{"id":159838,"date":"2023-03-14T12:20:45","date_gmt":"2023-03-14T16:20:45","guid":{"rendered":"http:\/\/stateofthenation.co\/?p=159838"},"modified":"2023-03-14T12:21:21","modified_gmt":"2023-03-14T16:21:21","slug":"nobody-left-to-bank-crypto-companies","status":"publish","type":"post","link":"https:\/\/stateofthenation.co\/?p=159838","title":{"rendered":"

\u2018Nobody left to bank crypto companies\u2019<\/h2>"},"content":{"rendered":"

STEPHEN KATTE
\nCointelegraph.com<\/p>\n

Prominent members of the crypto community have expressed uncertainty after the loss of crypto friendly banks.<\/h3>\n
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\"\u2018Nobody<\/picture><\/div>\n

Own this piece of history<\/div>\n
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Crypto companies could find it harder to access traditional banking partners with the loss of two major crypto-friendly banks in less than a week, according to some in the crypto community.<\/p>\n

On March 12, the Federal Reserve announced the\u00a0closure of Signature Bank<\/a>\u00a0as part of \u201cdecisive actions\u201d to protect the U.S. economy, citing \u201csystemic risk.\u201d It came only days after the\u00a0closure of Silicon Valley Bank<\/a>,\u00a0which was ordered to shut down on March 10.<\/p>\n

A week prior,\u00a0Silvergate Bank<\/a>, another crypto-friendly bank, announced it would close its doors and voluntarily liquidate on March 8.<\/p>\n

At least two of these banks were seen as important banking pillars for the crypto industry. According to insurance\u00a0documents<\/a>, Signature Bank had $88.6 billion in deposits as of Dec. 31.<\/p>\n