Mar 18, 2023

US Banks’ Crypto Closures Affect Major Firms

The cryptocurrency industry has been rocked by the closure of two major US banks, Signature Bank and Silicon Valley Bank (SVB). The decisions taken by the Federal Deposit Insurance Corporation (FDIC) and New York State Department of Financial Services (NYDFS) have had a direct impact on the crypto market, with USD Coin (USDC) issuer Circle left with $3.3 billion in the bank after the closure of SVB.

The closure of the two banks has raised questions about the future of crypto in the US, with many suggesting that banks are being pressured to stop serving cryptocurrency-related businesses. However, a spokesperson from the FDIC has refuted these claims and said that the sale of Signature Bank would not require divestment of crypto activities.

The closure of the two banks had a direct impact on some of the major players in the crypto market, with firms such as Paxos Trust, Celsius, Andreessen Horowitz (a16z), Paradigm and Pantera Capital all affected by the decisions taken by the FDIC and NYDFS.

Cointelegraph business editor Sam Bourgi and journalist Gareth Jenkinson discussed the implications of the closure of the two banks on the cryptocurrency industry in the latest episode of the Decentralize with Cointelegraph podcast. They discussed whether the cryptocurrency industry is being targeted by regulators across the country and what the future holds for the industry.

The episode also discussed the potential of NFTs and how they could be used as a promotional tool for businesses. NFTs have been gaining in popularity recently, with businesses using them to promote their products and services. Companies are using Twitter NFT marketing to promote their NFTs, with many using the services of NFT marketing agencies to help them promote their NFTs.

The future of the cryptocurrency industry is uncertain, but the potential of NFTs and the services of NFT marketing agencies could be a way for businesses to capitalize on the growing popularity of the crypto space. NFTs can be used to promote products, services and even to sell NFTs, making them a valuable asset for businesses looking to capitalize on the crypto market.

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