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Crypto, start-ups and banking make a scary mix
The tech bros are eyeing the world of banking. The failure of Silicon Valley Bank should serve as a cautionary tale.
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The last thing the US needs is a whole new group of banks with a hyper focus on stablecoins, crypto and start-ups, says the writer.
PHOTO: AFP
Paul J. Davies
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The next must-have accessory for crypto and tech bros looks to be far less sexy than a Lamborghini – it’s a banking licence. Getting approved is typically time-consuming, bureaucratic and dull, but these budding lenders are likely to find themselves pushing on an open door – and that poses dangers.
Stablecoin issuer Circle Internet Group and tech billionaire Peter Thiel are among the names linked with trust bank charter applications in recent days.
