$400M AUM Crypto Hedge Fund Looking To Swiss Banks After Silvergate Saga
Of late, several crypto companies have been distancing themselves from Silvergate. A couple of days ago, FTX debacle survivor LedgerX stopped receiving domestic wire transfers from Silvergate. It reportedly told its clients to send funds to Signature Bank instead of the embattled lender. Right after, Coinbase announced that it was no longer accepting or initiating payments to or from Silvergate . It cited recent developments and “an abundance of caution” for doing so. Parallelly, crypto exchange Gemini also posted a similar announcement on Twitter. Crypto hedge fund in talks with Swiss banks Bloomberg revealed on Friday, Mar. 3, that Digital Asset Capital Management is the latest company to steer away from Silvergate . Notably, the crypto hedge fund used the bank’s “round-the-clock, real-time network” to move funds to and fro from exchanges. Digital Asset Capital Management has around $400 million worth of assets under management and is now loo...