Alpaca’s (YC W19) email on Silvergate Bank and Silicon Valley Bank

I've just got an email from Alpaca Markets (YC W19). They are both stocks and crypto brokerage.

I never traded nor held any crypto with them and find it curious that they only mention "Alpaca Crypto". They also mention "minimal exposure to Silicon Valley Bank".

Here it is in full:

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Hi xxx,

In response to recent external development surrounding Silvergate Bank and Silicon Valley Bank over the past week, Alpaca has proactively:

Taken action of moving all assets out of Silvergate bank accounts.

Restricted money movement transactions involving Silvergate or Silvergate Exchange Network (SEN) and Silicon Valley Bank.

Alpaca Crypto does not currently hold any customer funds at or have any operating exposure to Silvergate and otherwise continues to operate as usual.

Crypto services are provided by Alpaca Crypto LLC’s who’s primary banking relationship is with Evolve Bank and Trust. We are actively working on opening banking relationships with numerous reputable Banks which will provide us the necessary coverage to continue operations without disruption.

Securities services are provided by Alpaca Securities LLC who’s primary banking relationship is with BMO Harris. Alpaca Securities LLC has minimal exposure to Silicon Valley Bank (SVB) and therefore, we have no concerns nor do we anticipate any material impacts at this time.

We will continue to monitor the situation and update you as needed.

Best,

The Alpaca Team