• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
Brain Armstrong Might Add banking Features To Coinbase, Details

Brain Armstrong Might Add banking Features To Coinbase, Details

Eli Dambel
by Eli Dambel
2 years ago
·
Posted in Coinbase
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The collapse of three top US crypto-friendly banks have stirred reactions in the crypto community as some top players like Coinbase consider adding banking feature to their services. One of the banks to fall into the death trap is Silicon Valley Bank after an overwhelming run that left it unable to redeem customers’ withdrawal requests.

Related Reading: Bitcoin And Crypto This Week: These Events Will Be Crucial For Prices

Then on March 12, the Signature bank closed shop, further exacerbating the issues. Amid the fiasco, Coinbase CEO Brian Armstrong tweeted that adding a banking feature was previously on his exchange’s agenda. 

USDC Rebounds From Brief Depeg While Coinbase Considers A Bypass From Mainstream Banking

However, USDC has recovered from the shock impact, with its dollar peg climbing back to its original $1 mark. This rebound happened after Circle CEO Jeremy Allaire announced that USDC reserves were safe and Circle got a new banking partner.

Related Reading: HSBC Acquires Silicon Valley Bank UK For 1 Pound

More so, the US Federal Reserve’s newly announced $25 billion funding program to support banks like SVB battling liquidity issues could be partly responsible for USDC’s recovery. 

Due to the recent crisis, Coinbase Chief Brain Amstrong tweeted on March 13 in response to a crypto community member’s suggestion of a neo-bank service. According to Armstrong, Coinbase had previously considered adding features to compensate for the failure of the traditional banking system. He noted that, given recent issues, non-fractional reserve banking would be preferable. 

Meanwhile, Coinbase held around $240 million at Signature Bank. However, it expects to recover its funds from the troubled bank.

Crypto Community Reacts To US Bank Implosions

The recent collapse of the top crypto-friendly banks, Silvergate, Signature, and Silicon Valley Bank, stirred bearish sentiments among the community. The troubled banks were among the few that supported cryptocurrency services. 

The collapse of Silicon Valley Bank (SVB), which served several startups, including crypto firms, became evident after US authorities took possession of the bank on Friday, March 10. The regulatory action against SVB came after the bank could no longer meet withdrawal requests as anxious customers rushed to pull their funds. All these resulted from rumors about SVB’s liquidity crunch and failure to raise fresh capital. 

Silicon Valley Bank’s collapse represents the second-largest financial failure of a retail bank, in the US, since 2008. Signature Bank, another crypto-friendly bank, met a similar demise. The incident caused the New York Department of Financial Services to take over the bank to avoid further runs as customers trooped to withdraw their funds. 

The ripple effect from the banks’ collapse has begun spreading across the crypto industry, with some stablecoin dancing to the depressing tune. USDC felt the impact, with a 10% price decline on Saturday, March 12, shortly after its issuer, Circle, revealed its reserves stuck on SVB.

Brain Armstrong Might Add banking Features To Coinbase, Details
USDC market cap rebounds l Source: Tradingview.com

On March 9, Circle tried removing its funds from SVB as the bank was about to shut its operations. But on March 11, the stablecoin issuer confirmed that it could not fully process the fund withdrawal and still has $3.3 billion of USDC reserves locked in Silicon Valley Bank. Circle also has some undisclosed funds stuck on Silvergate.

Featured Image from Pixabay and chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Eli Dambel

Eli Dambel

Follow

Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future. You can follow Eli on Twitter: @EliDambel

Full Profile

Related Posts

Kevin Durant odzyskał Bitcoiny

Kevin Durant odzyskał Bitcoiny z Coinbase warte fortunę

1 week ago
Base

Base Network Token Exploration Unveiled By Coinbase CEO, Future Plans Disclosed

1 week ago
Coinbase

US Court Grants Stay In Coinbase Biometric Data Lawsuit — Details

1 month ago
Coinbase

Coinbase’s US Training & Citizenship Rule To Thwart North Korean Threat

1 month ago
Coinbase Brings DEX Trading Unlocking Millions Of Assets For US Users

Coinbase Brings DEX Trading, Unlocking Millions Of Assets For US Users

1 month ago
Base Explains Network Disruption: Sequencer Glitch Led To 33-Minute Block Production Halt

Base Explains Network Disruption: Sequencer Glitch Led To 33-Minute Block Production Halt

1 month ago

Premium Sponsors

Press Releases

  • 上線倒計時:僅剩25天可搶購 Snorter Bot 代幣

    1 day ago
  • 加密錢包掀起發幣熱潮 Best Wallet...

    3 days ago
  • Bitcoin Hyper

    ChatGPT предсказва следващата 1000x...

    4 days ago
  • Snorter надхвърли $4 милиона след...

    5 days ago
  • Experience the Next Chapter of Pickleball with the $PKL Token Presale.

    Experience the Next Chapter of Pickleball with the $PKL...

    1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.