Silvergate Capital says FTX reflects less than 10% of its total deposits from digital asset customers

Silvergate Capital issued a press release to tell the general public of its publicity to FTX and its associated entities.

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

Silvergate Offers Assertion on FTX Publicity https://t.co/qfxSFXnCsW

— Silvergate Financial institution (@silvergatebank) November 11, 2022

Silvergate CEO Alan Lane said:

In gentle of latest 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 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 latest 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 property.”

Lane iterates that Silvergate Capital Company was constructed to assist purchasers by means of “market volatility and transformation” and that the Silvergate Trade Community (SEN) continues “with out interruption.”

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

On the core of Silvergate’s customer-centric suite of funds, funding, and lending, the SEN allows the company to proceed enabling speedy development 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 Property Summit on Nov. 17 at 2:55 pm ET.