Amid the continuing United States banking disaster, a number of main cryptocurrency corporations have denied publicity to dissolved U.S. banks like Silicon Valley Financial institution (SVB).
As potential implications of the SVB disaster for the crypto market proceed to unfold, Cointelegraph highlighted a number of main crypto corporations which have declared to be unaffected by the problems thus far.
Tether
Tether, the operator of the eponymous U.S. dollar-pegged stablecoin, Tether (USDT), was one of many first corporations to disclaim publicity to SVB and different troubled U.S. banks as of mid-March.
On March 12, Tether chief expertise officer Paolo Ardoino took to Twitter to announce that the stablecoin firm has zero publicity to Signature Financial institution. The tweet got here quickly after Signature formally shut down operations the identical day.
Ardoino beforehand stated that Tether had no publicity to SVB on March 10. The chief expertise officer posted an identical tweet about Silvergate on March 2, declaring that Tether didn’t have “any publicity” to the financial institution.
Tether’s USDT is the biggest stablecoin by market capitalization, with a market worth of $73 billion on the time of writing. Its largest rival, USD Coin (USDC), briefly misplaced its 1:1 peg with the U.S. greenback after its issuer, Circle, couldn’t withdraw $3.3 billion in reserves from SVB.
Crypto.com, Gemini, BitMEX
Kris Marszalek, CEO of main cryptocurrency alternate Crypto.com, offered comparable statements on the corporate being unaffected by the continuing points in U.S. banking.
In subsequent tweets on March 10 and March 12, Marszalek declared that Crypto.com had zero publicity to Signature, Silvergate and SVB.
https://t.co/pFc4Pz9nFR has $0 publicity to Signature Financial institution. https://t.co/TG2h7HyXE9
— Kris | Crypto.com (@kris) March 13, 2023
Different main exchanges, together with Gemini and BitMEX, have additionally denied any publicity to the dissolved U.S. banks.
Regardless of having a partnership with Signature, Winklevoss brothers-founded Gemini alternate has zero buyer funds and 0 Gemini greenback (GUSD) funds held on the financial institution, the agency introduced on March 13.
Gemini emphasised that every one buyer U.S. {dollars} and its GUSD reserves are held at banks like JPMorgan, Goldman Sachs and State Road Financial institution.
2/ All Gemini buyer U.S. {dollars} are held at JPMorgan, Goldman Sachs, and State Road Financial institution.
— Gemini (@Gemini) March 13, 2023
BitMEX alternate additionally took to Twitter on March 13 to announce that the corporate had “no direct publicity” to Silvergate, SVB or Signature. “All consumer funds proceed to be protected and accessible 24/7/365,” BitMEX added.
Associated: Ripple CEO assures ‘sturdy monetary place’ regardless of SVB collapse
Exchanges like Binance and Kraken have partly denied publicity to the dissolved banks, with Binance CEO Changpeng Zhao stating that Binance doesn’t have property at Silvergate, and former Kraken CEO Jesse Powell additionally denying publicity to SVB.
Argo Blockchain
Bitcoin mining agency Argo Blockchain issued a press release on March 13, declaring that the corporate has no direct or oblique publicity to SVB and Silvergate Financial institution.
Nevertheless, the corporate stated that one in all Argo’s subsidiaries holds a “portion of its working funds in money deposits” at Signature. “These deposits are safe and will not be in danger,” Argo famous, citing a choice by the U.S. Treasury and Federal Deposit Insurance coverage Company to rescue buyer deposits on the financial institution.
Numerous different corporations, together with Animoca Manufacturers, Abra and Alchemy Pay, have partly denied publicity to the troubled U.S. banks, stating that they’d no property at SBV and Silvergate.
Some corporations, like crypto custodian BitGo, declared it holds no property at SVB whereas being “not impacted” by points at Silvergate, USDC and Signature Financial institution.
