Tag: Bank

Coinbase CEO ponders banking features after Silicon Valley Bank crisis

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The wider cryptocurrency community continues to debate the ongoing fallout following the closure of three major American banks, with calls for neobank services for the industry on the cards. Silicon Valley Bank (SVB), which has traditionally served startups across a number of innovation sector industries, was shuttered by California’s Department of Financial Protection and Innovation on March 10. The reasons surrounding the closure are still coming to light but the news caused shockwaves through the industry, primarily driven by USD Coin (USDC) issuer Circle having over $3.3 billion of its…

Bank of London Submits Proposal to Acquire Silicon Valley Bank (SVB) UK Arm

According to Bank of London co-founder and CEO Anthony Watson in a statement, the acquisition of Silicon Valley Bank SVB’s assets could be a unique opportunity to grow the banking sector in the United Kingdom. The defunct Silicon Valley Bank (SVB), a commercial bank headquartered in Santa Clara, California, has attracted the attention of major financial regulators around the world. With offices in 13 nations around the globe, SVB’s bank run, which has been described as the largest bank failure in the United States since the 2008 financial crisis, affected…

Bitcoin rallies amid US watchdogs’ intervention in bank crisis

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Bitcoin (BTC) is recovering after a plunge amid the troubles at Silicon Valley Bank and Silvergate that caused investor panic. As US regulators announced support to help customers recover lost funds, the bitcoin price is bullish. Bitcoin enthusiasts could start their week full of smiles as the digital gold is on for a comeback. It has recorded an increase of close to 10% in valuation within the last 24 hours. BTC is currently trading at the $22,500 level. Bitcoin price 24-hours | Source: CoinMarketCap US regulators to protect SVB and Silvergate…

Silicon Valley Bank UK arm acquired by HSBC for 1 pound

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Global banking giant HSBC is coming to rescue the United Kingdom-based branch of the collapsed Silicon Valley Bank with a new acquisition. HSBC officially announced on March 13 that its subsidiary, HSBC UK Bank, is acquiring Silicon Valley Bank UK (SVB UK) for 1 British pound ($1.21). As of March 10, 2023, SVB UK had loans of around 5.5 billion pounds ($6.7 billion) and deposits of around 6.7 billion pounds ($8.1 billion), HSBC said in the announcement. For the financial year ending Dec. 31, 2022, SVB UK recorded a profit…

Coinbase, Celsius and Paxos disclose funds in Signature Bank

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Crypto exchange Coinbase, crypto lender Celsius and stablecoin issuer Paxos are among the crypto firms with funds reportedly tied up with the now-shuttered Signature Bank.  The crypto-friendly Signature Bank was shut down by New York regulators on Mar. 12 in conjunction with the United States Federal Deposit Insurance Corporation (FDIC) to “protect the U.S. economy” as they claimed the bank posed a “systemic risk.” Crypto exchange Coinbase tweeted on Mar. 12 that it had around $240 million in corporate funds at Signature that it expected would be fully recovered. As…

Bank of Russia Registers Another Digital Asset Issuer – Finance Bitcoin News

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The Central Bank of Russia has added another entity to its register of authorized issuers of digital financial assets. The platform, called ‘Masterchain,’ becomes the fifth ‘information system operator’ in the country that can legally tokenize traditional assets and organize their trade. Number of Licensed Digital Asset Issuers in Russia Grows to Five The Central Bank of Russia (CBR) has included the company Distributed Registry Systems, with its Masterchain platform, to the register of operators of information systems which can be used to issue digital financial assets (DFAs), the business…

‘Nobody left to bank crypto companies’ — Crypto Twitter reacts

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Crypto companies could find it harder to access traditional banking partners with the loss of two major crypto-friendly banks in less than a week, according to some in the crypto community.  On Mar. 12, the Federal Reserve announced the closure of Signature Bank as part of “decisive actions” to protect the U.S. economy, citing “systemic risk.” It came only days after the closure of U.S. bank — Silicon Valley Bank — which was ordered to shut down on Mar. 10. A week prior, Silvergate Bank, another crypto-friendly bank announced it…

NY Regulators Seize Control of Signature Bank, Depositors Assured by Federal Bailout – Bitcoin News

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On Sunday, the New York Department of Financial Services, or DFS, announced that it had taken possession of Signature Bank. The DFS appointed the Federal Deposit Insurance Corporation, or FDIC, as the receiver of the bank. In a joint statement, the U.S. Federal Reserve, Treasury Department, and FDIC explained that all Signature depositors would be made whole, similar to a decision made by the federal government to bail out California’s Silicon Valley Bank (SVB). Government Takes Decisive Action to Protect Depositors and Boost Public Confidence in U.S. Banking System The…