Tag: CEO

Circle CEO Says Stablecoin Issuer Seeks to Save Crypto from Banks

Circle CEO Jeremy Allaire to save crypto following the collapse of some major mainstream banks, including Silicon Valley Bank.  Circle CEO Jeremy Allaire recently disclosed that the USDC stablecoin issuer wants to save crypto from fallen banks. In an interview, Allaire touched on the adjustments the peer-to-peer payments technology company made following Silicon Valley Bank’s recent collapse. According to the Circle CEO, around $3.3 billion worth of funds was in transit from Silicon Valley to BNY Mellon. Allaire also questioned the narrative suggesting the protection of the mainstream banking system from digital currencies.…

Circle CEO ‘able to access’ $3.3B of USDC’s reserves at Silicon Valley Bank

Circle CEO and co-founder, Jeremy Allaire, confirmed that, as of March 13, the stablecoin issuer has been “able to access” its $3.3 billion of funds held with the collapsed bank, Silicon Valley Bank (SVB). Speaking with Bloomberg Markets on March 14, Allaire said that he believed that “if not everything, very close to everything was able to clear” from the failed lender. USD Coin (USDC) — the stablecoin issued by Circle — briefly de-pegged following news that $3.3 billion of its cash reserves were stuck on SVB. The stablecoin’s dollar…

Circle ‘able to access’ $3.3B of USDC reserves at Silicon Valley Bank, CEO says

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Circle CEO and co-founder Jeremy Allaire says that since March 13, the stablecoin issuer has been “able to access” its $3.3 billion of funds held with the collapsed bank, Silicon Valley Bank. Speaking with Bloomberg Markets on March 14, Allaire said that he believed that “if not everything, very close to everything was able to clear” from the failed lender. USD Coin (USDC) — the stablecoin issued by Circle — briefly de-pegged following news that $3.3 billion of its cash reserves were stuck on SVB. The stablecoin’s dollar peg has…

Ripple in ‘Strong Financial Position’ despite SVB Exposure, CEO Says

Garlinghouse noted that financial systems are broken given their high susceptibility to rumors as evidenced by the current banking crisis.  In a March 12 Twitter thread to his 700,000 followers, Ripple CEO Brad Garlinghouse addressed his company’s exposure to the collapsed Silicon Valley Bank (SVB), emphasizing the company’s financial stability. The exec noted that while Ripple had exposure to SVB as a banking partner, “we expect NO disruption to our day-to-day business, and already held a majority of our USD w/ a broader network of bank partners.” Setting the record…

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…

Binance CEO announces recovery funds conversion from BUSD to ‘native crypto’

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The failure of three major crypto-backing banks, Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank caused the stablecoin (USDC) to fall to as low as $0.87 from its $1 benchmark.  Amid the concern mounting around stablecoins, Binance CEO and co-founder Changpeng (CZ) Zhao tweeted on March 13 that with the “changes in stablecoins and banks,” it will be converting the remaining $1 billion funds in its Industry Recovery Initiative into “native crypto.” Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion…

Ripple CEO assures ‘strong financial position’ despite SVB collapse

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

Coinbase CEO hails reintroduction of crypto tax reform law

Coinbase CEO Brian Armstrong has lauded U.S. lawmakers’ decision to revive a bill seeking to clarify crypto tax reporting. Bill to streamline crypto asset reporting requirements The Keep Innovation in America Act is a bipartisan bill introduced in March 2021 that Reps. Patrick McHenry and Ritchie Torres have revived to address digital asset reporting requirements. 1/ @PatrickMcHenry and @RepRitchie have reintroduced the Keep Innovation in America Act, which would clarify crypto tax reporting requirements so that they work with digital assets. — Brian Armstrong (@brian_armstrong) March 9, 2023 According to…

USDC de-pegs, Kraken CEO wonders if the market is losing trust in US products

By Mar. 11, USDC, a stablecoin, de-pegged, falling to as low as $0.89 during the Asian session, trackers reveal. USDC de-pegs after Silicon Valley Bank folds The de-pegging of the USDC, theoretically meant to track the value of the USD, regardless of market volatility, is why Jesse Powell, the co-founder and CEO of Kraken, is wondering if the broader market is beginning to lose faith in United States-based products. With USDC under pressure and users scrambling to exit to other mainstream stablecoins, USDT broke its peg with USDC.  Earlier today,…