Silvergate Bank – Ƀitsell X

An In-Depth Look Into the 2023 Banking Crisis — 3 of the Largest Bank Failures in US History

December 28, 2023

The U.S. economy experienced an interesting year in 2023, marked by unprecedented upheaval within the American banking sector due to the combined collapse of three major banks, the largest the nation has historically seen. Amidst this chaos, crypto assets such as bitcoin demonstrated remarkable resilience, even capitalizing on the banking sector’s misfortunes. Concurrently, other repercussions…
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Tether adds Bahamas-based private bank Britannia as partner: Report

August 30, 2023

Tether’s reported new partnership with Britannia Bank makes it the third Bahamas-based bank to join forces with the stablecoin issuer. Tether, the stablecoin issuer behind USDT, has reportedly added Britannia Bank & Trust, a private bank based in The Bahamas to process dollar transfers on its platform. It is understood Tether has instructed clients to…
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Warren’s alleged work with short-seller shows anti-crypto army heating up

June 4, 2023

Elizabeth Warren reportedly took advice from Wall Street short-seller Marc Cohodes, who cashed in on the collapse of Silvergate and Signature banks. What do progressive Democrats, Republican national security hawks and Wall Street traders have in common? They are all apparently enlisting in United States Senator Elizabeth Warren’s “anti-crypto army.” The progressive senator’s reported alliance…
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Stablecoins are a critical countermeasure to Operation Chokepoint

June 3, 2023

Stablecoins could help crypto firms to remove themselves from the banking system — and prevent the U.S. government from cutting off their financial lifelines. Boosting financial inclusion is one of crypto’s strongest value propositions. Yet, ironically, the banking crisis has effectively de-banked the crypto industry itself, at least in the United States. How things panned…
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Silvergate Bank Faces Regulatory Deadline for Self-Liquidation Plan

June 2, 2023

In a recent press release from the U.S. Federal Reserve Board of Governors, it was disclosed that Silvergate Bank has been given a ten-day deadline to submit a plan outlining its self-liquidation procedure and the systematic cessation of operations. This order from the central bank comes in the wake of Silvergate’s declaration of voluntary liquidation…
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Former Signature Bank Chairman Said the Bank Cut Back on Digital Asset Deposits in Wake of Volatility

May 16, 2023

Crypto-friendly Signature Bank “significantly’ cut back on digital asset deposits in the wake of increased volatility and regulators’ concerns at the end of last year, said the former chairman and co-founder of the now-shuttered bank. “Unfortunately, a series of truly extraordinary and unprecedented events unfolded quickly,” said Scott Shay, Signature’s former co-founder and chairman in…
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Job Cuts at Silvergate as Crypto-Friendly Bank Winds Down After FTX Collapse

May 12, 2023

Silvergate Capital, the parent company of now-defunct crypto-friendly bank Silvergate Bank, has announced another major layoff that would impact 230 employees. In a recent filing with the Securities and Exchange Commission (SEC), the company said it would have just 80 employees left by the end of the week to manage the liquidation of its crypto-friendly bank…. Read…
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JPMorgan Chase Assumes Control of First Republic Bank Following Seizure by California Regulators

May 1, 2023

On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) seized First Republic Bank, placing it into Federal Deposit Insurance Corporation (FDIC) receivership. According to reports, this move came after the bank’s financial troubles made it insolvent and unable to meet its obligations. Following the seizure, JPMorgan Chase submitted the winning bid…
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Blackrock CEO Expects Inflation to Persist, but No Major US Recession in 2023

April 16, 2023

Blackrock’s CEO, Larry Fink, stated in an interview on Friday that he does not anticipate a “big recession” in the United States. However, he believes that “inflation is going to be stickier for longer.” In contrast to the U.S. central bank’s 2% goal, Fink predicts that “we’re going to have a 4ish floor in inflation.”…
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US Bank Lending Drops by Record $105 Billion in Two Weeks, Trillions Moving to Money Market Accounts, Elon Musk Warns ‘Trend Will Accelerate’

April 9, 2023

The banking industry in the United States is still struggling after the collapse of three major banks. According to statistics, bank lending in the U.S. has dropped by close to $105 billion in the last two weeks of March, which is the largest decline on record. Additionally, Elon Musk, a Tesla executive and owner of…
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Category: Silvergate Bank