A-Z of Tether’s latest rollout on the Tron network
Short-term Shiba Inu [SHIB] investors should be cautious because…
Can Polygon’s series of updates help MATIC get rid of its year-end woes
U.S. lawmakers want State Department to disclose and justify crypto rewards
LUNC saw a pullback but could a bounce be imminent for Terra Classic?
How Bitcoin’s performance in November has affected futures contracts market
Bitcoin: FTX’s implosion and its impact on profitability, blockspace demand, and more
Bitcoin: This sudden increase could mean redemption for BTC but…
Bitcoin mining difficulty drops by more than 7%, thanks to crypto winter
Can President Bukele’s BTC obsession put El Salvador at a massive disadvantage
Can Polygon’s series of updates help MATIC get rid of its year-end woes
Ethereum may consider DAO stablecoins for the future as ETH slides
Ethereum NFTs surrender to crypto winter; will ETH suffer the same fate
ETH enthusiasts should brace for lower volatility based on these observations
MANA stands strong as these whales set up camp in Decentraland
Published
on
By
As per a Financial Times report, New York-based Signature Bank (SBNY) plans to reduce its deposits tied to cryptocurrencies by $8-10 billion. This indicates a shift away from the digital asset industry for the bank. The bank is considered one of the most crypto-friendly on Wall Street.
As of September 2022, the crypto industry accounted for nearly a quarter of the bank’s total deposits of $103 billion. This stood to be roughly 23.5%. However, given the recent fiasco in the crypto industry, Signature will eventually reduce the amount to less than 15%. Signature Bank CEO Joseph J. DePaolo mentioned that stablecoins were being considered as a potential exit strategy.
FTX was a client of Signature Bank, though its deposits with the bank accounted for less than 0.1% of the bank’s total deposits. Nonetheless, the relationship between the two caused Signature’s stock to fall nearly 20% in November.
Signature Bank happens to be one of the few federally regulated banks known to have taken large deposits from crypto clients. Furthermore, it experienced rapid growth since it step foot in the cryptocurrency market. However, the bank’s stock dropped by over 50% this year, and one of its clients was the now-defunct crypto exchange FTX.
The Wall Street Journal also reported in August that Signature Bank, along with Silvergate Capital and Customers Bancorp, was one of three small banks that invested in crypto-related businesses when the industry was booming. With time, it lost the momentum when crypto prices plunged. Among Signature’s customers was the crypto lender Celsius Network, which filed for bankruptcy in July.
“We’re not just a crypto bank and we want that to come across loud and clear,” said Signature Bank Chief Operating Officer Eric Howell recently told an industry conference.
Signature Bank, for the longest time, has been considered as one of the most crypto-friendly banks in the United States. But as the crypto industry is undergoing a crisis following FTX’s implosion, the bank is seemingly calling it quits.
LUNC saw a pullback but could a bounce be imminent for Terra Classic?
Metamask reviews policy after backlash; what can users expect now
Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/
U.S. lawmakers want State Department to disclose and justify crypto rewards
All about SushiSwap’s latest proposal and its 1.5 year ticking time fuse
Nigeria forces CBDCs by limiting ATM cash withdrawals over $225 a week
Hedge fund Fir Tree sues Grayscale Investments, thanks to GBTC
FTX saga continues as this Committee Chair insists on getting SBF’s testimony
Crypto services from abroad restricted in UK under Rishi Sunak’s reign?
Your email address will not be published.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
How To Make Huge Profits In A Short Time With CryptoGet detailed training system that shows an absolute beginner (without any skill) how to make huge profits in a short time with crypto.
Crypto + NFT Quick Start CourseThe #1 course for profit in the Crypto & NFT world - You will discover the secrets that 99% of people don’t know yet
