Square Is Expanding Access to Bitcoin Deposits for Cash App Users
Square is rolling out bitcoin deposits for its Cash App, supplementing the buy, sell and transfer options.
Deposits at crypto-friendly Signature Bank grew by $4.11 billion, an 8% increase, in the third quarter of 2020.
Out of the nearly $8 billion in deposit growth that Signature Bank saw in the second quarter of 2020, $1 billion was raked in by the firm’s digital assets team.
These deposits are seen as a proxy for growth among crypto-industry clients.
Silvergate Bank added 46 crypto customers in the first quarter and saw fee income and deposits increase from those customers because of “Black Thursday,” according to its earnings report released before market open on Wednesday.
Crypto-friendly Metropolitan Commercial Bank reported $25 million more in deposits from crypto customers in the first quarter of 2020.