Signature Bank extended dozens more loans under the federal Paycheck Protection Program (PPP) to cryptocurrency businesses than was previously reported. Around $20 million of the $1.9 billion in PPP loans the bank extended was given to roughly 40 firms in the digital asset space, said CEO Joseph DePaolo. The executive would not name the firms it gave PPP loans to or give an exact number of firms who took out a loan through the relief program. (Signature’s $1.9 billion in loans accounts for roughly .55% of the entire $350 billion that was disbursed through the U.S. Small Business Administration.) Public records […]
Signature
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This marks the debut of an occasional series in which our Senior Drinks Columnist, Dr. David Wondrich (yes, he really is a Doctor; OK, no, not that kind) takes a concise look at the history and, to coin a word, mixologistics of a particular historic cocktail—or if not historic at least old and pleasant. Why? So you’ll have something different to mix yourself this cocktail hour, that’s why. As someone who has been publishing little histories of mixed drinks for a good 20 years, from time to time I attract random questions on the stories behind various cocktails or their evolution. […]
Ferrari sells cars so it can go racing; Bequant built a crypto exchange to get into prime brokerage. That’s the analogy offered by the firm’s head of institutional services, Alex Mascioli, when asked about a new banking relationship with Signature’s blockchain-based payments platform, Signet, first revealed to CoinDesk this week. Prime brokerage, Mascioli said, was always Bequant’s race to win. Prime brokers are facilitators for financing and trading for deep-pocketed institutional investors. While the digital asset space doesn’t have a lot of prime broker options currently, several crypto firms including Coinbase, BitGo and Genesis Trading have announced in recent months their […]
Radical Democrat Governor Sisolak and Nevada Democrats called a special session this past weekend with no public present and inside of 24 hours they rammed through mail-in voting and ballot harvesting. Democrats did this during the special leglislative session. The Democrats are going to cheat at all costs to keep the state from going to Donald Trump! The new Democrat law allows people not related to or friends with elderly voters to fill out their ballots and turn them in to be counted! TRENDING: “Why Are You Going Out of State? I Can See It at the Airports!” -Ugh- Watch NM […]
Out of the nearly $8 billion in deposit growth that Signature Bank saw in the second quarter of 2020, $1 billion was raked in by the firm’s digital assets team, according to the bank’s most recent earnings report. While Signature doesn’t break out its total deposits by business line, the increase is a record for the New York-based, crypto-friendly bank. On an earnings call, Signature CEO Joseph DePaolo also attributed deposit growth to an increase across every business line in the bank, including the blockchain-based payment platform Signet. The crypto industry is often a rich source of low-cost, non-interest bearing deposits […]