Just like traditional hedge funds, crypto funds require a bank account for a variety of back-office operations. For example, a bank account is required in order to receive fiat subscriptions from investors, and for wiring monies to exchanges for the purpose of buying cryptoassets. However, many banks do not currently adopt a crypto-friendly approach, and therefore obtaining a crypto fund bank account is a notoriously difficult endeavour. However, there are several offshore banks which accept new crypto funds, leading crypto banking to remain a possibility even if bank account opening continues to be an arduous process.
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