The closure of New York based Signature bank, which has a number of crypto clients, is likely to reverberate across the digital asset industry, days after...
The closure of New York based Signature bank, which has a number of crypto clients, is likely to reverberate across the digital asset industry, days after California’s Silicon Valley Bank collapsed in the second-largest bank failure in U.S. history, and Silvergate Bank, another crypto-friendly bank, said it would wind down.
Silvergate Bank SI and Signature Bank SBNY were both, at least at one point, seen as among the most crypto-friendly banks in the U.S., though Signature had been cutting its crypto-related deposits after the collapse of exchange FTX in November. Both Signature and Silvergate provided real-time payment networks, named Signet and SEN, respectively, which allowed their clients to send money in U.S. dollars 24/7 to each other.
“Signature is our primary USD bank for customer transactions,” Hong Fang, chief executive at the exchange, wrote on Twitter Monday. “Our team is working very hard on alternative channels and solutions in real time.” In January, federal regulators issued a statement, warning banks to beware of ‘significant’ risks surrounding crypto assets.
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