LedgerX chooses Signature Bank over Silvergate Bank

03/03/2023 07:02 • Digital Disruptors • 80 views

It is reported that both Yahoo and Bloomberg disclosed that LedgerX has chosen to use Signature Bank as its telegraphic transfer fund receiver in order to keep a distance from Silvergate Bank, but Signature has not confirmed this news so far, The financial institution said in a statement: “Although we can’t comment on specific customers, we are still providing digital asset customers with the business of holding some US dollar deposits.” Due to the difficulties of Silvergate Bank, many encryption companies have said that they will no longer use their services and turn to Signature Bank, including Coinbase. （cryptoslate）

Signature Bank has not confirmed that LedgerX uses its services

Analysis based on this information:

According to recent reports, LedgerX, a cryptocurrency derivatives trading platform, has decided to use Signature Bank as its telegraphic transfer fund receiver instead of Silvergate Bank. The decision comes after several encryption companies expressed their dissatisfaction with Silvergate Bank’s services.

LedgerX’s move to use Signature Bank as its fund receiver is likely due to the bank’s reputation for providing better services to digital asset customers. Silvergate Bank has faced several difficulties in recent times, prompting many encryption companies to turn towards other banking institutions.

However, Signature Bank has not confirmed this news so far. Their statement only mentioned that they were still providing digital asset customers with the business of holding some US dollar deposits. For now, it remains unclear whether LedgerX has officially chosen Signature Bank as its fund receiver or not.

Despite this, the shift away from Silvergate Bank is clear. Coinbase, another major cryptocurrency exchange, has also stated that it will no longer use Silvergate Bank’s services and will be turning towards Signature Bank instead.

This move by LedgerX and Coinbase highlights the increasing importance of banking institutions in the cryptocurrency market. As more and more companies turn towards digital assets, it is becoming increasingly necessary to have reliable, efficient banking partners.

In conclusion, LedgerX’s reported decision to use Signature Bank over Silvergate Bank is significant in the cryptocurrency world. It is a reflection of the growing trend among digital asset customers to seek out better banking partners. The move also highlights the need for banking institutions to adapt to changing market conditions and to provide better services to the growing number of companies dealing in cryptocurrencies.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/03/03/ledgerx-chooses-signature-bank-over-silvergate-bank/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

LedgerX chooses Signature Bank over Silvergate Bank

Signature Bank has not confirmed that LedgerX uses its services

Recommended articles