Banks Just Keep Announcing Crypto Offerings

Plus a fresh round of BRRRR from the ECB

Happy Thursday, Blockfolians

The Lede

Here’s a short list of banks that have new crypto offerings on the way

  • BBVA - $698B in assets

  • Standard Chartered Bank - $720B in assets

  • DBS Bank - $333B in assets

At the same time, you have more and more crypto institutions applying for licenses to become banks. The latest is Paxos, who have applied for a federal banking charter. Paxos have been in the news lately for powering PayPal’s crypto offering, and this could give them even more room to grow. BitPay and Anchorage are also in the federal banking charter application process.

The lesson here? To reinforce what Wells Fargo said earlier this week: “fads don’t last 12 years.” Given how everyone is racing to become crypto banks, seems like this little crypto industry may be here to stay.

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Final Thought

Sing it, Raoul!