In brief of silvergate Collapse

• According to JPMorgan researchers, banking partners are becoming scarce for crypto companies.
• This comes after Silvergate’s demise and the reduction in crypto exposure caused by Signature Bank.
• Falling bond yields and increased scrutiny of risk management procedures are two threats facing banks that are less powerful than Wall Street giants like JPMorgan and want to engage in the cryptocurrency market.

According to JPMorgan Chase, the cryptocurrency sector would find it difficult to replace the services provided by fallen banking partner Silvergate Capital Corp.

A research team at the Wall Street behemoth claimed in a recent report that cryptocurrency companies would struggle to quickly replace the 24/7 payment rails of the Silvergate Exchange Network.

Silvergate Competitors Face Mounting Pressure

JPMorgan predicts that as a result of Silvergate’s voluntary liquidation, customers will switch to Signature Bank’s Signet payments network. Using application programming interfaces, cryptocurrency companies can incorporate the Signet network into their platforms.

Nevertheless, Signature is under pressure to reduce the risks associated with cryptocurrencies and recently declared that it would reduce crypto deposits by $10 billion. Recently, Coinbase switched its Prime customers to Signature.

Customers could also switch to Customers Bancorp, which provides tokenized B2B settlements using its CBIT token on its Tassat payments network. Metropolitan Bank is another potential location mentioned by JPMorgan.

Given that the bank recently announced the closure of its cryptocurrency vertical in 2023, it is unclear to what extent Metropolitan Bank would be willing to accept new crypto business. It cited “recent developments” in the cryptocurrency industry as the cause of the shutdown. About 6% of all deposits were made by cryptocurrency-related businesses.

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On March 8, Silvergate made a statement stating that it would “wind down” operations and return all customer deposits in full. At the end of the previous year, several customer withdrawals severely impacted the bank.

Due to “risk” concerns, it stopped offering its Silvergate Exchange Network (SEN) payment rails last week after several significant cryptocurrency companies left, including Coinbase and Galaxy Digital Holdings. The bank made a point of saying that deposit-related operations are still going on. For as long as both their bank accounts and their cryptocurrency exchanges banked with Silvergate, cryptocurrency investors could transfer money using SEN.