This is great news for crypto
Silvergate Bank will eventually get more competition from larger players as crypto becomes more widely accepted
Makes it even more important Silvergate builds out its product offering as it has with SEN
I'm curious what yield JPMorgan is offering
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Silvergate's deposits to crypto-related businesses has almost been exclusively non-interest bearing.
Larger players offering yield on deposits will make things much more competitive
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This is a great point by
There are probably few crypto-related businesses out there currently that offer a better risk/reward tradeoff compared to one of the more regulatory-compliant exchanges like Coinbase.
Baby steps
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Cryptocurrency business have struggled to keep banking relationships. But these are the two of the most compliant exchanges in the industry. I'm hesitant to expect JPM to extend the same services to other exchanges or for this relationship to necessarily last long term.
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Replying to
great example
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Replying to @AsILayHodling
We’ve had a bank account with them. One day they said they couldn’t serve us anymore and just froze everything 
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If you haven't had a bank account frozen by JPM/Chase, are you really even _in_ crypto?
The other banks wouldn't even accept the application in the first place, so no opportunity to get a frozen account :)
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