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At a recent conference, executives from Signature Bank (NASDAQ: SBNY) announced that they are planning to wind down a large chunk of the bank's digital asset-associated deposits in the wake of the FTX debacle, which has shaken the entire crypto industry. Signature Bank is one of the few U.S. banks currently serving crypto exchanges and clients. In return for using the payments platform, which is called Signet, clients bring large sums of non-interest-bearing deposits to the bank, which Signature pays no interest on.
There has been few places to hide during the recent crypto meltdown.