SYNAPSE TROUBLES WITH BANKING PARTNER HIGHLIGHTS IMPORTANCE OF BRINGING FUNDS ONCHAIN

Summary from the TLDR Crypto newsletter

The situation involving Synapse (banking service provider), Evolve (banking partner), and numerous fintech startups highlights a significant problem in tracking and verifying the location of customer deposits. These issues could be solved by bringing funds onchain. Blockchain tech is a transparent and immutable ledger and could thus resolve uncertainties about the flow of funds and improve overall financial transparency and trust.