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hiSuspension of Signature Bank
Another shock for U.S. Banking is the closure of Signature Bank, one of the largest lenders in the crypto industry.
In a statement, representatives of the US Treasury, the Federal Reserve, and the Federal Deposit Insurance Agency (FDIC) said that signing the treaty posed the same systemic risk as the collapse of Silicon Valley. Regulators emphasize that all signed deposits will be returned to their owners and customers from Silicon Valley. Under this program, USDC and DAI coins were restored to almost $1,000. Remember, after the Silicon Valley crash, the dollar was stamped.
At the end of last year, the assets of the company amounted to 110 billion dollars, and deposits - 88 billion dollars. Among cryptocurrency companies, large companies such as Coinbase ($240 million) and Paxos ($250 million) hold funds in banks. In addition, the "certain amount of money" in the bank belongs to Celsius, coded creditor in the bankruptcy process, but the amount is not disclosed.
BCB Group, a payment solutions provider for British crypto-currency companies, also suspended its USD payment plans due to the suspension of signatures. The management of the company will now call several cryptocurrency friendly US banks. to support the program. The new partnership agreement is expected to be signed within four to 12 weeks.
Earlier, Twitter and Tesla CEO Elon Musk said he was considering acquiring a problem bank in Silicon Valley.
Important Notice: The material provided is for informational purposes only and does not constitute investment advice. The Rao Cash editorial team is not responsible for your financial decisions. Cryptocurrency assets involve high risks — conduct your own research (DYOR).
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