LedgerX Chooses Signature Bank Over Silvergate Bank for Telegraphic Transfer Fund Receiver

03/03/2023 07:02 • Crypto & Markets • 65 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

Interpretation of the news:

The recent news of LedgerX, a cryptocurrency derivatives exchange, choosing Signature Bank as its telegraphic transfer fund receiver instead of Silvergate Bank has caused quite a stir in the cryptocurrency market. According to reports from Yahoo and Bloomberg, LedgerX made this decision in order to keep a distance from Silvergate Bank which has been facing difficulties lately.

While Signature Bank has not yet confirmed this news, the bank did release a statement which states that they are still providing digital asset customers with the business of holding some US dollar deposits. This suggests that the bank is indeed pursuing business in the cryptocurrency sector, and is open to taking on LedgerX as a new client.

What is interesting here is the fact that other cryptocurrency companies, including Coinbase, have voiced their support of Signature Bank over Silvergate Bank as well. This could be seen as a sign of dwindling trust in Silvergate Bank, which was once a preferred banking partner for most cryptocurrency companies due to their strong support for digital assets.

However, as the cryptocurrency market continues to evolve, companies are becoming more cautious in their banking partnerships. With a lack of regulatory clarity in the space, many financial institutions are hesitant to offer their support and services to these companies. This may be why LedgerX and other companies have chosen to align themselves with banks that are openly supportive of the cryptocurrency industry.

In conclusion, the decision by LedgerX to opt for Signature Bank over Silvergate Bank as their telegraphic transfer fund receiver underscores the ever-evolving landscape of the cryptocurrency market. While regulatory clarity in the industry is still lacking, companies are taking matters into their own hands by carefully choosing their banking partners. This move towards greater caution may ultimately benefit the industry by fostering higher levels of trust and accountability among all stakeholders.

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LedgerX Chooses Signature Bank Over Silvergate Bank for Telegraphic Transfer Fund Receiver

Signature Bank has not confirmed that LedgerX uses its services

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