Bitcoin, Crypto Bank Silvergate Says Exposure To Bankrupt BlockFi Limited To $20M: Can 'Handle Stress And Volatility'

Silvergate Capital (NYSE: SI), a crypto institutional services provider, said that it is minimally exposed to the bankrupt BlockFi crypto lending firm.

What Happened: According to Silvergate, the exposure to BlockFi is limited to less than $20 million of its total deposits from all digital asset customers as of Monday. The deposits totaled $13.2 billion in the third quarter, as per the firm’s revenue report.

Silvergate Provides Statement on Minimal Exposure to BlockFi https://t.co/FoBqzylpr6

— Silvergate Bank (@silvergatebank) November 28, 2022

Alan Lane, CEO of Silvergate, said, “I want to emphasize that the Silvergate platform was created to handle stress and volatility throughout the digital asset sector’s transformation.”

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The firm claims that it has been the target of a lot of FUD, which it defines as “false and misleading statements.”

Meanwhile, the U.S. Securities and Exchange Commission, or SEC, is one of the biggest creditors of BlockFi. As per the filing made on Monday, the regulator has a $30-million unsecured claim against the cryptocurrency lender.

Price Action: At the time of writing, apex crypto Bitcoin (CRYPTO: BTC) was trading at $16,479, up 1.78% in the last 24 hours, according to Benzinga Pro data. 
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