Crypto-friendly Signature Bank was the most popular among industry firms seeking PPP loans

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.


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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.