20 May '13, 10am

Fickleness of Banking Relationships Vexes Bitcoin Startups

Crypto Street, a startup that’s building a platform for trading digital currencies like Bitcoin, is making a point of forging relationships with multiple banks after similar businesses suddenly lost their bank accounts and folded or scaled back. “You can never tell what’s going to happen” with any one bank, says Shamoon Siddiqui, one of Crypto Street’s founders. The New York outfit, whose service is in beta testing, will be “well hedged” in this regard. He would not identify the banks the company is talking to but says they include large and small ones. The strategy highlights a growing problem for young companies in the burgeoning Bitcoin economy. Last month, Bitfloor, a popular Bitcoin exchange, shut down and blamed Capital One for closing its account. Soon afterward, FastCash4Bitcoins, a service offered by Tangible Cryptography of Chesapeake, Va., said PNC had closed it...

Full article: http://www.paymentssource.com/news/fickleness-of-banking-...

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