If you like reading S-1s, one that flew beneath seemingly everyone's radar: Silvergate Bank, the first national bank of crypto. https://ir.silvergatebank.com/Cache/400670873.pdf …
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An interesting number to keep a watch on, particularly in comparison to e.g. the Tether float or alleged reserves, is the amount of total liquid cash banked by their exchange + OTC desk customers, presently ~$650m.
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Also interesting: because crypto companies struggle to find banking partners, they accept very low interests on their accounts, allowing Silvergate Bank to get a very low cost of capital
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That being said, the IPO did not happen - not sure what it means
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It is more between institutional investors, market makers, and exchanges that between exchanges themselves
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