Crypto-Friendly Signature Bank Raked In $4B in Deposits in Q3 2020
Deposits at crypto-friendly Signature Bank grew by $4.11 billion, an 8% increase, in the third quarter of 2020.
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Signature's $10 billion in deposits from crypto businesses is now double that of rival Silvergate.
Signature is "positioned to ride the crypto wave," a JPMorgan analyst wrote.
These deposits are seen as a proxy for growth among crypto-industry clients.
A new player has emerged in the world of cryptocurrency banking, with a team of former executives from the collapsed Signature Bank at the helm. The establishment of N3XT comes nearly three years after Signature Bank’s downfall in March 2023, which significantly impacted the crypto industry. Former Signature Bank Leaders Establish N3XT According to a […]
Silvergate Bank added $586 million in new deposits from firms and individuals in the cryptocurrency industry in the third quarter of 2020.