FalconX, GSR, and other crypto brokers and trading firms play the role of shadow banking to generate high returns
2024-08-16 13:56:18
On August 16th, according to The Information, the collapse of major cryptocurrency-friendly banks last year caused quite a bit of trouble for the cryptocurrency market, making it more difficult for hedge funds and other cryptocurrency investors to move money at the speed required for most transactions. However, a growing number of cryptocurrency brokerages (such as FalconX) and cryptocurrency trading firms (including GSR and B2C2) are stepping in to provide short-term financing to ensure that their clients' transactions can be settled immediately, generating huge returns in the process. Several cryptocurrency brokers acting as shadow banks are providing short-term loans to compensate for time mismatches, charging annual interest rates of up to 25%.
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