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“With all of the deposits and substantially all of the assets of former Signature Bank, the bank will continue to take care of its clients, providing a full suite of loan, deposit, and banking services,” said new Signature Bridge Bank CEO, Greg D. Carmichael, in a press release. The release
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Crypto mining firm Marathon Digital Holdings has assured investors that the firm's cash deposits at Signature Bank are secure and available for use as of Mar. 13.In a statement following the closure of New York’s Signature Bank, Marathon disclosed that it has approximately $142 million in cash deposits at Signature Bridge
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A debate from the 2008 financial crisis resurfaces as the FDIC intervenes to help two troubled institutions with crypto connections, says CryptoX's David Z. Morris. Source
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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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Barney Frank, a former member of the United States House of Representatives, has reportedly suggested that New York regulators closed the crypto-friendly Signature Bank as part of a seeming show of force.According to a March 13 CNBC report, Frank — also a board member of Signature Bank — said the
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Crypto exchange Gemini had no funds at Signature Bank, and its Gemini US Dollar (GUSD) stablecoin was not backed by any deposits at the failed bank, according to a March 13 official tweet from the company.1/ It’s very sad to hear the news about Signature Bank. They have been incredible
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According to a March 13 tweet by Okcoin CEO Hong Fang, the U.S. affiliate of cryptocurrency exchange OKX had no exposure to defunct U.S. tech bank Silicon Valley Bank (SVB). However, Fong stated that Okcoin’s U.S. dollar wire and ACH deposits have been “immediately paused” due to the regulatory intervention in
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Marathon terminated a credit facility with Silvergate last week. Source
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The decision to take over Signature Bank was made to reduce depositor outflows and prevent further bank runs. The New York Department of Financial Services (NYDFS) has taken over the crypto-friendly bank, Signature Bank, to safeguard depositors’ funds and preserve confidence in the US economy. After the collapse of Silicon Valley
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Coinbase announced that it had about $240 million in corporate funds at Signature Bank, but expects a full recovery of all its funds. Several crypto firms, including Paxos, have disclosed their level of involvement with Signature Bank after the latter’s closure by the Treasury. Following an unusual week that saw multiple banks
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