The Cardano founder is urging the cryptocurrency industry to distance itself from unstable banks
. Hoskinson said that crypto needs to de-risk itself from unstable and volatile banks.
The tweet came just days after the closure of Signature Bank by regulators, which effectively shut off one of the last easy options for crypto firms to stay connected to the traditional finance system. The failures of banks that catered to digital assets firms have important implications for the crypto industry, stablecoins, and the token market.
Although supporters of the digital assets industry predict that it will eventually replace traditional banks, the industry is currently facing challenges when it comes to re-establishing its connection with the banking system. Numerous crypto companies are reporting that it has become increasingly difficult to find banks that are willing to offer even the most mundane services.
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