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Most of the "Banks" listed are not banks, but products offered through other banks. e.g: 'Qapital is not a bank. Banking services provided by Lincoln Savings Ba
by GGO 3y ago
Most of the "Banks" listed are not banks, but products offered through other banks. e.g: 'Qapital is not a bank. Banking services provided by Lincoln Savings Bank, Member FDIC and other partner banks'
- JAlexoid 3y agoThat's because US regulatory regime is antiquated. Deposit insurance is a pain, payments take ages and some very old cheque rules still apply to transfers. As much as these companies would like to be something separate, they are precluded by laws and regulations.
- jnwatson 3y agoThat’s what they said about crypto…
- JAlexoid 3y agoAll crypto startups use established banks to transfer and hold USD. I don't know of a single all crypto bank in US. A lot of companies that brand themselves as a "bank" are some regional bank underneath. (I literally work in the payments industry, for reference) Ex: One Financial states > ONE card is issued by Coastal Community Bank
- zokier 3y agoOn a glance I'd guess many of the service providers listed in EU are also not proper banks.