Why Crypto Needs Banks to ‘On-Ramp’ Client Funds: QuickTake

Crypto’s ardent supporters present it as the future alternative to regular money. For now, though, most so-called digital currencies still rely on old-fashioned banks. Investors need an “on-ramp” and “off-ramp” to cash in and out. The risks this creates were on display when two crypto-friendly US banks collapsed in March. Then the US affiliate of Binance Holdings Ltd., the world’s biggest crypto exchange, said in June it was being cut off by its payment and banking partners. The collapse of these vital bridges between the worlds of real and virtual money is another setback for a crypto industry that’s ...