Silvergate Capital Says Exposure to Genesis Minimal, Customer Deposits Safe
January 20 2023 - 5:14PM
Dow Jones News
By Denny Jacob
Silvergate Capital Corp. on Friday said its exposure to Genesis
Global Holdco LLC is minimal and that its customers'deposits are
safely held.
The crypto-focused bank said its deposit relationship with the
cryptocurrency lender was less than $2.5 million as of both Dec. 31
and Jan. 19. Silvergate also said Genesis isn't a custodian for its
bitcoin-collateralized SEN leverage loans and that it has no
outstanding loans to nor investments in Genesis.
Cryptocurrency lender Genesis Global Holdco LLC and two of its
lending subsidiaries filed for bankruptcy protection late Thursday
night in New York, the latest domino to fall after the failure of
crypto exchange FTX.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 20, 2023 16:59 ET (21:59 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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