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Crypto firms acted like banks, then collapsed like dominoes

Crypto firms acted like banks, then collapsed like dominoes | Investment Executive

This subset of the industry grew as cryptocurrency enthusiasts were looking to build their own parallel world in finance untethered to traditional banking and government-issued currencies. But lacking safeguards, and without a government backstop, these companies failed in domino-like fashion. What started with one crypto company collapsing in May spilled over onto one crypto-lending firm and then the next.

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