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While Silvergate's demise may have rung alarm bells for investors around the durability of banks with close ties to the crypto industry, the rout has spread to more traditional lenders. Most notably, SVB Financial Group (SIVB), the holding company of Silicon Valley Bank, is down more than 40% on Friday
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Now, the network has been shut down – closed last week as the bank’s parent company, Silvergate Capital Corp., acknowledged there were questions about its ability to continue as a “going concern,” and that it would be late in filing an annual report with securities regulators. Even before the announcement,
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In its email to users, Kraken said the move was made due to changes by Signature, according to Bloomberg. In an email to CoinDesk, Signature noted that it had previously stated as of Feb. 1, it would no longer support any of its crypto exchange customers in buying and selling
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Statistica Capital, an algorithmic trading firm, and Statistica Ltd. claim the bank "had actual knowledge of and substantially facilitated the now-infamous FTX fraud," according to a filing in the U.S. District Court for the Southern District of New York dated Feb. 6. "In particular, Signature knew of and permitted the
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Nearly a quarter of the New York-based bank’s $103 billion in total deposits, or roughly 23.5%, came from the crypto industry as of September 2022. But given the recent “issues” in the space, Signature will reduce that amount to under 20% and potentially under 15% eventually, Signature CEO DePaolo said
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Shrinking crypto deposits by $8 billion to $10 billion and replacing them with wholesale borrowings costing around 4.25% will drive a significant reset in net interest margin in the coming quarters, said Usdin. While management plans to pay down some borrowings with core deposit growth, it will take some time
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Raymond James says it remains bullish on the firm’s long-term prospects to deliver higher loan growth, operating efficiency and credit metrics, but says the bank’s plan to diversify its business model will likely result in slower growth and net interest margin (NIM) compression. Source
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Nearly a quarter of the New York-based bank’s $103 billion in total deposits, or roughly 23.5%, came from the crypto industry as of September 2022. But given the recent “issues” in the space, Signature will reduce that amount to under 15% eventually, DePaolo said. Source
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Online forums are integral to the Bitcoin origin story, where Satoshi Nakamoto and early contributors collaborated to discuss and create a disruptive financial system from scratch. One of the oldest Bitcoin forums — bitcointalk.org — still preserves historical discussions around creating the Bitcoin (BTC) logo and the payment system.A curious
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