LedgerX Chooses Signature Bank as Telegraphic Transfer Fund Receiver, Avoiding Silvergate Bank
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…
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 news reported by Yahoo and Bloomberg reveals that LedgerX has decided to use Signature Bank as its telegraphic transfer fund receiver. This shift from Silvergate Bank is because many encryption companies have complained about the difficulties they have encountered while using Silvergate Bank’s services. The news has not yet been confirmed by Signature Bank. A spokesperson from Signature Bank released a statement, stating that they cannot comment on specific customers, but they are still providing digital asset customers with a business option to hold some US dollar deposits.
This development reflects the current state of the crypto industry, where companies need to be cautious when choosing their financial service providers. As an increasing number of digital asset companies suffer under the pressure of regulatory scrutiny, the need to uphold their reputation as responsible businesses is crucial. It is not only about maintaining customer trust, but also about regulators viewing them as reliable partners.
The reason for shifting from Silvergate Bank to Signature Bank is Silvergate’s difficulty providing reliable services. As a result, many encryption companies, such as Coinbase, have already left Silvergate Bank’s services. By doing so, these companies expressed their dissatisfaction with Silvergate Bank and the problems they have faced. This shift to Signature Bank by LedgerX echoes the same sentiment.
Although Signature Bank has not yet confirmed any news of providing services to LedgerX, these rumors could have the potential to increase their clientele. If Signature Bank is unable to provide adequate services to meet the demanding user requirements of digital asset companies, they will likely lose their customer base.
In conclusion, LedgerX has chosen Signature Bank as a telegraphic transfer fund receiver in their quest to avoid the difficult services of Silvergate Bank. Their decision highlights the importance of reliability and trustworthiness for companies operating in the crypto industry. The shift from Silvergate Bank to Signature Bank signals the need for well-functioning financial service providers to sustain the growth of the digital asset industry.
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