The interest rate hikes over the past year has badly affected risk assets like cryptocurrencies.Īlso read- Income Tax slabs, rates and exemptions for senior citizens: Know how income tax on pension is calculated Top cryptocurrency exchanges Binance and Coinbase have also temporarily suspended USDC stablecoin conversions after the collapse of SVB.Īnother US traditional bank Silvergate Capital last week announced it was "wind down operations and voluntarily liquidating" its bank division. We are committed to building robust and automated USDC settlement and reserve operations," he added.Ĭrypto firm Circle also has $3.3 billion stuck at SVB, the non-crypto bank that collapsed last week, triggering panic in the tech industry.īankrupt crypto lender BlockFi also has $227 million in funds stuck at SVB. "Additionally, we will be bringing on a new transaction banking partner with automated minting and redemption potentially as soon as tomorrow. Its CEO Jeremy Allaire said in a tweet that with the closure of Signature Bank, "we will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon". As stated by the FDIC, we expect to fully recover these funds," the crypto exchange said in a tweet.Ĭircle, the firm behind USDC stablecoin, is also affected by the Signature Bank closing.Ĭlick Here For Latest Updates On Stock Market | Zee Business Live "As of close of business Friday March 10, Coinbase had an approximately $240m balance in corporate cash at Signature. Leading crypto exchange Coinbase had $240 million in cash at Signature Bank. Signature Bank had $88.59 billion in deposits as of Decemand the New York Department of Financial Services has taken possession of the bank.
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