This bank closed on March 12, two days after the collapse of Silicon Valley Bank (SVB), one of the largest US credit institutions associated with the crypto industry. In a joint statement from the departments, it was stated that customers have nothing to fear because their deposits are protected, their access to money is not blocked and management is leaving their duties.
In connection with a number of such events, experts speak of the danger to the American and global blockchain: in 2019, while cryptocurrency is still viewed with skepticism, Signature Bank did not just start lending to cryptocurrency startups, but even created an entire division to work with. with such assets – “Blockchain and digital assets. And if such banks start to close, the future of Web3 will not look good.
Source: Ferra
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