FTX was among the top five crypto exchanges globally.
Silvergate is a directed, institutionally-engaged bank whose stores are guaranteed by the Federal Deposit Insurance Corporation (FDIC). The bank is an individual from the Federal Reserve and holds a California state contract.
The bank was established with a motto to help its users during the volatile and transformation phases.
Silvergate Capital highlighted its exposure on FTX in its press release after it became clear that the exchange was on it brink of filing for bankruptcy.
FTX exchange was among the top five crypto exchanges globally, with a total valuation of $32billion(Estimated), which recently signed a deal to acquire Voyager crypto lending firm.
In Silvergate’s press release Alan Lane Chief Executive Officer of the company, noted that “Total deposits from all digital asset customers totalled $11.9 billion, of which FTX represented less than 10%.”
Lane futhure stated that “The firm did not have any outstandi
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