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Positive developments concerning Circle’s $3.3 billion worth of reserves held at Silicon Valley Bank and its new banking partners have seen USDC climb back toward its $1 peg. Go to Source Powered by WPeMatico
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 … Read more
In a short tweet thread with no specifics, Garlinghouse said the SVB situation would not disrupt daily operations. Go to Source Powered by WPeMatico
The Federal Reserve established a funding program for banks, making $25 billion available to eligible firms in a bid to avoid further banking liquidity issues. Go to Source Powered by WPeMatico
The New-York-based bank, which is also known to serve a number of crypto firms, was shut down by state regulators, according to a Federal Reserve announcement. Go to Source Powered by WPeMatico
Crypto exchange Binance has organized training courses for representatives of law enforcement authorities in Ukraine. The leading coin trading platform has been involved in dozens of similar initiatives over the past year, in a number of countries. Binance Provides Crypto Training to Security Officials in Ukraine The world’s largest digital asset exchange, Binance, has provided … Read more
Events surrounding Silicon Valley Bank are moving fast. Here is a breakdown of the major developments over the course of three days. Go to Source Powered by WPeMatico
After the failure of Silicon Valley Bank (SVB), a great deal of Americans are starting to realize the dangers of fractional-reserve banking. Reports show that SVB suffered a significant bank run after customers attempted to withdraw $42 billion from the bank on Thursday. The following is a look at what fractional-reserve banking is and why … Read more
The global clearing bank is leading a consortium of private equity firms seeking to purchase SVB’s British arm. Go to Source Powered by WPeMatico
The U.S. Federal Deposit Insurance Corporation (FDIC) began an auction process for Silicon Valley Bank (SVB) late Saturday night, according to reports. Final bids are due by Sunday afternoon. Unnamed sources indicate that the FDIC is seeking to close the deal promptly after California regulators closed the bank and placed it into FDIC receivership on … Read more