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“With Signature and Silvergate basically shutting their doors, these balances had to go somewhere,” he said. Customers Bank “really seems to be the last man standing.” But now, with the crypto market a shadow of its former self, Customers is downplaying its connections to an industry it once embraced. The company decided to limit deposits on its Customers Bank Instant Token real-time payments platform, or CBIT, which caters to crypto clients, to no more than 15 per cent of its total.
Other Customers clients include the biggest U.S. crypto exchange, Coinbase Global Inc., as well as stablecoin issuer Paxos Trust Co., trading firm GSR and custodians Anchorage Digital and BitGo.It’s a notable position for a firm that bills itself as a “super community” bank, with its headquarters in West Reading, Penn., a borough about 100 kilometres northwest of Philadelphia with about 4,500 people.