customers bancorp inc has become a significant ally for the cryptocurrency industry what happened the pennsylvaniabased bank has partnered with numerous digital asset firms including major exchanges market makers and stablecoin issuers this surge in clientele occurred after the collapse of cryptofriendly lenders silvergate capital corp and signature bank customers bank has become one of the few remaining facilitators of dollar transactions for crypto businesses bloomberg reported despite being the 81stlargest us bank by assets customers bank now finds itself at the forefront of an industry that is under regulatory scrutiny and largely avoided by mainstream lenders this is a stark contrast to two years ago when bitcoin btcusd was at an alltime high and investors were eagerly entering the market at that time customers bank ceo sam sidhu was vocal about the banks crypto aspirations however the bank is now capping cryptorelated deposits and sidhu emphasizes that these assets are just a small part of a broader plan to expand the banks payments business customers bank operates a payments platform that allows crypto clients to move dollars with the same immediacy as crypto 247 the banks appeal to crypto businesses increased when it avoided the industrys biggest crisis of the past year the collapse of sam bankmanfried’s ftx fttusd exchange as a result customers bank saw an influx of new clients looking to open replacement accounts also read the billion dollar crypto heist how secure are your mnemonic keys why it matters customers bank has decided to limit deposits on its instant token realtime payments platform which caters to crypto clients to no more than 15 of its total despite this the bank continues to do business with some of the industrys biggest names including circle internet financial usdcusd coinbase global inc coin paxos trust co gsr anchorage digital and bitgo customers banks increased involvement in the crypto sector could attract additional regulatory attention however the bank believes it has measures in place to manage risk such as holding deposits in us currency and spreading large deposits among multiple banks to maximize federal deposit insurance corp coverage despite customers banks efforts the crypto industrys banking problem persists especially for less established players the industry is hoping for more alternatives and more traditional banks that support crypto players read next unstoppable domains wants to help simplify your digital identity with eth domains join benzingas future of crypto in nyc on nov 14 2023 to stay updated on trends like ai regulations sec actions  institutional adoption in the crypto space secure early bird discounted tickets now