Banks Financial News

12.03 / 12:13

business Adoption Investments Venture Capital Banks Silicon Valley SOLIDARITY Over 100 VCs, investors voice solidarity with Silicon Valley Bank

As the 40-year-old banking institution, Silicon Valley Bank (SVB), winds down operation, numerous venture capitalists and investors joined hands and decided to cushion the impact in case the bank “were to be purchased and appropriately capitalized.”

12.03 / 08:47

Stablecoin Adoption Binance Altcoin Banks Fiat Money Backed Do Kwon had the right idea, banks are risk to fiat-backed stablecoins: CZ

The death spiral of the Terra (LUNA) and TerraUSD (UST) ecosystem served as a catalyst to the 2022 bear market — causing losses in the millions, damaging investor sentiment and intensifying the regulatory spotlight over cryptocurrencies. However, the recent depegging of Circle’s USD Coin (USDC) led Binance CEO Changpeng ‘CZ’ Zhao to believe that traditional banks are a risk to stablecoins that are usually pegged 1:1 with fiat currencies, like the US dollar.

12.03 / 06:13

business Banks Federal Reserve Silicon Valley Bank failure could trigger run on U.S. regional banks

Federal Reserve and Federal Deposit Insurance Corporation (FDIC) decisions concerning the future of Silicon Valley Bank may affect regional banks across the United States, putting trillions of dollars at risk of a bank run, said former Bridgewater executive and CEO of investment firm Unlimited Bob Elliot.

11.03 / 18:51

Adoption Altcoin Circle Banks Bitcoin Banks down? That is why Bitcoin was created, crypto community says

Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community, leading many to come back to crypto roots, reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008.

11.03 / 08:31

business Stablecoin regulation Circle Banks Usd Coin USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank

Almost immediately after USD Coin (USDC) issuer Circle revealed it was not able to withdraw $3.3 billion of its $40 billion from Silicon Valley Bank (SVB), the resultant sell-off caused the price of the stablecoin to fall below its $1 mark.

11.03 / 07:15

business Stablecoin regulation Circle Banks Usd Coin Circle discloses $3.3B tied up at Silicon Valley Bank

On March 10, Blockchain payment technology company Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserves at Silicon Valley Bank (SVB).

11.03 / 04:45

business lending Banks banking Silicon Valley Bankruptcy Filing shows BlockFi has uninsured $227M in Silicon Valley Bank MMMF

According to a new bankruptcy filing, defunct crypto lender BlockFi has $227 million worth of uninsured funds allocated to a money market mutual fund (MMMF) offered by troubled Silicon Valley Bank (SVB).

11.03 / 00:37

business Stablecoin regulation Circle Banks Circle's exposure to U.S. banks could top $9B

USD Coin (USDC) issuer Circle exposure to the United States banking system sits near to $9 billion, according to its latest audit report from January. Circle's reserves are held in a number of regulated financial institutions in the country, including Silvergate, Silicon Valley Bank, and Bank of New York (BNY) Mellon.

10.03 / 22:27

business Blockchain Banks banking Bitcoin What does the Silvergate collapse mean for crypto?

The collapse of crypto-friendly bank Silvergate will likley have a significant impact on the crypto ecosystem and its ties with the banking sector in the U.S.

10.03 / 20:25

business Government Banks Bitcoin Regulation Silicon Valley Bank shut down by California regulator

Silicon Valley Bank, a major financial institution for venture-backed companies, was shut down by California’s financial watchdog on March 10 — marking the first Federal Deposit Insurance Corporation-insured bank to fail in 2023.

10.03 / 18:41

markets Banks Bitcoin Bitcoin Price Bitcoin battles $20K as trader calls bank chaos '2008 all over again'

Bitcoin (BTC) struggled to reclaim $20,000 support at the March 10 Wall Street open as fears mounted over Silicon Valley Bank (SVB) contagion.

10.03 / 06:07

business Banks banking Tech Silicon Valley bank stocks US bank woes? Silicon Valley Bank stocks plunge 1 day after Silvergate downfall

Fears have been heightened over the future of another United States bank this week after Silicon Valley Bank (SVB) announced a significant sale of assets and stocks aimed at raising additional capital.

10.03 / 00:49

business Adoption regulation Banks exit Crypto industry braces for impact with Silvergate exit

Silvergate is not a systematic risk for the United States banking system, but it could have a significant impact on the crypto markets, multiple sources told Cointelegraph. These may include increasing banking concentration in a few partners and challenges for venture capital firms seeking to establish banking relationships in the country.

09.03 / 18:13

business Law Adoption Banks AML banking Money laundering Anti-money laundering services Banks with crypto services require new Anti-Money Laundering capabilities

The new year began with the news that notable Web3 entrepreneur Kevin Rose fell victim to a phishing scam in which he lost over $1 million worth of nonfungible tokens (NFTs).

09.03 / 16:43

Payments regulation Banks Bitcoin Ukraine’s central bank sees both promises and threats in Bitcoin

The National Bank of Ukraine (NBU) has expressed a mixed stance on cryptocurrencies like Bitcoin (BTC) after a year of war in the country.

09.03 / 09:09

business Binance regulation coinbase Banks swift debate Silvergate downfall sparks debate over whose fault it actually was

The voluntary liquidation of crypto-friendly bank Silvergate has sparked many to share their thoughts about the source of its troubles and the broader impact of the bank’s collapse on crypto.

09.03 / 05:37

business Mining Liquidity Banks Loans Bitcoin Marathon Marathon Digital terminates credit facilities with Silvergate Bank

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.

09.03 / 01:25

business Investments Banks Silvergate Capital Corporation will ‘voluntarily liquidate’ Silvergate Bank

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.

09.03 / 01:25

business regulation Gemini Banks Gemini’s banking relationship with JPMorgan ‘remains intact’

Crypto exchange Gemini took to Twitter on March 8 to deny rumors about its banking relationship with United States financial conglomerate JPMorgan being terminated. In a brief and straightforward message, Gemini stated that “despite reporting to the contrary, Gemini’s banking relationship remains intact with JPMorgan.”

08.03 / 08:57

business Law Adoption regulation Banks FTX Bankruptcy Lawyers Lawyers picnic: FTX counsel and advisors rake in $34M in January

The law firms, investment banks and consulting companies working with FTX on its bankruptcy case billed the crypto exchange a combined $34.18 million in January, court documents reveal.

08.03 / 03:45

business Banks Bloomberg Silvergate reportedly talks with FDIC on ways to avoid shutdown

United States banking regulators have reportedly been sent to Silvergate's headquarters in La Jolla, California — looking for ways to save the crypto-friendly bank from a possible shutdown.

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