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Crypto-friendly Signature Bank shut down by regulators

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State authorities closed New York-based Signature Bank
SBNY,
-22.87%

on Sunday, after Silicon Valley Bank was shut down by regulators on Friday in the biggest bank failure since the 2008 financial crisis.

All depositors of Signature Bank will be made whole, according to a joint statement by the Department of the Treasury, Federal Reserve and FDIC.

Also see: Silicon Valley Bank depositors will get ‘all of their money,’ regulators say

Signature Bank has been popular among crypto companies, especially after crypto-friendly Silvergate Bank
SI,
-11.27%

said last Wednesday it would close its operations.

Signature Bank provides deposit services for its clients’ digital assets, but does not invest in, does not trade, does not hold on its own balance sheet nor provide custody of digital assets, and does not lend against or make loans collateralized by such assets, the company said.

The Federal Reserve on Sunday also announced a new emergency loan program to bolster the capacity of the banking system.

U.S. equity markets traded higher Sunday afternoon, with the Dow futures
YM00,
+0.85%

up 0.5%, and the S&P 500
ES00,
+1.24%

futures up 0.8%. Futures for the Nasdaq 100
NQ00,
+1.32%

rose 0.9%, according to FactSet data.

Major cryptocurrencies rallied Sunday. Bitcoin
BTCUSD,
+2.44%

surged 6.4% in the past 24 hours to around $21,842 and ether
ETHUSD,
+1.66%

gained 7% to $1,576, according to CoinDesk data.

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Jake

Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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