Metropolitan Bank sees $53.1 million in crypto business-related deposits drop in third quarter

Metropolis Holding Company announced its third quarter performance for 2023. As of September 30, 2023, the total deposit amount was $5.5 billion, an increase of $233 million or 4.4% from June 30, 2023, and a decrease of $209.9 million or 3.7% from September 30, 2022. The increase from June 30, 2023 was mainly due to a net increase of $286.1 million in vertical deposits, partially offset by a decrease of $53.1 million in deposits related to encrypted enterprises. The decrease in deposits related to encrypted enterprises reflects the company's ultimate exit from the encrypted vertical field. The decrease in deposits since September 30, 2022 was mainly due to a decrease of $757.3 million in deposits related to cryptocurrencies, partially offset by a net increase of $547.3 million in vertical deposits.