If you like reading S-1s, one that flew beneath seemingly everyone's radar: Silvergate Bank, the first national bank of crypto. https://ir.silvergatebank.com/Cache/400670873.pdf …
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"Explain that joke to me." The top five US crypto exchanges all use them. Crypto customers are 80%+ of their deposits. "What." You can say that again.
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So since all the cryptocurrency exchanges need to do cash management between themselves and ideally faster than ACH their bank (singular) made an API which allows them 24/7 ability to credit one account and debit another. They spell API "SEN":pic.twitter.com/CL4txbXAgM
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An interesting number to keep a watch on, particularly in comparison to e.g. the Tether float or alleged reserves, is the amount of total liquid cash banked by their exchange + OTC desk customers, presently ~$650m.
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