U.S. mortgage lenders gave crypto banks billions of dollars: Report
Join Our Telegram channel to stay up to date on breaking news coverage According to a Jan. 21 article in the newspaper, the Federal Home Loan Banks System (FHLB) of the United States is financing billions of dollars to two of the biggest cryptocurrency banks in an effort to lessen the impact of a spike in withdrawals. Over $13 billion in house loans were reportedly taken out by Signature Bank and Silvergate The FHLB is an association of 11 regional banks from different parts of the country that lend money to other banks and lenders. The system, which was started during the Great Depression to promote housing finance, now has over 6,500 members and $1.1 trillion in assets. The company is said to have made a nearly $10 billion loan to the commercial bank Signature Bank in the final quarter of 2022, making it one of the biggest bank borrowing deals in recent memory. The New York Department of Financial Services gave the Signature permission to use blockchain technology for its d...