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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)
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Every U.S. bank is facing similar structural pressures to what drove crypto’s one-time favorite bank to the moon - then into the ground. Original Source
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A crackdown on digital assets companies is reminiscent of “choke point” targeting of gun sales, Fed Governor Jerome Powell was told. Source
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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). As mainstream financial institutions begin to provide services related to Web3, crypto and NFTs, they would be custodians of client
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During her White House press briefing Monday, Jean-Pierre said she couldn't speak to Silvergate specifically, but noted that a number of crypto companies have "experience[d] significant issues" in recent weeks and pointed to statements from federal bank regulators warning of the risk cryptocurrencies could pose to banks and other financial
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Pakistan Banks’ Association (PBA) — a group of 31 traditional banks operating in Pakistan — signed off on the development of a blockchain-based platform for Know Your Customer (KYC) initiatives. On March 2, PBA signed the project contract for developing Pakistan’s first blockchain-based national eKYC (electronic Know Your Customer) banking platform,
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Banks in Pakistan plan to launch an electronic platform for know-your-customer procedures that will be operating on a national level. The blockchain-based system will allow them to exchange the personal information of customers through what they describe as a decentralized and self-regulated network. Banks of Pakistan Looking to Employ Blockchain for
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Central banks show continued demand for gold in 2023, as per a recent report from the World Gold Council (WGC), which noted that the world’s central banks accumulated 31 tons of the precious metal in January. Turkey was the largest gold buyer, adding 23 tons to its central bank’s stash,
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As the Silvergate crisis spreads across the broader market, investors have been shoring up stablecoins with USDT and USDC witnessing a surge in trading activity. Four months after the collapse of the crypto exchange FTX, yet another crisis-like situation has gripped the crypto market with fear and unrest amid
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“Clearly, they're urging extreme caution,” said Alexandra Barrage, a banking lawyer at Davis Wright Tremaine who was previously a senior official at the FDIC. She said they likely had Silvergate and similar banks in mind when they issued these warnings, which she said have shown an unusual willingness for the
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