New banks will compete for business from crypto companies following the demise of Silvergate and Signature bank, former FTX.US president Brett Harrison said.
"Previously those banks couldn't really compete with the top two or three — Silvergate and Signature being among them — because they had such a large percentage of the market share," Harrison said on an episode of The Scoop podcast coming out on Wednesday.
Crypto companies have been left scrambling to find new banking partners after those two firms stopped serving the industry. Some are turning to institutions like Mercury, Brex and Customers Bank, and others looking at non-U.S. based players like Sygnum and Seba Bank, The Block reported.
Harrison also believes that the recent developments will further help the push into derivatives.