Crypto firms scramble for banking partners as willing lenders become scarce

Crypto firms scramble for banking partners as willing lenders become scarce

FILE PHOTO: Representations of cryptocurrencies plunge into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Crypto firms have been left scrambling to find banking partners after the collapse of three crypto-friendly lenders in the US last month, creating a risk their business will become concentrated in smaller financial institutions.