Binary trading platforms with better performance and payouts
Silvergate Bank
Silvergate Bank transformed from a community lender to a high-flying crypto bank without its Federal Reserve examiners raising an alarm, according to a report from the Federal Reserve’s Office of Inspector General (OIG), allowing the bank to take risks that would turn fatal.
The recent collapse of three high-profile banks – Silicon Valley Bank, Silvergate Bank and Signature Bank – has caused worrying outflows at hundreds of regional banks. Now, with the U.S. Federal Reserve creating a new backstop facility reportedly worth $2 trillion and Switzerland’s central bank bailing out Credit Suisse to the tune of $54 billion, the echoes of prior crisis in 2008 and 2013 are loud.
A source told CoinDesk the real-time payments platform, popular with crypto businesses, will continue to be offered under the newly established Signature Bridge Bank entity.
OkCoin CEO Hong Fang tweeted that customer deposits are safe and USD withdrawals are not affected.
Binance, Coinbase, OKX, and Paxos have all released statements.
Wire transfer and USDC remain an option for Dapper users.
Ailing crypto-friendly bank Silvergate closed its instant settlement SEN platform last week, which has been a key on-ramp for institutional crypto investors to transfer U.S. dollars to exchanges.
Silvergate Bank lost more than $8 billion in deposits from its crypto customers in the final months of 2022 as its core block of business crumbled under the industry’s implosion – just as the bank’s regulators had predicted might happen for such institutions.
Silvergate Bank is being hollowed out as its customers retreat following the disclosure that it has to reassess its financials and may not be a “going concern” within a year. The prominent California-based crypto bank’s future gets increasingly murky.