Signature Bank seizure creates obstacles for crypto industry while promoting ‘unbanked’ innovations
By Editor - Mon Mar 13, 1:24 pm
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Crypto market players expressed unease on Monday following the seizure over the weekend of Signature Bank, a crypto-friendly New York regional bank, just days after crypto-focused bank Silvergate Capital wound down its operations and U.S. regulators shuttered Silicon Valley Bank. “Signature Bank’s closure serves as a one-two punch as worries mount over the vulnerability of any bank with exposure to the crypto industry,” Francesco Melpignano, CEO of Kadena Eco, told TechCrunch. “With only a small number of publicly traded banks having ties to the crypto space, many investors are scrambling to place bets against them.” Signature, known as one of the largest crypto lenders, was the second casualty from the ongoing banking crisis in the U.S., but regulators said that its customers will be made whole, meaning the government is stepping in to protect the economy from further damage. Signature Bank had 40 branches across New York, California, Connecticut, North Carolina and Nevada
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Signature Bank seizure creates obstacles for crypto industry while promoting ‘unbanked’ innovations
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