Marathon Digital: Deposits held at Signature Bank are secure and available

Crypto mining steadfast Marathon Digital Holdings has assured investors that the firm's currency deposits astatine Signature Bank are unafraid and disposable for usage arsenic of Mar. 13.

In a statement following the closure of New York’s Signature Bank, Marathon disclosed that it has astir $142 cardinal successful currency deposits astatine Signature Bridge Bank.

The Signature Bridge Bank was acceptable up by the United States Federal Deposit Insurance Corporation (FDIC) to negociate lawsuit accounts astatine the precocious shut-down Signature Bank. The span slope is aimed astatine ensuring the travel of funds is not interrupted portion the regulator searches for a purchaser to get the assets of Signature Bank.

Marathon Digital Holdings' deposits that were held astatine Signature Bank, New York, NY are unafraid and disposable for usage arsenic of Monday, March 13, 2023. Read the afloat update here: https://t.co/H5R6wpmB7Q

Marathon besides confirmed that it has entree to its funds for treasury absorption purposes, and is conducting its accustomed concern transactions and paying each invoices arsenic usual. Moreover, Marathon inactive holds implicit 11,000 Bitcoin (BTC), which the institution views arsenic a fiscal plus that provides flexibility beyond the accepted banking system.

The institution besides clarified that it has nary nonstop concern ties with Silicon Valley Bank, which unopen down connected Mar. 10. 

Signature Bank, a crypto-friendly slope based successful New York closed down on Mar. 12 and was taken implicit by the New York Department of Financial Services (NYDFS).

@federalreserve @USTreasury @FDICgov contented connection connected actions to support the U.S. system by strengthening nationalist assurance successful our banking system, ensuring depositors' savings stay safe: https://t.co/YISeTdFPrO

The Federal Reserve, successful a connection released connected Mar. 12, explained that the determination to adjacent the slope was made successful collaboration with the FDIC to support the U.S. system and bolster nationalist assurance successful the banking system.

Related: Gemini says nary funds astatine Signature Bank backing GUSD

Former U.S. Representative and Signature Bank committee subordinate Barney Frank has since suggested that the closure of Signature Bank by New York regulators was portion of an anti-crypto message, a Mar. 13 CNBC study revealed.

According to Frank, determination was nary denotation of problems astatine the slope beyond a deposit tally of implicit $10 billion, which helium attributed to contagion from the fallout of Silicon Valley Bank.

Signature Bank's unopen down by New York regulators makes it the 3rd slope with ties to crypto to illness successful a week. Frank said regulators whitethorn person wanted to amusement an anti-crypto message, and claims that Signature and Silvergate Bank was solvent astatine the time.