Silvergate Bank received $4.3 billion from the San Francisco-based Federal Home Loan Bank last year, following the collapse of crypto exchange FTX, according to the firm’s Q4, 2022 flings.
Silvergate’s business model focuses on providing banking services to crypto exchanges and investors. Around 90% of the bank’s deposits come from crypto.
At the end of the third quarter, Silvergate’s 10 biggest depositors, including Coinbase, Paxos, Crypto.com, Gemini, Kraken, Bitstamp, and Circle, represented about half of the bank’s deposits.
As a result of the FTX collapse, Silvergate was in a critical position, as it held deposits for both FTX and Alameda Research.
There were concerns that FTX’s collapse could affect Silvergate and that it would be exposed to bankrupt crypto lender BlockFi. However, in an announcement, Silvergate revealed that its exposure to FTX was limited to deposits.
Further, Silvergate’s CEO, Alan Lane, later reported that the firm had less than 10% exposure t
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