Crypto-Friendly Signature Bank Raked In $4B in Deposits in Q3 2020

Signature's $10 billion in deposits from crypto businesses is now double that of rival Silvergate.

Signature is "positioned to ride the crypto wave," a JPMorgan analyst wrote.

These deposits are seen as a proxy for growth among crypto-industry clients.

Silvergate Bank added $586 million in new deposits from firms and individuals in the cryptocurrency industry in the third quarter of 2020.

This is another clear example of why users should not keep their funds in a bank account. Holding cash is becoming a less favourable option for many customers around the world. Charging fees on cash deposits is becoming the new norm in Germany, and more of them will follow in the coming months. So far, two more banks have taken this route, including the Bank of Ireland and Ulster Bank It looks like the negative interest rates will be passed on to customers who make cash deposits. It was only a matter of time until the negative interest rates would be passed on to the customers. Not only....