"The objective is to expand that sphere materially more than what we have today," Al Niama added. He'll help lead the crypto company's outreach to large financial institutions.
Although they have comparatively few problems accessing overseas bank accounts-often in the Cayman Islands or Switzerland-in lieu of a US bank account, they are often unable to earn yield on deposits or transact seamlessly with US-based counterparties, and sometimes incur high account fees.