Silvergate Crypto News: Fintech and crypto focused bank Silvergate Capital on Thursday expressed confidence in the crypto industry’s future. The comments came at the back of the flurry of withdrawals from the bank when the FTX collapse unfolded in November 2022. The bank said its mission in the digital assets industry has not changed. In an early sneak peak of the company’s fourth quarter results, it said there was huge drop in crypto related deposits.
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Crypto Deposits Plunge
In the last quarter, deposits associated with cryptocurrencies dropped by a whopping 68%, the bank said. According to a Wall Street Journal report, Silvergate has more cash in hand than the remaining deposits. However, there was a spike in daily average volume at the bank. The bank had $4.60 billion in cash while it had deposits worth $3.80 billion during the quarter. A statement from the bank said,
“While Silvergate is taking decisive action to navigate the current environment, its mission has not changed. Silvergate believes in the digital asset industry.”
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