Bank Runs!
Patrick Boyle On Finance
00:00
How Does Silvergate Deal With Cryptocurrencies?
Silvergate was an actual US regulated bank with excruciatingly detailed audited financial statements and capital regulation. They had a product called Senn Leverage Direct Lending where they would lend people money collateralized with Bitcoin. As of September 2022, their balance sheet showed about $11.4 billion of securities,. Most of them were from crypto companies, so non-interest paying deposits.
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