The banking sector could potentially undergo a much-needed revamp, but until then, investors appear to be scrambling for a safety net. As the traditional financial world is rocked by the Credit Suisse chaos and the failure of a series of US banks, investors have flocked to the largest stablecoin, Tether (USDT). The turmoil has once again helped the controversial asset extend its lead. Tether Market Cap Silicon Valley Bank (SVB), Signature Bank, and Silvergate Capital, once...
Read More »Crypto Firms Are Retreating to Swiss Banks After Industry Meltdown
With the largest crypto-supportive banks in the U.S. crumbling at the seams, industry firms appear to be retreating to Switzerland for a financial lifeline. Crypto-focused banks in the region are reporting higher traffic after Silvergate, Signature Bank, and Silicon Valley Bank (SVB) all effectively failed over the past two weeks. Where to Crypto Firms Go? SEBA Bank managing director Yves Longchamp told Reuters via email that the bank has experienced a “pronounced uptick”...
Read More »Crypto Twitter Betting on ‘Hyperinflation’ Catapulting BTC to $1 Million in 3 Months
Balaji Srinivasan, a venture capitalist and former CTO of Coinbase, claimed that the US economy would enter a phase of hyperinflation in 90 days, catapulting BTC to $ 1 million. Balaji, whose crypto venture Earn.com was acquired by Coinbase in 2019, also offered to pay $1 million in BTC to the best 1,000 tweets that alert about stealth financial crisis. Balaji Bets BTC to be at $1 Million Yes. Just moving money for the bet. We can do it via smart contract, but for...
Read More »Silicon Valley Bank Drags Down NFT Trading Volume by 51%: Report
Silicon Valley Bank (SVB) was the backbone of many startups and venture capital funds around the world. Its collapse signifies the biggest banking failure since the 2008 financial crisis. While the crypto market has largely been spared from an adverse effect, the same cannot be said for the non-fungible token (NFT) space. According to the latest edition of the DappRadar report, the NFT traders went “numb” in response to the banking turmoil in the United States. NFT Space...
Read More »FDIC Denies That Potential Signature Buyers Must Give Up Crypto
Following the collapse of Silvergate bank – one of the two main banks providing financial services to crypto platforms – former clients began pivoting to competitor Signature, only for the latter to be seized by U.S. authorities, citing significant liquidity issues. Significant Crypto Exposure Faced with a public lack of trust in the banking sector, U.S. authorities decided over the weekend to place Signature Bank in receivership, informing its leadership mere hours before...
Read More »Signature’s Potential Buyers Must Abandon Crypto Business (Report)
Companies willing to acquire the troubled Signature Bank will reportedly have to give up its cryptocurrency business. Those interested in purchasing the financial institution or Silicon Valley Bank (SVB) can submit bids by March 17. Both entities, which acted as main lenders for numerous crypto organizations, revealed operational difficulties earlier this week, prompting American regulators to close them down. The Necessary Condition: Forget About Crypto According to a...
Read More »Big Banks Help Stabilize First Republic With $30 Billion Cash Injection
A consortium of 11 major U.S. banks has agreed to invest $30 billion into First Republic Bank – a regional US bank that showed signs of destabilization this week following Silicon Valley Bank (SVB)’s collapse. The uninsured deposits come from Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, PNC Bank, State Street, Truist, and U.S. Bank. As reported by Yahoo Finance, the former four banks each contributed $5...
Read More »Crypto Bank Anchorage Digital to Lay Off 20% of its Workforce
On March 14, the bank Anchorage Digital announced the layoff of 20% of its workers due to the crypto winter and regulatory uncertainty in the US. According to the official statement, the departure of 75 of its employees (approximately 20% of its team) is necessary to focus its resources on other essential processes. This is the latest development in a series of events that have affected both the banking and the crypto industry as a whole. 2023 has been marked by the closures...
Read More »More Bank Trouble? Credit Suisse Plummets 30% as Largest Shareholder Withdraws Support
Credit Suisse shares plummeted to another all-time low of just 1.65 CHF ($1.79) on Wednesday after its largest shareholder – Saudi National Bank (SNB) – said it would not be able to purchase more shares of the company. The 30% drop has been coupled with widespread fear that Credit Suisse could be on the brink of default. Another Bank Run? Saudi National Bank is barred from investing more into the struggling bank due to regulatory constraints, SNB chairman Ammar Al Khudairy...
Read More »Coinbase Announces Partnership With Standard Chartered Amidst Banking Sector Turmoil
Coinbase is ramping up its expansion effort, with Singapore being the first stop. As part of its ambitious plan, the crypto exchange has announced forging a strategic banking partnership with Standard Chartered in the city-state to provide its users with an option to move funds between any lender and Coinbase. The news comes amidst the crypto industry losing a number of banking on- and off-ramps due to the recent turmoil in the US banking industry. Coinbase-Singapore...
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