Silvergate Capital Affected Less Than 10% In Total Deposits Of Customers By FTX
Companies have been vocal in the wake of FTX’s collapse, with Silvergate Capital also claiming the exchange’s exposure is limited to deposits.
To reassure interested parties, the supplier of financial infrastructure solutions to the digital asset market has joined the mass of businesses revealing their FTX exposure. The public was aware of Silvergate Capital‘s exposure to FTX and its affiliated companies.
Less than 10% of the $11.9 billion in total deposits from all clients of digital assets are represented by FTX’s deposits with Silvergate, according to the bank. That could indicate a sum of $1 billion or more, but since those are deposits, FTX is a creditor.
FTX is not a custodian for any of the bank’s SEN Leverage loans that are secured by Bitcoin, according to Silvergate Capital, which claims it has no outstanding loans or investments with the company.
Silvergate CEO Alan Lane stated:
“Silvergate has no outstanding loans to nor investments in FTX, and FTX is not a custodian for Silvergate’s Bitcoin-collateralized SEN Leverage loans. To be clear, our relationship with FTX is limited to deposits.”
Thus, in the wake of FTX events announcing that CEO Sam Bankman-Fried is no longer holding his position, crypto companies have been clarifying their concerns about their involvement with FTX.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Author
News
Silvergate Capital Affected Less Than 10% In Total Deposits Of Customers By FTX
Companies have been vocal in the wake of FTX’s collapse, with Silvergate Capital also claiming the exchange’s exposure is limited to deposits.
To reassure interested parties, the supplier of financial infrastructure solutions to the digital asset market has joined the mass of businesses revealing their FTX exposure. The public was aware of Silvergate Capital‘s exposure to FTX and its affiliated companies.
Less than 10% of the $11.9 billion in total deposits from all clients of digital assets are represented by FTX’s deposits with Silvergate, according to the bank. That could indicate a sum of $1 billion or more, but since those are deposits, FTX is a creditor.
FTX is not a custodian for any of the bank’s SEN Leverage loans that are secured by Bitcoin, according to Silvergate Capital, which claims it has no outstanding loans or investments with the company.
Silvergate CEO Alan Lane stated:
“Silvergate has no outstanding loans to nor investments in FTX, and FTX is not a custodian for Silvergate’s Bitcoin-collateralized SEN Leverage loans. To be clear, our relationship with FTX is limited to deposits.”
Thus, in the wake of FTX events announcing that CEO Sam Bankman-Fried is no longer holding his position, crypto companies have been clarifying their concerns about their involvement with FTX.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Other Posts
Related Posts
Latest
Singularity Finance Strikes Strategic Partnerships to Lead the AI and RWA Economy and Expand its Ecosystem
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts
Press Release
Singularity Finance Strikes Strategic Partnerships to Lead the AI and RWA Economy and Expand its Ecosystem
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
