Silvergate Capital says FTX displays lower than 10% of its complete deposits from digital asset prospects

Silvergate Capital issued an announcement to tell the general public of its publicity to FTX and its associated entities.

The supplier of monetary infrastructure options to the digital asset business provides to the mass of corporations declaring their FTX publicity in a bid to reassure events.

Silvergate Provides Statement on FTX Exposure https://t.co/qfxSFXnCsW

— Silvergate Bank (@silvergatebank) November 11, 2022

Silvergate CEO Alan Lane acknowledged:

In gentle of current developments, I wish to present an replace on Silvergate’s publicity to FTX. As of September 30, 2022, Silvergate’s complete deposits from all digital asset prospects totaled $11.9 billion, of which FTX represented lower than 10%. Silvergate has no excellent loans to nor investments in FTX, and FTX just isn’t a custodian for Silvergate’s Bitcoin-collateralized SEN Leverage loans. to be clear, our relationship with FTX is proscribed to deposits.”

Lane goes on to elucidate that “all SEN Leverage loans have continued to carry out as anticipated with zero losses and no pressured liquidations” — additional reinforcing the assertion that their ongoing monetary endeavors stay regular and unhindered by the current occasions.

As a reminder, all SEN Leverage loans are collateralized by Bitcoin, and we don’t make unsecured loans or collateralize SEN Leverage loans with different digital belongings.”

Lane iterates that Silvergate Capital Corporation was constructed to assist purchasers by “market volatility and transformation” and that the Silvergate Exchange Network (SEN) continues “with out interruption.”

“As a federally regulated banking establishment that’s nicely capitalized, we preserve robust steadiness sheet with ample liquidity to assist our prospects’ wants.”

At the core of Silvergate’s customer-centric suite of funds, funding, and lending, the SEN allows the company to proceed enabling speedy progress of digital asset markets alongside the reshaping of worldwide commerce in preparation for a digital asset future.

Lane is scheduled to take part in a fireplace chat on the Oppenheimer Blockchain & Digital Assets Summit on Nov. 17 at 2:55 pm ET.

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