Billions worth of crypto trades at risk as bank shutdowns take a toll

TheStar Tue, Mar 14, 2023 12:00am - 6 months View Original

Customers wait in line outside a branch of the Silicon Valley Bank in Wellesley, Massachusetts, U.S., March 13, 2023. REUTERS/Brian Snyder

NEW YORK: The digital-asset market is coming off of a turbulent year featuring a number of high-profile blowups. Now, three shutdowns in the banking industry – SVB Financial Group’s Silicon Valley Bank, Silvergate Capital Corp and Signature Bank – have set off a fresh set of stresses.

SVB’s failure triggered a knock-on effect in the crucial market for stablecoins after digital-asset giant Circle Internet Financial Corp, one of the biggest issuers of the widely used tokens known for their perceived safety, revealed it had US$3.3bil (RM15bil) of reserves with the bank.


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