Financial institution that plays an active role in the cryptocurrency industry silvergateannounced today its report for the 4th quarter of 2022 after the bankruptcy of the FTX exchange. Many scenarios were written and drawn that the crypto-friendly bank would go bankrupt due to being a partner of FTX. However, the figures show that the allegations are in vain for now.
With the balance sheet announced today, bank customers FTX It was determined that he had withdrawn 8 billion dollars after the incident. However, asset and deposit figures show that Silvergate is not experiencing any liquidity problems.
According to the report, although the total assets of the crypto-friendly bank fell from $16 billion to $11 billion in a year, there are still $6 billion worth of deposits in liquid form in the vault.
The consequences of FTX’s bankruptcy were clearly reflected in the company’s profitability. Silvergate announced a net loss of approximately $1 billion in its balance sheet report.
Limited Decline in Crypto Customers
The bank, which serves American crypto investors, has released another data on the number of customers. Silvergate gained 1,677 new customers in September 2022, compared to 1,620 in the last quarter of the year.
Stock SI gained 13% today after it was revealed that Silvergate had enough liquid assets despite the announced annual loss.
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