BankProv, the holding company for the crypto-friendly bank, has announced that it will no longer provide loans secured by cryptocurrency mining machines after writing off $47.9 million in loans secured mostly by them through 2022. According to a filing with the US Securities and Exchange Commission (SEC) on January 31, BankProv has considerably decreased the proportion of its digital asset portfolio comprised of rig-collateralized debt since September 30, 2022. As of December 30, last year, the bank had $41.2 million in digital asset-related loans, including $26.7 million in loans collateralized by crypto mining rigs, which “will continue to shrink as the Bank is no longer originating this sort of credit.”
