Cryptographic user-friendly banks in the United States, such as Signature Bank, served Paxos Trust, Celsius Network and other large crypto companies now suffering from recent decisions taken by the Federal Deposit Insurance Corporation (FDIC) and the New York State Financial Services Department.
The Silicon Valley Bank (SVB) is said to have managed more than $ 5 billion in funds for a handful of cryptocurrency capital funds, including Andreessen Horowitz, Paradigm and Pantera Capital in recent years.
USD Coin (USDC) Emittering circle was directly affected by the closure of SVB, with $ 3.3 billion linked to the bank after its closure. The cryptocurrency markets were directly affected, USDC temporarily losing its ankle with regard to the US dollar for several days.
In the United States, several high-level commentators suggested that there was increasing pressure on banks to stop serving companies related to cryptocurrency. Meanwhile, a spokesperson for the FDIC refuted the allegations according to which the future sale of the signature bank would not require disinvestment of cryptographic activities.
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The editor-in-chief of Cintelegraph Sam Bourgi and journalist Gareth Jenkinson decompose the main discussion of the fiasco of the collapse of American banks and discuss if the regulators target the cryptocurrency industry at the national scale.
The closure of large American banks by regulatory institutions was an important subject of discussion this week, with several high-level cryptocurrency companies by decisions taken in America.
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