Signature Bank plans to reduce its crypto-related deposits by as much as $10 billion, the company's CEO said Tuesday, emphasizing that the Wall Street bank is 'not just a crypto bank.' HeleneBraunn reports
Signature Bank will shrink its deposits tied to cryptocurrencies by $8 billion to $10 billion, signaling a move away from the digital asset industry for the bank that until recently had been one of the most crypto-friendly companies on Wall Street.
Nearly a quarter of the New York-based bank’s $103 billion in total deposits, or roughly 23.5%, came from the crypto industry as of September 2022. But given the recent “issues” in the space, Signature will reduce that amount to under 15% eventually, DePaolo said. DePaolo specifically mentioned stablecoins as a business that the bank wants to exit, which could be bad news for Circle and other stablecoin issuers. Circle, in April of last year.
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