Crypto-friendly bank Signature Bank increases in crypto asset deposits by US$1 billion in Q2

According to Coindesk, the crypto-friendly bank Signature Bank received nearly US$8 billion (7.99 billion) in deposit growth in the second quarter of 2020, setting a historical record, with the company’s digital asset department receiving US$1 billion in deposits. In the earnings call, Signature’s CEO Joseph J. DePaolo concluded that the record quarterly deposit growth came from the growth of the bank’s various business areas, including a well-established private client banking team and business units, and blockchain-based payments Platform Signet. This is the fourth consecutive quarter that total deposit growth and average deposit growth both exceeded $1 billion.