The majority of the bank’s new deposits came from cryptocurrency exchange clients.
“We are working hard to provide an alternative USD solution,” the exchange told traders in a widely shared email whose authenticity CoinDesk confirmed.
Diem is moving its "primary operations" from Switzerland to the U.S.
Signature’s CEO said on an earnings call Wednesday the bank wants it to be a “no-loss business.”
The La Jolla, Calif.-based bank, which serves major crypto firms such as Coinbase, Gemini and Kraken, added 135 digital currency customers in Q1.
The custodian began offering cash loans collateralized by bitcoin last December but is now adding Silvergate customers to the mix.
Cryptocurrency's viability as an investment may not be in its value as an asset but in the way the financial world is evolving because of it.
Signature's $10 billion in deposits from crypto businesses is now double that of rival Silvergate.
The majority of the new deposits came from cryptocurrency exchange clients.
Binance.US has joined the Silvergate Exchange Network (SEN), a 24/7 instant settlement network operated by Silvergate Bank.
Silvergate Bank added $586 million in new deposits from firms and individuals in the cryptocurrency industry in the third quarter of 2020.
Silvergate Bank has pioneered financial services for crypto startups. But now it faces new rivals. Can it deepen its competitive moat?
Silvergate Bank continued to add a steady drip of crypto customers in Q2 2020 but its issuance of bitcoin-collateralized loans is what stood out.
ErisX, a crypto exchange for institutional investors, has joined the payments network of bitcoin-friendly Silvergate Bank.
Silvergate Bank added 46 crypto customers in the first quarter and saw fee income and deposits increase from those customers because of “Black Thursday,” according to its earnings report released before market open on Wednesday.