Silvergate Capital has issued a statement notifying the public of its exposure to FTX and its affiliates.

Providers of financial infrastructure solutions to the digital asset industry are increasing the number of companies declaring FTX exposure to reassure stakeholders.

Silvergate CEO Alan Lane said:

In light of recent developments, we would like to provide an update on Silvergate’s exposure to FTX. As of September 30, 2022, Silvergate’s total deposits from all digital asset customers totaled $11.9 billion, of which FTX represented less than 10%. Silvergate has no outstanding loans or investments in FTX. FTX is not the custodian of Silvergate’s Bitcoin-Collateralized SEN Leveraged Loan. For clarity, our relationship with FTX is limited to deposits. “

“All SEN leveraged loans continue to perform as expected, with zero losses and no forced liquidations,” Lane continued.

Please note that all SEN Leveraged Loans are secured by Bitcoin and we do not create unsecured loans or secure SEN Leveraged Loans with other digital assets. ”

Lane reiterates that Silvergate Capital Corporation was set up to support clients through “market volatility and transformation” and that the Silvergate Exchange Network (SEN) will continue “without interruption.”

“As a well-capitalized, federally regulated banking institution, we maintain a strong balance sheet with ample liquidity to support the needs of our clients.”

SEN is at the core of Silvergate’s customer-centric payment, financing and lending suite, and will continue to enable the rapid growth of the digital asset market in parallel with reshaping global commerce for the future of digital assets. make it possible.

Lane will be joining the fireside chat at the Oppenheimer Blockchain & Digital Assets Summit on November 17th at 2:55pm ET.

By Jules

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