Some major cryptocurrency firms have denied links to failed US banks.
Amid the United States banking crisis, several major cryptocurrency firms have denied identification with US banks such as liquidated Silicon Valley Bank (SVB).
As the potential impact of the SVB crisis on the crypto market continues to play out, Cointelegraph has highlighted several major crypto companies that have so far been unaffected by the move.
It’s a tether
Tether, the operator of the eponymous U.S. dollar-pegged stablecoin Tether (USDT), was one of the first to divest in mid-March following its encounter with SVB and other struggling U.S. banks.
March 12 Paolo Ardoino, Chief Technology Officer at Tether, announced on Twitter that the stablecoin company has no exposure to Signature Bank. The Twitter announcement comes shortly after Signature officially ceased operations on the same day.
Ardoino had previously said on March 10 that Tether had nothing to do with SVB, the chief technology officer posted a similar tweet on Silvergate on March 2, saying Tether had no impact on the bank say.
Tether’s USDT is the largest stablecoin by market capitalization, with a market cap of $73 billion at the time of writing. Its main competitor is the USD coin
USDC
$1.00 per month
, briefly lost a 1:1 peg to the US dollar after its issuer, Circle, failed to withdraw $3.3 billion. USD stock is from SVB.
Crypto.com, Gemini, BitMEX
Kris Marszalek, CEO of Crypto.com, a major cryptocurrency exchange, similarly ruled out US banking problems.
In subsequent tweets on March 10 and 12, Marszalek said Crypto.com had no exposure to Signature, Silvergate or SVB.
Other major exchanges such as Gemini and BitMEX have also said they have no ties to liquidated US banks.
Despite partnering with Signature, the Gemini exchange, founded by the Winklevoss brothers, has no client funds and has zero Gemini dollar (GUSD) funds in the bank, on 13 March.
Gemini emphasized that all of the clients’ US dollars and their GUSD holdings were deposited with JPMorgan, Goldman Sachs and State Street Bank.
BitMEX exchange on March 13. also tweeted that they have no direct exposure to Silvergate, SVB or Signature. “All user funds remain secure and accessible 24/7/365,” BitMEX added.
Related: Ripple CEO promises ‘strong financial position’ despite SVB collapse
Exchanges like Binance and Kraken have partially denied any influence over the liquidated bank, with Binance CEO Changpeng Zhao saying Binance has no assets in Silvergate, as does former Kraken CEO Jesse Powell he also denied , which is related to SVB.
It is built on the Argo Blockchain
Bitcoin mining company Argo Blockchain March 13. said in a statement that it has no direct or indirect involvement with SVB and Silvergate Bank.
But the company said an Argo subsidiary, Signature, has “a portion of its operating funds in cash deposits.” “These deposits are safe and not at risk,” Argo said, referring to the decision by the U.S. Treasury and the Federal Deposit Insurance Corporation to bail out customer deposits at the bank.
Animoca brands available
Animoca Brands, a Hong Kong-based gaming software company and leading investor in non-fungible tokens and the gaming space, said it had no assets in either SVB or Silvergate. On March 11, Yat Siu, founder and chairman of Animoca, said the company “does not partner with Silicon Valley Bank or Silvergate.” An Animoca spokesperson also told Cointelegraph that the company “has never had a banking relationship with Signature.”
Several other firms, including Abra and Alchemy Pay, have partly denied links to troubled US banks, saying SBV and Silvergate have no assets.
Some companies, such as cryptocurrency custodian BitGo, said SVB had no assets but were “not affected” by the Silvergate, USDC and Signature Bank cases.
