Market Cap: $3,532,043,383,936
24h Vol: $90,506,682,984
Cryptocurrencies: 24715
Markets: 95953
Cryptocurrencies: 24715
Markets: 95953
Market Cap: $3,532,043,383,936     
24h Vol: $90,506,682,984
Seeking Alpha 2023-03-02 23:14:05

Signature Bank spot deposit balances shrink so far in Q1 on lower crypto related deposits

Signature Bank spot deposit balances shrink so far in Q1 on lower crypto related deposits
Signature Bank ( NASDAQ: SBNY ) on Thursday issued a mid-Q1 financial update , with its spot deposit balances lower by ~$826M, driven by continued decline in cryptocurrency client related deposits. This is in line with its shift in strategy as the bank limits its crypto deposit exposure. Crypto client related deposits declined $1.51B so far in Q1. Excluding such balances, deposits increased $682M quarter-to-date. Average deposit balance QTD is $88.79B, compared with $88.59B at December 31, 2022 and $98.6B at Q4-end. Spot loan balances shrank by ~$1.71B so far in Q1 as Signature ( SBNY ) continues to reduce loan balances in its larger business lines. The bank reiterated that it does not trade, custody, or lend against/make loans collateralized by cryptos. Earlier, crypto exchange Kraken reportedly stopped using Signature ( SBNY ) for dollar deposits and withdrawals .
esptco-banner img
Latest News

Videos

  • Brave Browser Review 2022: Why Brave Browser is Good for Crypto?

  • What is Basic Attention Token (BAT)? (EXPLAINED)

  • Bitcoin OR Altcoins: Which Is Best? Easy Explanation!

  • Digibyte: What is DGB? EXPLAINED!

Our Partners

Hashing Ad Space
Inbound Junction
Magic Logix
Asimi
Crypto Marketing Agency, FINPR
Chainwire