Crypto-friendly Signature Bank was the most popular among industry firms seeking PPP loans
July 12, 2020, 11:45AM EDT
1 min read
A review of data from the U.S. government's Payroll Protection Program reveals that two crypto-friendly banks were the most popular among those seeking such loans.
The Block's Steven Zheng found that Signature Bank and Silicon Valley Bank — both of which maintain a range of crypto industry firms as clients — facilitated nine and eight loans, respectively. The Block Research's data set included nearly 70 crypto firms gleaned from the U.S. Department of the Treasury's release last week.
As The Block previously reported, companies in the blockchain space applied for PPP loans. The PPP program provides financial support to U.S. companies and help them retain employees during the pandemic-related economic shutdowns.
Industry firms identified in the data include derivatives platform LedgerX, development firm Tendermint and Ethereum blockchain studio ConsenSys. The Block also applied for and received a PPP loan.
Read The Block Research's full data breakdown here.