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After a Bloomberg article alleged exposure between stablecoin provider Tether and the now-collapsed Signature Bank, rumors began to circulate regarding the involvement between the two companies. However Tether immediately reached out to clarify the claims made in the original article. In an email sent to Cryptox among other outlets, Tether gave
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"To help protect Canadians’ retirements, Budget 2023 announces that the government will require federally regulated pension funds to disclose their crypto-asset exposures to OSFI," the government said in the new 2023 budget plan. The federal government will also work with provinces and territories to discuss crypto-asset or related activities disclosures
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Amid the ongoing United States banking crisis, several major cryptocurrency firms have denied exposure to dissolved U.S. banks like Silicon Valley Bank (SVB).As potential implications of the SVB crisis for the crypto market continue to unfold, Cointelegraph highlighted several major crypto firms that have declared to be unaffected by the
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According to a lawyer representing the bankrupt crypto lender BlockFi Inc.,the company is in a stable financial position with access to ample cash reserves, despite having over $200 million in exposure to Silicon Valley Bank, Bloomberg reported.According to the report, BlockFi had $227 million invested in a money market mutual
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According to the Form ADV Filing dated May 11, 2022, the BlockTower Blue Signum SPV fund, which had about $4.6 million in gross asset value at the time of the filing, used Silvergate Bank as its sole custodian. The BlockTower DeFi SPV I fund ($74.6 million in gross assets) also
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Garlinghouse noted that financial systems are broken given their high susceptibility to rumors as evidenced by the current banking crisis. In a March 12 Twitter thread to his 700,000 followers, Ripple CEO Brad Garlinghouse addressed his company’s exposure to the collapsed Silicon Valley Bank (SVB), emphasizing the company’s financial stability.
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Ripple, currently engaged in a lawsuit with the Securities and Exchange Commission over the status of the cryptocurrency XRP, stored some of its cash reserves at the now-failed tech lender, Garlinghouse said. He declined to quantify the amount stuck in limbo. Source
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According to a forum post from Maker DAO, issuer of the U.S. dollar-pegged DAI stablecoin, on Mar. 11, the firm requested an "urgent executive proposal to mitigate risks to the protocol." Maker said that it possessed multiple collaterals "exposed to USDC tail risk" in light of the extraordinary de-pegging of
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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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