Satoshi Action Fund, 10 more states are likely to follow suit this year. <\/p>\n","post_title":"Pennsylvania Lawmaker Introduces Strategic Bitcoin Reserve","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pennsylvania-lawmaker-introduces-strategic-bitcoin-reserve","to_ping":"","pinged":"","post_modified":"2024-11-18 04:19:37","post_modified_gmt":"2024-11-17 17:19:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19510","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17300,"post_author":"1","post_date":"2024-06-10 03:13:16","post_date_gmt":"2024-06-09 17:13:16","post_content":"\n Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Bitcoin Purchase Amid Price Surge<\/strong><\/p>\n\n\n\n With Bitcoin prices rebounding in recent months, the firm\u2019s investment strategy has reportedly yielded over 50% gain, Cointelegraph<\/em> reported<\/a>. Michael Saylor, MicroStrategy\u2019s executive chairman, has been instrumental in driving this strategy.<\/p>\n\n\n\n His vision has made MicroStrategy a key player in corporate Bitcoin adoption worldwide. Saylor\u2019s efforts have also significantly boosted MicroStrategy\u2019s stock performance, with shares rising 438% year-over-year as of Jan. 3.<\/p>\n\n\n\n News of the preferred stock offering generated mixed reactions in the market. MicroStrategy\u2019s stock surged more than 10% on Jan. 3 before a slight decline in after-hours trading. It remains to be seen whether the company will proceed with the offering. If successful, the $2 billion raise is expected to strengthen the company\u2019s position as a dominant force in the Bitcoin investment space.<\/p>\n","post_title":"MicroStrategy Plans $2 Billion Stock Offering For Bitcoin Acquisitions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-plans-2-billion-stock-offering-for-bitcoin-acquisitions","to_ping":"","pinged":"","post_modified":"2025-01-13 03:23:21","post_modified_gmt":"2025-01-12 16:23:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=20008","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":19510,"post_author":"15","post_date":"2024-11-18 04:19:31","post_date_gmt":"2024-11-17 17:19:31","post_content":"\n A Pennsylvania lawmaker introduced a bill allowing the state\u2019s treasury to allocate up to 10% of its funds to Bitcoin. Representative Mike Cabell, a Republican, presented the legislation as a safeguard against inflation. He emphasized Bitcoin\u2019s potential to provide stability in uncertain economic times.<\/p>\n\n\n\n In a memo<\/a>, Cabell outlined the proposal enabling the state to invest portions of the General Fund, Rainy Day Fund, and State Investment Fund in Bitcoin. These funds collectively hold more than $16 billion, suggesting a significant potential investment.<\/p>\n\n\n\n Cabell highlighted the growing trend of institutional investors like BlackRock and Fidelity embracing Bitcoin as a hedge against economic volatility. Co-sponsored by Representative Aaron Kaufer, the bill, titled the Strategic Bitcoin Reserve<\/em> (HB 2664), mirrors a framework created by Bitcoin advocacy group Satoshi Action Fund.<\/p>\n\n\n\n See ReTroubled Lender Republic First Sold By Authorities To Fulton Bank: Report(Opens in a new browser tab)<\/a><\/p>\n\n\n\n While it remains unclear if the bill has enough support to pass, its introduction reflects Pennsylvania\u2019s increasing interest in cryptocurrency. In October, the state\u2019s House approved <\/a>legislation to protect the self-custody of digital assets and enable crypto payments.<\/p>\n\n\n\n The proposal aligns with broader Republican efforts to incorporate Bitcoin into financial strategies. Republican Senator Cynthia Lummis has advocated <\/a>for a national Bitcoin reserve. Globally, countries like El Salvador and Bhutan have already integrated Bitcoin into their financial systems.<\/p>\n\n\n\n This bill positions Pennsylvania as a potential leader in state-level Bitcoin adoption. According to the Satoshi Action Fund, 10 more states are likely to follow suit this year. <\/p>\n","post_title":"Pennsylvania Lawmaker Introduces Strategic Bitcoin Reserve","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pennsylvania-lawmaker-introduces-strategic-bitcoin-reserve","to_ping":"","pinged":"","post_modified":"2024-11-18 04:19:37","post_modified_gmt":"2024-11-17 17:19:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19510","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17300,"post_author":"1","post_date":"2024-06-10 03:13:16","post_date_gmt":"2024-06-09 17:13:16","post_content":"\n Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\n The current move by Customers Bank underscores the broader difficulties crypto companies face in securing stable banking relationships, especially following the collapse of Silvergate Bank and Signature Bank. Both institutions were pivotal in providing banking services to the crypto industry, and their absence has left a significant gap.<\/p>\n\n\n\n Customers Bank, based in West Reading, Pennsylvania, and owned by Customers Bancorp, exclusively deals in US dollars and refrains from accepting cryptocurrency deposits or extending loans for crypto activities. Despite this, it has carved out a niche with its CBIT platform, which facilitates 24\/7 US dollar payments for digital asset firms.<\/p>\n\n\n\n As Customers Bank narrows its client base and enforces stricter caps on crypto-related deposits, hedge funds in the digital asset space are being compelled to seek alternative banking solutions. This trend highlights a growing need for crypto companies to find stable, reliable banking partners in an increasingly cautious and regulated financial environment.<\/p>\n\n\n\n The evolving policies of institutions like Customers Bank reflect a delicate balance between leveraging the lucrative opportunities within the crypto sector and mitigating the inherent risks. For now, crypto hedge funds must navigate these changes, continuously adapting to the shifting financial landscape.