TechFlow news, according to The Block, Signature Bank is setting deposit caps on digital assets to reduce the share of deposits from digital asset industry clients to below 20% of the bank's total deposits. With Signature Bank’s third-quarter deposits totaling $102 billion, this measure will cap the entire digital ecosystem’s total deposits at $20.4 billion.
Additionally, Joseph Seibert, a director at Signature Bank, stated in an email to clients that each client’s deposit limit will be set at up to 2% of the bank’s total deposits, and told The Block that no individual client would exceed $2 billion in deposits.
Previously, CoinDesk reported that Signature Bank plans to reduce cryptocurrency-related deposits by $8 billion to $10 billion. Joe DePaolo, CEO of Signature Bank, said that as of September 2022, approximately 23.5% of the bank’s $103 billion in total deposits came from the crypto industry, but given recent issues in the sector, Signature has ultimately decided to reduce this figure to below 15%.Source link
