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 is mostly a startup in several…
Global banking giant HSBC Holdings is coming to the rescue of Silicon Valley Bank’s collapsing UK branch with a new acquisition. HSBC officially announced on March 13 that its subsidiary HSBC UK Bank acquired Silicon Valley Bank UK Limited for…
Crypto exchange Coinbase, crypto lender Celsius and stablecoin issuer Paxos are among the crypto companies with funds reported to have ties to the now-shuttered Signature Bank. Crypto-friendly Signature Bank was shut down by New York regulators on March 12 along…
The financial sector has had a chaotic few days. Especially, for USDC stablecoin and Silicon Valley Bank and its stakeholders, because the lender is not considered strong and profitable until it is closed by the authorities in less than 48…
Hot on the heels of several United States banks collapsed, the Federal Reserve Board has announced $25 billion worth of funding aimed at backstopping banks and other depository companies. The fund will ensure that eligible banks will have sufficient liquidity…
The joint statement assured that all customer deposits in these banks will be honored by the federal government. The US Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) announced on Sunday that they will take “firm action”…
Circle’s stablecoin USD Coin (USDC) surged back to the $1 peg after confirmation from CEO Jeremy Allaire that its reserves are safe and that the company has a new banking partner lined up in “open banking tomorrow morning.” According to…
Ripple CEO Brad Garlinghouse took to Twitter on March 12 to discuss the company’s exposure to Silicon Valley Bank (SVB) and assured his followers of Ripple’s stability. Ripple has exposure to SVB, Garlinghouse said, but “we expect no disruption to…
United States authorities are working on “material action” over the weekend in an effort to limit the ripple effect on the country’s banking system after the sudden collapse of Silicon Valley Bank on March 10. According to a Reuters report…
Global clearing institution Bank of London has submitted a formal proposal to acquire the UK subsidiary of Silicon Valley Bank, according to a statement provided by Reuters on March 12. According to the statement, the purchase was an effort by…