First Citizens Nearing Deal for Silicon Valley Bank: Bloomberg
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
:format(jpg)/www.coindesk.com/resizer/DBZcP3UNJ61mcJVidu80gi3BhSw=/arc-photo-coindesk/arc2-prod/public/2SPHXH5UCJAE7FOOGBZ4LCGRFI.png)
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
First Citizens BancShares, the parent company of First Citizens Bank, is close to winning the Federal Deposit Insurance Corporation (FDIC) auction to acquire Silicon Valley Bank according to a report from Bloomberg citing people familiar with the matter.
A deal might be announced before the market opens Monday in the U.S., the people told Bloomberg.
SVB Financial Group, the parent of Silicon Valley Bank, filed for bankruptcy protection on March 17.
While Silicon Valley Bank didn’t provide fiat on-ramps to exchanges, like Silvergate or Signature bank, a number of key crypto companies like Circle Financial banked there. Circle’s USDC stablecoin fell from its $1 peg for a few days after the company announced that $3.3 billion of its deposits were at Silicon Valley Bank.
In a recent interview on CoinDesk TV’s “First Mover”, Brian Brooks, the former acting head of the Office of the Comptroller of the Currency (OCC), said that the U.S. Government is actively trying to choke off crypto’s access to the banking sector.
Meanwhile, some crypto stakeholders have said that this banking crisis will strengthen crypto in the long term.
Edited by Greg Ahlstrand.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
