What Happened on Mar. 13th | Centralized Crypto Company Needs Their Own Bank

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Today, the good news is $USDC is safe as U.S. government will ensure all deposits will be made whole in the recently failed banks. The bad news is the two largest Crypto Friendly banks, Silvergate and Signature, now all failed.

Several notable names in the crypto industry have expressed their interest in establishing a bank specifically for the industry. Jeremy Allaire, the founder of Circle, said in a tweet:

We've long advocated for full-reserve digital currency banking that insulates our base layer of internet money and payment systems from fractional reserve banking risk.

Brian Armstrong, the founder of Coinbase, also stated in a tweet that Coinbase has previously considered becoming a neo-bank of sorts and invited for comments in the Twitter thread and suggested that non-fractional reserve "banking" is definitely looking more attractive right now.

Definitely something we've thought about. Need a few more features like outbound wires, multi-user support etc. Non-fractional reserve "banking" is definitely looking more attractive right now.

Separately, Juntin Sun, the founder of Tron, said in a tweet:

It's time to build a reliable bank that can cater to the needs of the crypto industry. As a supporter of this ecosystem, I'm open to any idea that can help create such a bank.

Biggest Gainers & Losers

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CZ: $1 Billion Industry Recovery Fund to be exchanged for $BTC, $ETH and $BNB: CZ tweeted that Binance will convert the remaining $1 billion of Industry Recovery Program funds from $BUSD to native cryptocurrencies, including $BTC, $BNB and $ETH, in light of changes to stablecoins and banks.

Fed Creates New Backstop for Banks, Stablecoins Rebound: US authorities have announced measures to reassure depositors and restore confidence in the banking system

Crypto-Friendly Signature Bank Shut Down by State Regulators, the 3rd Bank Fall: New York-based Signature Bank, known for being crypto-friendly and having a significant number of crypto industry clients including Circle, Coinbase, and Fireblock, has been shut down by state regulators.

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Other news in case you missed it:

Circle Proposes to Establish a Full-Reserve Bank for Crypto Industry

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Coinbase Considers Banking Features After Major American Bank Closures


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