Not only releasing annual reports, but also staying ahead with quarterly updates, Signature outperforms competitors in the crypto winter.

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Not only releasing annual reports, but also staying ahead with quarterly updates, Signature outperforms competitors in the crypto winter.

Just as the U.S. crypto-friendly bank Silvergate failed to submit its annual report on time, the cryptocurrency exchange Coinbase immediately announced a shift of its fiat deposit and withdrawal services to Signature Bank. Various crypto partners also distanced themselves within 24 hours. Another bank known for its crypto-friendly stance, Signature, submitted its 2022 financial report at this time and further disclosed advanced quarterly updates for 2023. The report continued the previous quarter's plan to reduce deposits from digital asset clients and emphasized "no trading, no custody, no lending against digital assets as collateral"!

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2023 Situation

Signature has compiled the banking conditions as of March 1:

  • Deposits decreased by $826 million. This decrease was intentional, as Signature reduced digital asset-related deposits by $1.51 billion, while the remaining deposits increased by $682 million.
  • The average deposit balance was $88.79 billion, slightly higher than the $88.59 billion as of December 31, 2022.
  • Loan balances decreased by approximately $1.71 billion, as the bank is executing its previously announced strategy to reduce loan balances in larger business sectors.

It is emphasized again: Signature Bank does not trade, custody, or lend against loans collateralized with digital assets!

Last year, Signature Bank CEO Joe DePaolo stated during an investor conference:

We are not just a cryptocurrency bank, and we want to make that loud and clear.

It seems that those who act promptly in the midst of the crypto winter, diversifying risks, are the ultimate winners.