Blofin founder: Signature Bank's balance sheet is very healthy, and the partial reduction of crypto deposits is to accommodate more diversified clients

ChainCatcher message, previously reported by CoinDesk, that American Signature Bank announced it would reduce cryptocurrency deposits by up to $10 billion. Signature Bank CEO Joe DePaolo stated that as of September 2022, approximately 23.5% of the bank's total deposits of $103 billion came from the crypto industry, but given the recent issues in the sector, Signature ultimately decided to reduce this amount to below 15%.

Recently, Blofin founder Matt confirmed with Signature Bank that the latter's balance sheet remains very healthy. The reason for the above statement is that regulators are concerned about the total amount of its crypto deposits being too large and too concentrated with major clients, and Signature Bank hopes to partially reduce this to accept a more diversified clientele.