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The collapse of Silicon Valley Bank (SVB) and Silvergate Capital (NYSE:), some of the most crypto-friendly banks in the industry, has forced many crypto firms to hold their breath. The loss of a significant banking partner for many companies means it will be even harder for them to comply with regulations and offer their services in a way that is consistent with the expectations of the United States Securities and Exchange Commission.
In the aftermath of the banks’ collapse, the second-most liquid U.S.-dollar pegged stablecoin, (USDC), temporarily lost its peg and fell below $0.87, as its issuer, Circle, admitted that it held $3.3 billion at SVB. Within the crypto industry, Circle is one of the better-known, “mature” players, so the news understandably shook investors, forcing many to lose their confidence in cryptocurrencies once again.
Daniele Servadei is the co-founder and CEO of Sellix, an e-commerce platform based in Italy.
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