Tag: Bank

Marathon Digital terminates credit facilities with Silvergate Bank

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Bitcoin mining firm Marathon Digital has paid off its term loan and terminated its credit facilities with crypto-friendly Silvergate Bank, just as the bank announced it will be winding down operations. Marathon announced on Mar. 8 that it had prepaid its outstanding loan balance earlier that day, and would be terminating the revolving line of credit facility between the firms after providing Silvergate Bank with the required 30-day notice in early February. Marathon Digital Holdings has repaid its term loan and terminated its credit facilities with Silvergate Bank, reducing Marathon’s…

Bitcoin Miner Marathon Digital Terminates Credit Facility With Crypto Bank Silvergate

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Marathon said that on March 8, the term loan prepayment was completed, and the company’s credit facilities with Silvergate Bank were terminated, reducing its debt by $50 million, according to a statement. The debt paydown also increased its unrestricted bitcoin holdings by 3,132 as the bitcoin that was being held as collateral by a third-party custodian, were returned to the miner, the statement said. Original

Silvergate Bank Announces Voluntary Liquidation as Crypto Industry Woes Persist – Bitcoin News

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At 4:30 p.m. Eastern Time, Silvergate Bank announced its intention to wind down the crypto-friendly bank’s operations and voluntarily liquidate the company’s assets. The news follows significant financial troubles the bank faced, and the firm’s stock plummeted in value. Details of Silvergate’s Wind Down and Liquidation Plan Over the last six months, Silvergate Capital Corporation’s (NYSE: SI) stock dropped 94.82% against the U.S. dollar as the company faced significant financial troubles tied to its exposure to the now-defunct crypto exchange FTX. On Wednesday, March 8, 2023, the company announced it…

Silvergate Capital Corporation will ‘voluntarily liquidate’ Silvergate Bank

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The parent company of Silvergate Bank, known to many in the space as one of the major crypto banks, has announced plans to “wind down operations” and liquidate the bank. In a March 8 announcement, Silvergate Capital Corporation said the decision to shutter operations was “in light of recent industry and regulatory developments.” According to the company, the Silvergate Bank liquidation plan included “full repayment of all deposits”. Many crypto firms, including Coinbase, Paxos, Gemini, BitStamp and Galaxy Digital, announced in March they would cut ties to the bank following…

Crypto Bank Silvergate Announces ‘Voluntary Liquidation’

In a statement, Senate Banking Committee Chairman Sherrod Brown (D-Ohio) said, “As the impact of FTX’s collapse continues to ripple outward, today we are seeing what can happen when a bank is overreliant on a risky, volatile sector like cryptocurrencies. I’ve been concerned that when banks get involved with crypto, it spreads risk across the financial system and it will be taxpayers and consumers who pay the price. That’s why I am continuing to work with my colleagues in Congress and financial regulators to establish strong safeguards for our financial…

Signature Bank, Stablecoins Might Benefit From Silvergate Bank Crypto Exchange Network’s Demise

Now, the network has been shut down – closed last week as the bank’s parent company, Silvergate Capital Corp., acknowledged there were questions about its ability to continue as a “going concern,” and that it would be late in filing an annual report with securities regulators. Even before the announcement, key users of SEN, including the crypto firms Coinbase, Gemini, Paxos, Circle, Galaxy Digital, Cboe Digital and Bitstamp, were already dropping off, citing the need for caution. Source

Crypto Exchange Kraken To Launch New Crypto Bank in US Amid Regulatory Issue

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US-based crypto exchange Kraken is still launching a new Wyoming-based crypto bank despite the U.S. Securities and Exchange Commission’s (SEC) recent banning of the exchange’s staking service. Kraken Support directly told a Twitter user that Kraken Bank is still on its way, with an initial offering to customers in the USA. “Kraken Bank is not open yet but on its way. The offering will initially be available to existing Kraken clients in the USA with potential international expansion in the future.” Kraken announced in 2020 that it is officially opening a crypto bank,…

Iran completes pre-pilot phase of central bank digital currency

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Iran is moving forward with its central bank digital currency (CBDC) plans, completing preliminary research for the launch of a potential digital rial. The Central Bank of Iran (CBI) has successfully completed a pre-pilot phase in the development of Iran’s CBDC, according to an official statement by CBI’s research arm, the Monetary and Banking Research Institute (MBRI). Mohammad Reza Mani Yekta, head of the CBI office for supervising payment systems, announced the news at the ninth annual conference on electronic banking and payment systems on Feb. 20. He noted that…

Central Bank Orders Financial Institutions to Ration Dollars – Africa Bitcoin News

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Growing shortages of foreign exchange on the interbank market have reportedly forced the Central Bank of Kenya to ask financial institutions to ration dollar purchases by Kenyan businesses. The shortages have forced Kenyan firms to seek greenbacks on alternative markets where the exchange rate is higher than the official government rate. New Limits Curtailing Operations of Kenyan Firms Kenya’s ongoing foreign exchange shortages have reportedly forced the Central Bank of Kenya (CBK) to instruct financial institutions to impose caps on the amount of forex that businesses and individuals can purchase.…