(MENAFN- WhitePress)
The cryptocurrency had been in the headlines for a long time. As a result of the huge impact of digital currencies on the society and economic market, various companies acted as a bank for cryptocurrencies.
They offered lucrative returns to people who were willing to deposit their digital assets there. However, cryptocurrency is not just Bitcoin, it is far more than that. If you wish to invest in this sector, you can go for different other digital currencies. One of these is Ethereum. It is one of the top 5 cryptocurrencies and has significance in the digital world.
And if you are thinking about where to buy it, you won’t have to go anywhere. You can buy ETH from etoro.com. And they not only sell ETH but also guide their customers. So if you are a first-time buyer and not sure where to start, just click on the link and follow the instructions.
Cryptocurrency banks
Although there was no specific banking system for cryptocurrencies for a long time, not now. The first-ever bank that allows users to hold and use cryptocurrency just like any other currency is “Vast bank”.
Just like this, there is a “signature bank”. They were also dealing directly with cryptocurrencies. However, we have observed a collapse in the signature bank.
In addition to this, various businesses offered the option of acting as a bank for their customers. They claimed to hold your assets for you. In addition to this, they also offered interesting benefits for their customers. Some of these businesses include BlockFi, Voyager Digital, Genesis filed chapter 11, and Celsius. However, not all of these businesses were able to do good business.
Current situation of Crypto banks
Although cryptocurrency was a hot topic for a few years. However, it is not doing well for a few months now. The industry is facing a decline and as a result of this, BlockFi, Voyager Digital, Genesis filed chapter 11 and Celsius have gone out of business. In addition to this, a few of them have also applied for bankruptcy.
These companies faced hard luck and went out of business in a domino-like manner. One company went down and the other companies followed them. Thus, these companies could not work really well.
Impact of crypto bank collapse
Cryptocurrencies are not doing well and this is the pattern for a few months now. So how does it impact the economy and the business sector?
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The collapse of crypto banks has caused a setback for the crypto sector
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Fear of bank failure is increasing among the digital currency holders
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The crypto growth in the US is slowing down after the collapse of signature bank
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The ultimate results are expected to be far worse than the current situation
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FTX fell and Signature distanced itself from crypto as a result of this, the trust of other institutions is also decreasing in the digital currency
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