Banking remains a challenge, but other financial institutions are stepping up to the plate, some of which are outside of the U.S. and out of reach of its regulatory regime.
For VCs, this is a separate and unique issue; they need a bank familiar with the sector. Crypto and tech startups as well as small VC funds are turned down by many banks because they are deemed as not worth the risk. “The problem has far wider implications than the temporary depegging of stablecoins. We expect to see a decline in VC activity, which will have a knock-on effect on crypto fundraising,” the analysts wrote in their note. “SVB provided one of the most popular banking infrastructures for VC investors. Now they will have to look for new opportunities, but the pressure on crypto-friendly banks is a significant red flag.
This might be Singapore’s time to shine. It’s understood that banks with USD rails will step up and fill the gap. DBS is thought to be a contender, given that it“VC fundraising for crypto is driven by a younger generation of alternative fund managers breaking away from TradFi institutions to raise their own capital in Asia,” adds Katherine Ng, Managing Director of TZ APAC, Asia’s leading Tezos blockchain Incubator.
For now, U.S. banks still dominate the sector and have outsized influence on all regions. But it could be time for other institutions to step up.
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