Digital Asset Capital Looks to Swiss Bank for Fund Transfers

03/03/2023 09:09 • Metaverse Matters • 120 views

It is reported that Digital Asset Capital is seeking the help of Swiss Bank to fill the gap caused by the use of Silvergate system. Digital Asset Capital Management uses Silvergate’s 24-hour real-time network to transfer funds into and out of the platform of Coinbase Global. However, such exchanges as Coinbase, Crypto.com and Gemini will no longer accept or initiate payments through Silvergate.

Digital Asset Capital seeks help from Swiss Bank due to the influence of Silvergate

Interpret the above information:

Digital Asset Capital Management is reported to be seeking the assistance of a Swiss bank to fill the gap created by the withdrawal of Silvergate as a service provider. Digital Asset Capital had been using Silvergate’s 24-hour real-time network to transfer funds in and out of Coinbase Global’s platform. However, it is no longer possible to initiate or accept payments through Silvergate by Coinbase, Crypto.com and Gemini.

The move by Silvergate has created a gap for Digital Asset Capital, which needs to find an alternative way to manage its fund transfers between its platform and those of its clients. The company has reportedly turned to a Swiss bank for assistance. The choice of a Swiss bank is not accidental. Switzerland has established itself as the world’s top financial center for wealth management and private banking. Its regulations and laws are considered to be particularly favorable for the asset management industry.

Digital Asset Capital’s switch to a Swiss bank could be seen as a possible indication of the ongoing issues surrounding the volatile cryptocurrency market. The gap created by Silvergate suggests a lack of reliable financial infrastructure for the crypto sector. The financial sector is critical to any market, and if the banking industry is uninterested or does not see the value in partnering with the crypto industry, it might present significant challenges for the growth and sustainability of the sector.

In conclusion, Digital Asset Capital’s recent move to a Swiss Bank for fund transfer services is likely a result of Silvergate’s exit from the crypto industry. This move highlights the need for a reliable financial infrastructure for the crypto industry to grow and attract more businesses. While it remains uncertain if the Swiss banking industry represents a good alternative for the crypto industry, it is clear that it presents opportunities and possibilities for companies like Digital Asset Capital.

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Digital Asset Capital Looks to Swiss Bank for Fund Transfers

Digital Asset Capital seeks help from Swiss Bank due to the influence of Silvergate

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