{"id":10891,"date":"2023-03-13T20:52:15","date_gmt":"2023-03-13T20:52:15","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=10891"},"modified":"2023-03-13T20:52:16","modified_gmt":"2023-03-13T20:52:16","slug":"signature-bank-closure-highlights-benefits-of-holding-bitcoin-says-marathon-digital","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10891","title":{"rendered":"Signature Bank closure highlights benefits of holding Bitcoin, says Marathon Digital"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<h2>Ad<\/h2>\n<p>Bitcoin (BTC) miner Marathon Digital said its funds held at Signature Bank are safe and available for use despite the closure of the bank.<\/p>\n<p>In a March 13\u00a0 statement, the BTC said $142 million in cash deposits at the bank and has access to the funds for treasury purposes.<\/p>\n<p>Besides that, Marathon said it had no business relationship with the other embattled crypto-friendly bank, Silicon Valley Bank.<\/p>\n<p>Marathon Digital added that it held 11,000 Bitcoin as of March 13. The company added that this provides \u201cfinancial optionality that extends beyond the traditional banking system.\u201d<\/p>\n<p>Signature Bank was closed on March 12 by the New York Department of Financial Services. The state agency appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver.<\/p>\n<p>The FDIC has since moved all Signature Bank assets and deposits to Signature Bridge Bank, a full-service financial institution that it will operate while seeking potential bidders for the bank. FDIC also stated, \u201cAll depositors of this institution will be made whole.\u201d<\/p>\n<p>Following the news, MARA stock rose 18% today to $6.36, according to Yahoo Finance data.<\/p>\n<h2>Other firms with exposure to Signature<\/h2>\n<p>Stablecoin issuer Paxos said it held $250 million at Signature Bank. The firm added that it has insurance for private deposits over the balance it held at the failed bank.<\/p>\n<p>However, Paxos assured that all its customer deposits would be fully guaranteed and expected to be made available to customers when the banks open.<\/p>\n<p>Coinbase also revealed that it held $240 million with Signature Bank as of March 10. The firm also had assurance that it could recover these funds when the bank opened.<\/p>\n<p>Another stablecoin issuer, True Coin, had $852.27 million at the failed bank. The firm maintained that this would not affect its user\u2019s minting and redemptions of TUSD.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/signature-bank-closure-highlights-benefits-of-holding-bitcoin-says-marathon-digital\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ad Bitcoin (BTC) miner Marathon Digital said its funds held at Signature Bank are safe and available for use despite the closure of the bank. In a March 13\u00a0 statement, the BTC said $142 million in cash deposits at the bank and has access to the funds for treasury purposes. Besides that, Marathon said it [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-10891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10891"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10891\/revisions"}],"predecessor-version":[{"id":10893,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10891\/revisions\/10893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10892"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}