SVB crisis: Here are the crypto firms denied exposure to troubled US banks

Amid the ongoing United States banking crisis, a wide fig of large cryptocurrency firms person denied vulnerability to dissolved U.S. banks similar Silicon Valley Bank (SVB).

As imaginable implications of the SVB situation for the crypto marketplace proceed to unfold, Cointelegraph highlighted respective large crypto firms that person declared to beryllium unaffected by the issues truthful far.

Tether

Tether, the relation of the eponymous USD-pegged stablecoin, USDT (USDT), was 1 of the archetypal companies to contradict vulnerability to SVB and different troubled U.S. banks arsenic of mid-March.

On March 12, Tether main exertion serviceman Paolo Ardoino took to Twitter to announce that the stablecoin institution has zero vulnerability to Signature Bank. The tweet came soon aft Signature officially unopen down operations the aforesaid day.

Ardoino antecedently said that Tether had nary vulnerability to SVB connected March 10. The CTO posted a akin tweet astir Silvergate, declaring that Tether did not person “any exposure” to the slope connected March 2.

Tether USDT is the largest stablecoin by marketplace capitalization, with the marketplace worth amounting to $73 cardinal astatine the clip of writing. Its biggest rival, USD Coin (USDC), briefly mislaid its 1:1 peg with USD aft its issuer Circle became incapable to retreat $3.3 cardinal from SVB.

Crypto.com, Gemini, BitMEX

Kris Marszalek, CEO of large cryptocurrency speech Crypto.com, provided akin statements connected the institution being unaffected by the ongoing issues successful the U.S. banking.

In consequent tweets connected March 10 and March 12, Marszalek declared that Crypto.com had zero vulnerability to Signature, Silvergate and SVB.

https://t.co/pFc4Pz9nFR has $0 vulnerability to Signature Bank. https://t.co/TG2h7HyXE9

Other large exchanges, including Gemini and BitMEX, person besides denied immoderate vulnerability to the dissolved U.S. banks.

Despite having a concern with Signature, Winklevoss brothers-founded Gemini speech has zero lawsuit funds and zero Gemini dollar (GUSD) funds held astatine the bank, the steadfast announced connected March 13.

Gemini emphasized that each platform’s lawsuit U.S. dollars, arsenic good arsenic GUSD reserves, are held astatine banks similar JPMorgan, Goldman Sachs and State Street Bank.

2/ All Gemini lawsuit U.S. dollars are held astatine JPMorgan, Goldman Sachs, and State Street Bank.

BitMEX speech besides took to Twitter connected March 13 to announce that the institution had “no nonstop exposure” to Silvergate, SVB, oregon Signature. “All idiosyncratic funds proceed to beryllium harmless and accessible 24/7/365,” BitMEX added.

Related: Ripple CEO assures ‘strong fiscal position’ contempt SVB collapse

Exchanges similar Binance and Kraken person partially denied vulnerability to the dissolved banks, with Binance CEO Changpeng Zhao stating that Binance does not person assets astatine Silvergate and erstwhile Kraken CEO denying vulnerability to SVB.

Argo Blockchain

Bitcoin mining steadfast Argo Blockchain issued a connection connected March 13, declaring that the institution has nary nonstop oregon indirect vulnerability to SVB and Silvergate Bank.

However, 1 of Argo’s subsidiaries holds a “portion of its operating funds successful currency deposits” astatine Signature, the institution said. “These deposits are unafraid and are not astatine risk,” Argo noted, citing a determination by the U.S. Treasury and Federal Deposit Insurance Corporation to rescue lawsuit deposits astatine the bank.

A fig of different firms, including Animoca, Abra and Alchemy Pay person partially denied vulnerability to the troubled U.S. banks, stating that they had nary assets astatine SBV and Silvergate.

Some companies similar crypto custodian BitGo declared to clasp nary assets astatine SVB, portion being “not impacted” by issues astatine Silvergate, USDC and Signature Bank.