Day: March 12, 2023

Ripple CEO assures โ€˜strong financial positionโ€™ despite SVB collapse

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Ripple CEO Brad Garlinghouse took to Twitter on Mar. 12 to discuss the companyโ€™s exposure to Silicon Valley Bank (SVB) and reassure his followers of Ripple’s stability.ย  Ripple had exposure to SVB, Garlinghouse said, but โ€œwe expect NO disruption to our day-to-day business, and already held a majority of our USD w/ a broader network of bank partners.โ€ His short tweet thread was intended to reassure users. โ€œRest assured, Ripple remains in a strong financial position,โ€ he tweeted. Setting the record straight on SVB Qs: Ripple had some exposure to…

Circle Scrambles to Right USDC After Signature Bank Failure

Signatureโ€™s sudden failure leaves a key part of the crypto industryโ€™s backend infrastructure in limbo: Signet. Itโ€™s a blockchain-based real time payments system thatโ€™s supposed to work 24/7. Circle, Coinbase and many crypto trading firms used Signet. But with the death of Signature, Signet, too, has gone kaput. Original Source BankCircleFailureScramblesSignatureUSDC CryptoX Portal

US Fed announces $25B in funding to backstop banks

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Hot on the heels of several United States bank collapses, the Federal Reserve has announced $25 billion worth of funding aimed at backstopping banks and other depository firms. The funds would ensure that “eligible banks” would have enough liquidity to cover the needs of their customers during times of turmoil. @federalreserve announces Bank Term Funding Program (BTFP) to support American businesses and households, assure banks have ability to meet needs of all their depositors: https://t.co/JIMjkooIDV โ€” Federal Reserve (@federalreserve) March 12, 2023 In a Mar. 12 statement, the Federal Reserve…

Crypto-Friendly Signature Bank Shut Down by State Regulators

โ€œSignature Bank is a New York state-chartered commercial bank and is FDIC-insured, with total assets of approximately $110.36 billion and total deposits of approximately $88.59 billion as of December 31, 2022,โ€ Harrisโ€™ statement said. โ€œDFS is close contact with all regulated entities in light of market events, monitoring market trends, and collaborating closely with other state and federal regulators to protect consumers, ensure the health of the entities we regulate, and preserve the stability of the global financial system.โ€ Source BankCryptoFriendlyRegulatorsShutSignatureState CryptoX Portal

Signature Bank closed by New York banking authorities

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The Board of Governors at the United States Federal Reserve has taken immediate action to close down Signature Bank. The Federal Reserve explained in a Mar. 12 press release that the decision was made in order to to protect the U.S. economy by strengthening public confidence in the banking system. “This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.” “Depositors will have…

Binance Trains Ukraineโ€™s Cyberpolice and Security Service โ€“ Exchanges Bitcoin News

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Crypto exchange Binance has organized training courses for representatives of law enforcement authorities in Ukraine. The leading coin trading platform has been involved in dozens of similar initiatives over the past year, in a number of countries. Binance Provides Crypto Training to Security Officials in Ukraine The worldโ€™s largest digital asset exchange, Binance, has provided training to Ukrainian law enforcement agencies and regulatory bodies in the form of online seminars for their staff devoted to cryptocurrencies and blockchain technologies. A representative of the crypto trading platform informed the participants about…

Silicon Valley Bank Depositors Will Have Access to “All” Funds Monday, Say Federal Regulators

โ€œAfter receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors,โ€ Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg, said in a joint press release. Source