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Crypto-Related Deposits Drop by Half at Metropolitan Commercial Bank

Claudia Rivera

Summary: Throughout 2018, lender deposits shrank by 52%, digital currency clients accounted for 4% of the banks total deposits, down from 13% (Coin Vedi).  While the decline may reflect the crypto bear market, it suggests that banks are facing competition. Digital currency customers hovered around a single percent in Metropolitan bank, the cash management fee spiked ...

Throughout 2018, lender deposits shrank by 52%, digital currency clients accounted for 4% of the banks total deposits, down from 13% (Coin Vedi). 

While the decline may reflect the crypto bear market, it suggests that banks are facing competition. Digital currency customers hovered around a single percent in Metropolitan bank, the cash management fee spiked up around Q4 in 2017, the bank pointed out a fee decrease from digital currency customers.

By Claudia Rivera

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Link: Crypto-Related Deposits Drop by Half at Metropolitan Commercial Bank   [Copy]
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