Ad Nine of the top 10 stablecoins by market cap are trading below their dollar peg as the market reels from the contagion sparked by the depeg of Circle’s USDC stablecoin on March 11, according to CryptoSlate data. USDC lost its peg after Circle announced that roughly $3.3 billion of its cash reserves were held…
Ad What we know so far about the SVB collapse and USDC/DAI depeg (updated): Crypto firm Circle reveals $3.3 billion stuck in SVB DAI/USDC depeg as stablecoin pressure continues after Silicon Valley bank collapse Binance suspended USDC conversions due to volatile market conditions Coinbase suspended USDC conversions “over the weekend while banks are closed” SVB…
Ad Coinbase-owned Xapo bank announced its integration with the Bitcoin (BTC) Lightning Network on March 2, becoming the first fully-licensed bank integrated with the Lightning Network. This integration came at a time when two leading crypto banks – Silvergate and Signature- were experiencing troubles with their operations. Considering the current situation in the crypto banking sector,…
Ad Failing crypto bank Silvergate is exploring ways to make a recovery with U.S. regulators, according to a report from Bloomberg on March 7. Officials have visited Silvergate HQ Bloomberg reported that Federal Deposit Insurance Corp (FDIC) officials visited Silvergate’s California headquarters last week with authorization from the Federal Reserve. Silvergate has not yet decided…
Ad On March 6, White House Press Secretary Karine Jean-Pierre was pressed on whether the President was monitoring the evolving situation around the stressed crypto-friendly bank Silvergate. “We won’t comment on Silvergate specifically, but it is obviously only the latest company in the cryptocurrency field to experience significant issues,” the press secretary said. “In recent…
Ad Crypto exchange Kraken has plans to launch its bank, The Blocks reported March 6. According to the report, the crypto firm continues its plans despite the recent regulatory issues plaguing the industry. Kraken’s chief legal officer Marco Santori said: “Kraken Bank is very much on track to launch, very soon. We’re going to have…
Ad Signature Bank, one of the few federally regulated US banks that has actively courted digital assets, is said to be one of the few banks left standing with news that its competitor, Silvergate, is facing significant stress due to its exposure to FTX and accusations it was responsible for the co-mingling of exchange and…
Ad Several cryptocurrency companies have at least temporarily stopped accepting deposits made via Silvergate Bank, as seen in various statements on March 2. Multiple crypto companies block transfers Gemini notably said it has stopped accepting deposits and withdrawal requests made via ACH or wire transfer through Silvergate Bank. It stated that it is “actively monitoring the…
Ad Crypto-friendly bank Silvergate has seen its shares (SI) fall by over 44% shortly after news emerged that Coinbase will stop using its USD payment service. Leading crypto exchange Coinbase informed its Primer users on March 2 that it has decided to change Silvergate as its banking partner. Coinbase said it has moved to work…
Silvergate Bank Company in North America Silvergate is a Federal Reserve member bank and the leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry, based in La Jolla, California. More about Silvergate Info Twitter LinkedIn