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Crypto Evening Briefing: Circle Says USDC Operations Unaffected by SVB, Signature Closures

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Silicon Valley Bank Signed Exclusive Banking Deals With Some Clients, Leaving Them Unable To Diversify

Silicon Valley Bank had exclusivity clauses with some of its clients, limiting their ability to tap banking services from other institutions, SEC filings show.

HSBC Subsidiary to Acquire Silicon Valley Bank's U.K. Unit for 1 Pound

HSBC Holdings Plc (HSBA) said that its U.K ring-fenced subsidiary, HSBC U.K. Bank, is acquiring Silicon Valley Bank U.K. (SVB U.K.) for British pound 1, as per a filing.

Euler Finance Hacked for Over $195M in a Flash Loan Attack

Ethereum-based non-custodial lending protocol Eurler finance faced a flash loan attack on March 13, with the attacker managing to steal millions in DAI, USDC, staked Ether (StETH) and wrapped Bitcoin (WBTC). According to on-chain data, the exploiter carried out multiple transactions stealing nearly $196 million as per the last update.

Circle Says USDC Operations Unaffected by SVB, Signature Closures

The closure of Silicon Valley Bank and Signature Bank won’t affect Circle’s USDC operations. The $3.3 billion USDC reserve deposit held at Silicon Valley Bank will be fully available when U.S. banks open on Monday morning, according to the company’s announcement. The company said it had no USDC cash reserves at Signature Bank.

Regulator Takes Control of Silicon Valley Bank’s Canadian Branch

A Canadian banking regulator on Sunday said it was taking temporary control of Silicon Valley Bank's (SIVB.O) unit in the country, as the fallout from the collapsed U.S. startup-focused lender reverberated around the world.

Crypto Exchange Coinbase And Others Disclose Funds In Shuttered Signature Bank

Following the Signature bank crash, many top firms such as Paxos, Coinbase, and Celsius have revealed they had some funds tied up in them. 

Market Watch

As of press time, according to Cointime data:

BTC 's live price is $22,370.50 USD, jumped by 8.55% in the last 24 hours;

ETH’s live price is $1,586.20 USD, jumped by 7.41% in the last 24 hours;

BNB’s live price is $298.99 USD, jumped by 7.59% in the last 24 hours;

XRP's live price is $0.3609 USD, jumped by 0.17% in the last 24 hours.

USDC's live price is $0.9928 USD, jumped by 2.90% in the last 24 hours.

Fundraising News

Moxy Has Received Support From Investors Like Shima Capital, Raising Over $10 Million in the Process

Moxy has received support from investors like Shima Capital, Polygon, MetaTope, and GSR, raising over $10 million in the process. By bringing eSports competitions with real rewards, Moxy aims to democratize eSports and bring a new level of excitement to gamers of all levels.

Bitcoin Bitcoin $63,501.85
-4.37%
Silicon Valley Bank Crypto Circle HSBC Euler Finance Coinbase Paxos Signature Bank Web3
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