<\/p>\n","post_title":"Customers Bank Offboards Crypto Funds, Caps Deposits over Risk Concerns","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"customers-bank-offboards-crypto-funds-caps-deposits-over-risk-concerns","to_ping":"","pinged":"","post_modified":"2024-06-10 03:13:21","post_modified_gmt":"2024-06-09 17:13:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> MicroStrategy's Bitcoin Holdings Soar To $14.6B After Massive $1.11 Billion Purchase<\/a><\/p>\n\n\n\n Bitcoin Purchase Amid Price Surge<\/strong><\/p>\n\n\n\n With Bitcoin prices rebounding in recent months, the firm\u2019s investment strategy has reportedly yielded over 50% gain, Cointelegraph<\/em> reported<\/a>. Michael Saylor, MicroStrategy\u2019s executive chairman, has been instrumental in driving this strategy.<\/p>\n\n\n\n His vision has made MicroStrategy a key player in corporate Bitcoin adoption worldwide. Saylor\u2019s efforts have also significantly boosted MicroStrategy\u2019s stock performance, with shares rising 438% year-over-year as of Jan. 3.<\/p>\n\n\n\n News of the preferred stock offering generated mixed reactions in the market. MicroStrategy\u2019s stock surged more than 10% on Jan. 3 before a slight decline in after-hours trading. It remains to be seen whether the company will proceed with the offering. If successful, the $2 billion raise is expected to strengthen the company\u2019s position as a dominant force in the Bitcoin investment space.<\/p>\n","post_title":"MicroStrategy Plans $2 Billion Stock Offering For Bitcoin Acquisitions","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-plans-2-billion-stock-offering-for-bitcoin-acquisitions","to_ping":"","pinged":"","post_modified":"2025-01-13 03:23:21","post_modified_gmt":"2025-01-12 16:23:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=20008","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":19510,"post_author":"15","post_date":"2024-11-18 04:19:31","post_date_gmt":"2024-11-17 17:19:31","post_content":"\n A Pennsylvania lawmaker introduced a bill allowing the state\u2019s treasury to allocate up to 10% of its funds to Bitcoin. Representative Mike Cabell, a Republican, presented the legislation as a safeguard against inflation. He emphasized Bitcoin\u2019s potential to provide stability in uncertain economic times.<\/p>\n\n\n\n In a memo<\/a>, Cabell outlined the proposal enabling the state to invest portions of the General Fund, Rainy Day Fund, and State Investment Fund in Bitcoin. These funds collectively hold more than $16 billion, suggesting a significant potential investment.<\/p>\n\n\n\n Cabell highlighted the growing trend of institutional investors like BlackRock and Fidelity embracing Bitcoin as a hedge against economic volatility. Co-sponsored by Representative Aaron Kaufer, the bill, titled the Strategic Bitcoin Reserve<\/em> (HB 2664), mirrors a framework created by Bitcoin advocacy group Satoshi Action Fund.<\/p>\n\n\n\n See ReTroubled Lender Republic First Sold By Authorities To Fulton Bank: Report(Opens in a new browser tab)<\/a><\/p>\n\n\n\n While it remains unclear if the bill has enough support to pass, its introduction reflects Pennsylvania\u2019s increasing interest in cryptocurrency. In October, the state\u2019s House approved <\/a>legislation to protect the self-custody of digital assets and enable crypto payments.<\/p>\n\n\n\n The proposal aligns with broader Republican efforts to incorporate Bitcoin into financial strategies. Republican Senator Cynthia Lummis has advocated <\/a>for a national Bitcoin reserve. Globally, countries like El Salvador and Bhutan have already integrated Bitcoin into their financial systems.<\/p>\n\n\n\n This bill positions Pennsylvania as a potential leader in state-level Bitcoin adoption. According to the Satoshi Action Fund, 10 more states are likely to follow suit this year. <\/p>\n","post_title":"Pennsylvania Lawmaker Introduces Strategic Bitcoin Reserve","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pennsylvania-lawmaker-introduces-strategic-bitcoin-reserve","to_ping":"","pinged":"","post_modified":"2024-11-18 04:19:37","post_modified_gmt":"2024-11-17 17:19:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19510","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17300,"post_author":"1","post_date":"2024-06-10 03:13:16","post_date_gmt":"2024-06-09 17:13:16","post_content":"\n Customers Bank has ended relationships with several crypto hedge funds, according to multiple sources cited by CoinDesk. This action highlights the ongoing challenges faced by crypto companies in accessing reliable banking services. Crypto banking continues to shift, signaling a cautious approach to managing risks in the volatile digital asset space.<\/p>\n\n\n\n Sources claim that Customers Bank's latest decision<\/a> targeted inactive accounts as part of routine housekeeping. The bank's goal appears to be streamlining its client base rather than initiating a sweeping de-banking across the industry. Another source mentioned that numerous funds have already started searching for new banking partners, potentially in response to Customers Bank's latest actions.<\/p>\n\n\n\n Customers Bank, known for servicing high-profile crypto entities like Galaxy Digital, Coinbase, and Circle, has also implemented a cap on deposits from crypto clients. This policy limits digital asset deposits to 15% of the bank's total deposits, a measure intended to mitigate risk. At the end of the first quarter, the bank reported total deposits of approximately $18 billion, with $2 billion coming from its crypto-focused instant payment platform, CBIT.<\/p>\n\n\n\n See Related: <\/em><\/strong>Goldman Hedge Funds Report: Established Titans Thrive as Newcomers Struggle<\/a><\/p>\n\n\n\nCapping Crypto Exposure<\/h2>\n\n\n\n
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