The recent collapse of the three-most crypto-friendly banks has been a topic of interest for quite a time now. The branches of Signature Bank will now operate under the New York Community Bancorp’s Flagstar Bank, N.A., from Monday, March 20, 2023.
Here are some of the major developments from the world of crypto over the past few days
The recent collapse of the three-most crypto-friendly banks has been a topic of interest for quite a time now. The branches of Signature Bank will now operate under the New York Community Bancorp’s Flagstar Bank, N.A., from Monday, March 20, 2023.
The US Federal Deposit Insurance Corporation (FDIC) will provide digital-banking business deposits directly to those customers.
Signature Bank depositors, except for the digital banking business depositors, will now automatically become depositors of Flagstar, and will continue to be insured by FDIC up to the insurance limit.
The $4 million worth of digital banking deposits will be provided directly to customers whose accounts are associated with the digital banking business, according to the press release.
Bitcoin Up 35% In 10 Days
The increasing instability in the traditional banking sector has let people to rely on the digital asset market, now marking a 9-months high this Monday, according to a news report by Reuters.
The biggest cryptocurrency by market value rose more than 35 per cent in 10 days as turmoil in the banking sector has surged around the globe – beginning with the collapse of Silicon Valley Bank and culminating, so far, in UBS’ takeover of Credit Suisse at a discount over the weekend.
It, however, fell 1.8 per cent in Asia to $27,549 after hitting its highest since June 12, 2023 at $28,474.
“The momentum is all driven by liquidity, as Bitcoin is an alternative liquidity vehicle,” said Markus Thielson, head of research and strategy at Singapore-based digital asset financial services firm, Matrixport.
Market Experts Suspect Heat-Up Ahead Of Arbirum IOU Token Airdrop
Derivative markets for the upcoming Arbitrum (ARB) tokens are already open to traders ahead of this week’s claim event.
The token, as reported last week, is to be airdropped to the community members on Thursday, 23 March 2023, based on their prior network activity, marking Arbitrum’s official transition into a decentralised autonomous organisation (DAO).
The token will allow them to vote for the required governing decisions on Arbitrum One and Arbitrum Nova networks that allow users to transact on the Ethereum Blockchain in the quickest and most-efficient manner.
An I Owe You (IOU) token on the crypto exchange Hotbit was trading at $9.74 in the afternoon hours in Asia on Monday. These tokens represent debt between two parties and settle instantly as trades are made.