Phoenixville-founded Customers Bank, which is now headquartered in Malvern, is making a name for itself in the crypto industry.

Following the collapse of Silvergate Capital and Signature Bank, the now $21 billion bank is emerging as one of the biggest partners, writes Yueqi Yang for Bloomberg News.  

The bank’s payments platform allows crypto clients to quickly move their money.  

“With Signature and Silvergate basically shutting their doors, these balances had to go somewhere,” said Piper Sandler analyst Frank Schiraldi. 

According to Schiraldi, Customers Bank, “really seems to be the last man standing.” 

While a portion of Customers Bank clients are funneling in from the crypto industry, others come from technology, venture, and fund financing, the bank also has clients from U.S. crypto exchange Coinbase Global, Paxos Trust, a stablecoin issuer, GSR, Anchorage Digital, and BitGo.  

The banks purchased $631 million of Signature Bank loans back in June.  

Read more about the success in the Pittsburgh Post-Gazette.  

Customers Bank to offer accounts for crypto firms.