The closure comes a few days after the collapse of SVB.

As the crypto industry gets more and more walled off from the financial system, the closing of Signature Bank, a lender that had several crypto firms among its clients, represents another significant blow for digital assets.

Signature had $16.5 billion in cryptocurrency customer deposits.

According to the Treasury Department, New York state officials forced the closure of Signature Bank.

Signet, a payment network run by Signature, allowed commercial cryptocurrency users to send real-time dollar payments to anyone, any time, seven days a week.

After the FTX crisis, the bank started selling its digital assets, but as of March 8, it still had $16.5 billion in customer deposits tied to cryptocurrencies.