‘Already Live’: Signature Bank Is Moving Millions on a JPMorgan-Like Private, Dollar-Backed Cryptocurrency
While crypto-land is abuzz about JPMorgan’s plan to move dollars via blockchain, a smaller New York bank is already doing this.
“Now that we're public, we have more efficient access to capital to support our growth,” Silvergate Bank CEO Alan Lane said in an interview.
The Silvergate Exchange Network provides a frictionless way to transfer U.S. dollars "around the clock."
Blockchain forensics firm Elliptic is now offering banks a product that aims to provide up-to-date risk profiles of more than 200 of the largest crypto exchanges around the world.
Silvergate Bank, one of the cryptocurrency industry's few go-to financial service providers, is planning to become a crypto lender.
Silvergate Bank added 59 crypto clients in the fourth quarter, but its deposits from the industry shrank by $123 million.