Renowned New York-based Signature Bank has recently added $2.5 Bln in non-interest bearing deposits within the fourth quarter last year in 2020, falling just half a billion dollars shy of Silvergate’s $2.9 Bln in new deposits from digital currency users in Q4.
Cryptocurrency firms are often an upscale source of low-cost deposits for the few banks that openly serve the world. As such, analysts have paid close attention to non-interest bearing deposit growth at Signature. These deposits represent nearly 30% of total deposits at the bank.
Total deposits hiked at the bank quarter over quarter by $8.98 Bln, with market deposits representing the lion’s share.
Signature’s monetary value of deposits and monetary value of funds for the fourth quarter of 2020 decreased by 66 & 69 basis points to 0.42% and 0.57%, respectively.