SVB Failed. Paying Employees in Crypto May Not Be the Answer

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You had money in your bank account to run payroll on Friday, but you had the misfortune of banking at Silicon Valley Bank, and payroll didn’t run. I saw several people advocating for paying employees in cryptocurrency and avoiding the banks altogether.

While that may seem like a solution, the later shutdown of Signature Bank immediately exposed the problem with that plan–crypto isn’t a banking-free solution. While you can pay peer to peer without a bank involved, it seems that the banks are already inovolved. Signature had “recently made a play to win cryptocurrency deposits,” which means

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