THE LATEST CRYPTO NEWS FROM CNS USDC bounces back toward | Crypto Never Sleeps Broad
THE LATEST CRYPTO NEWS FROM CNS
USDC bounces back toward $1 peg after Fed announcement
Circle’s stablecoin USD Coin is climbing back to its $1 peg following confirmation from CEO Jeremy Allaire that its reserves are safe and the firm has new banking partners lined up at “banking open tomorrow morning.”
According to CoinGecko data, USDC is up 3.3% over the past 24 hours to sit at $0.99
https://cointelegraph.com/news/usdc-bounces-back-towards-1-peg-after-fed-announcement
Coinbase, Celsius and Paxos disclose funds in Signature Bank
Crypto exchange Coinbase, crypto lender Celsius and stablecoin issuer Paxos are among the crypto firms with funds reportedly tied up with the now-shuttered Signature Bank.
The crypto-friendly Signature Bank was shut down by New York regulators on March 12 in conjunction with the United States Federal Deposit Insurance Corporation to “protect the U.S. economy,” as they claimed the bank posed a “systemic risk.”
Crypto exchange Coinbase tweeted on March 12 that it had around $240 million in corporate funds at Signature that it expected would be fully recovered.
https://cointelegraph.com/news/coinbase-celsius-and-paxos-disclose-funds-in-signature-bank
Bank of London bids to acquire Silicon Valley Bank’s UK arm
Global clearing institution Bank of London has submitted a formal proposal to acquire the Silicon Valley Bank's subsidiary in the United Kingdom, according to a statement disclosed by Reuters on March 12.
Reuters earlier reported that other U.K. financial institutions were reviewing similar moves, including the SoftBank-owned lender OakNorth Bank. Abu Dhabi Investment vehicle ADQ was also interested in the SVB’s arm.
https://cointelegraph.com/news/bank-of-london-bids-to-acquire-silicon-valley-bank-s-uk-arm
Signature Bank closed by New York regulators, citing 'systemic risk'
New York-based Signature Bank, another crypto-friendly bank, has officially closed down and is being taken over by the New York Department of Financial Services (NYDFS).
The news was announced by Superintendent Adrienne A. Harris in a Mar. 12 statement. The New York regulator took possession of Signature Bank pursuant to Section 606 of New York Banking Law and appointed the U.S. Federal Deposit Insurance Corporation to handle the insurance process.
The Federal Reserve explained in a Mar. 12 statement that the decision to close the bank was made with the United States Federal Deposit Insurance Corporation (FDIC) to protect the U.S. economy and strengthen public confidence in the banking system.
https://cointelegraph.com/news/signature-bank-closed-by-new-york-banking-authorities
US Fed announces $25B in funding to backstop banks
Hot on the heels of several United States bank collapses, the Federal Reserve Board has announced $25 billion worth of funding aimed at backstopping banks and other depository firms.
The funds would ensure that eligible banks would have enough liquidity to cover the needs of their customers during times of turmoil.
https://cointelegraph.com/news/us-fed-announces-25b-in-funding-to-backstop-banks
