• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • 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
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • 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
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
Brain Armstrong Might Add banking Features To Coinbase, Details
Advertisement

Brain Armstrong Might Add banking Features To Coinbase, Details

Eli Dambell by Eli Dambell
2 weeks ago
in Coinbase
0
Advertisement

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. 

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

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. 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

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

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 Dambell

Eli Dambell

Eli brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Related Posts

Coinbase Considers Overseas Crypto-Trading Platform Amid Regulatory Challenges

Coinbase Considers Overseas Crypto-Trading Platform Amid Regulatory Challenges

2 weeks ago
Coinbase

Coinbase Introduces New Feature To Attract Millions Of Users To Web3, Here’s How

3 weeks ago
Coinbase CEO Demands A Clear Rulebook For Crypto

Coinbase CEO Demands A Clear Rulebook For Crypto

4 weeks ago
crypto exchange iex coinbase regulated

IEX Reportedly In Talks With Coinbase To Build “Federally Approved” Crypto Exchange

1 month ago
For The “Sake” Of Crypto, Coinbase Willing To Talk With Regulators

For The “Sake” Of Crypto, Coinbase Willing To Talk With Regulators

1 month ago
Coinbase

Coinbase Willing To Fight For Its Staking Program, CEO Says

1 month ago

Premium Partners

Premium Casino Partners

Play Finance

Trending Projects

  • 5 Best Upcoming ICO List of March 2023

    6 days ago
  • Crypto Investment for Long term: 3 Coins to keep your eye...

    6 days ago
  • Cryptocurrency to invest in March 2023

    6 days ago
  • Crypto Predictions for Crypto Market Investors

    6 days ago
  • 4 New cryptocurrency to Invest: March 2023

    6 days ago
  • Best Crypto to Buy now: 5 Coins Worth Investing in 2023

    6 days ago

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Top Potential High Growth Crypto Tokens To Buy In 2023...

    1 hour ago
  • $14 Million Plus and Counting. Metacade’s Crypto...

    4 hours ago
  • Cardano (ADA) and Polygon (MATIC) Price Forecast 2023...

    5 hours ago
  • TMS Network (TMSN) Presale Strikes Gold As Solid Altcoins...

    6 hours ago
  • Top 3 Tokens To Diversify Your Portfolio: With Maker (MKR)...

    6 hours 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
  • NAGA

Categories

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

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • 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
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 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.