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The shockwaves caused by the collapse of Silicon Valley Bank (SVB) were felt by countless businesses, including a bank from India that had no relation with the California-based banking institution. Soon after reports of SVB’s imminent shutdown surfaced on March 10, panic spread across the globe as investments tied to one
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A new study shows that payments via central bank digital currencies (CBDCs) are expected to reach $213 billion annually by 2030. Furthermore, 92% of the total value transacted via CBDCs will be paid domestically, the research found. $213 Billion Annually Research and market intelligence firm Juniper Research published a report on central
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The volatility caused over $140 million in bitcoin futures and $80 million in ether futures to take on losses. Of this, 58% of futures losses came from shorts, or bets against price rises, while the remaining came from longs, or bets on price rises – meaning both short-sellers and long
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Crypto bank Anchorage Digital announced it would be letting go of 75 employees, representing approximately 20% of its workforce, citing regulatory uncertainty in the United States as a factor in its decision.In a March 14 statement labeled the layoffs as “a strategic realignment to better focus our resources,” and pointed
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The cryptocurrency-friendly Signature Bank was reportedly being investigated by two United States government bodies prior to its collapse. According to a March 15 Bloomberg report citing people familiar with the matter, investigators with the Justice Department were examining whether Signature took adequate measures to detect potential money laundering by its
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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
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The decision to close down Signature Bank had “nothing to do with crypto,” said the New York State Department of Financial Services, the regulator that took possession of the troubled bank on Sunday. The financial watchdog insisted that its decision to put Signature Bank in receivership “was based on the
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"The decisions made over the weekend were not crypto related," the spokesperson said. "Signature was a traditional commercial bank with a wide range of activities and customers, including small businesses like food vendors at Hunt’s Point, residential mortgage banking, commercial real estate, to name a few. DFS has been facilitating
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National Australia Bank (NAB) says it has executed the first-ever cross-border stablecoin transfer by a major financial institution on a layer 1 public blockchain. The intrabank transfer used the bank’s fully backed AUDN stablecoin, which is tied to the Australian dollar. The transaction was conducted on the Ethereum blockchain and used
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Credit rating agency Moody's, has recently downgraded its outlook on the entire US banking system from "stable" to "negative." The move comes in light of recent bank failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank, which has prompted regulators to intervene with a rescue plan for impacted depositors
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