Signature Bank of New York has announced that it is now offering bank accounts for businesses based in Bermuda that deal in Crypto assets. There are believed to be over 60 companies that fit that description, and this is apparently the first local bank to offer such an option. However Signature Bank claim that they are also signing up companies that are not involved with Crypto assets.
The lack of banking facilities is a major hurdle facing businesses that deal in Crypto assets globally. In many jurisdictions around the world getting an account can be extremely difficult.
In the UK Clearbank is one of the few banks to offer accounts to firms in the Crypto sector, but requires that applicants are FCA regulated or in the process of applying to the FCA to be accepted by Clearbank.