Vancouver, Kelowna, Delta, BC – March 13, 2023 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
Today’s podcast is sponsored by Fintech Company AppTech Payments Corp. (NasdaqCM:APCX).
The Investor ideas Crypto Corner was named one of 14 Best Crypto & Blockchain Podcasts for Jun 2022: https://www.yoreoyster.com/blog/best-crypto-podcasts/
Listen to today’s Crypto Corner Podcast:
Crypto Corner Podcast: Cryptocurrency Stocks in the News: (NYSE: SI) (NasdaqGS: COIN) (NasdaqGS: SIVB)
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Stocks discussed: (NYSE:SI) (NasdaqGS:COIN) (NasdaqGS:SIVB)
Yesterday saw the closure of New York-based Signature Bank. New York’s Department of Financial Services (DFS) announced that it had taken possession of the crypto-friendly bank “in order to protect depositors,” and that it had “total assets of approximately $110.36 billion and total deposits of approximately $88.59 billion as of December 31, 2022.” This follows news last week from Silvergate Capital Corporation (NYSE:SI), that it was winding down operations of Silvergate Bank (another crypto-friendly bank) “in light of recent industry and regulatory developments.”
Cointelegraph reports that Coinbase (NasdaqGS:COIN), crypto lender Celsius and stablecoin issuer Paxos were among the crypto firms with funds reportedly tied up with Signature Bank. Coinbase tweeted:
As of close of business Friday March 10 Coinbase had an approximately $240m balance in corporate cash at Signature. As stated by the FDIC, we expect to fully recover these funds.
The closure of Signature Bank also nearly coincides with the collapse of Silicon Valley Bank (SVB), a subsidiary of SVB Financial Group (NasdaqGS:SIVB). BNN Bloomberg reports that California financial watchdogs, the Federal Deposit Insurance Corp. (FDIC) took possession of the bank after clients “rushed to withdraw money,” causing a run. An excerpt from the article reads:
Problems mounted for SVB after Peter Thiel’s Founders Fund and other high-profile venture capital firms advised their portfolio companies to pull money from the bank. The calls followed parent company SVB Financial Group announcing that it would try to raise more than US$2 billion after a significant loss on its portfolio.
In a Twitter exchange, Coinbase’s CEO Brian Armstrong addressed the possibility of adopting and implementing its own banking features in light of the recent bank failures:
Definitely something we’ve thought about. Need a few more features like outbound wires, multi-user support etc. Non-fractional reserve “banking” is definitely looking more attractive right now.
Sam Mowers, Investorideas
For investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain and Digital Currency Stocks Directory
AppTech Payments Corp. (NasdaqCM:APCX) is an innovative Fintech company whose mission is to deliver a better way for businesses to provide their customers with immersive commerce experiences. Commerse(TM), its all-new, patent-backed technology platform powering seamless omni-channel Commerce Experiences-as-a-Service (CXS), drives highly secure, scalable, cross-border digital banking, text-to-pay, crypto payments and merchant services altogether from a single, unified stack designed to increase operational efficiencies and growth for businesses while providing the economic convenience that their customers demand from today’s commerce experiences. For more information, visit apptechcorp.com.
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