Crypto Markets Plunge Amid Silvergate Concerns
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News
- Silvergate Shares Slump 60% in Two Days As Crypto Firms Sever Ties
- Uniswap Labs Releases Self-Custody Crypto Wallet
Markets
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News
Crypto Banking Crackdown
Silvergate Shares Slump 60% in Two Days As Crypto Firms Scramble To Sever Ties
Crypto-friendly Bank Says It’s “Less Than Well Capitalized”
By Samuel Haig
The fallout from last year’s CeFi blow-ups may still be ricocheting throughout the web3 sector, with questions now swirling regarding the solvency of Silvergate Bank, sending the company’s shares into free fall.
Silvergate’s problems began on Wednesday when documentation Silvergate submitted to the U.S. Securities and Exchange Commission revealed it will not file its annual 10-K report for the 2022 financial year until after March 16, citing pending regulatory investigations into its operations.
The company has warned that it is assessing “its ability to continue as a going concern.”
Read the full story in The Defiant
Uniswap
Uniswap Labs Releases Self-Custody Crypto Wallet
Leading Decentralized Exchange Continues To Work Towards Becoming One-Stop Shop For Crypto
DeFi giant Uniswap Labs has built a self-custody crypto wallet, another sign of its efforts to become a one-stop shop within the crypto ecosystem.
But the application is stuck in “limbo.” Built for iPhones, it must get approval from Apple before it can launch on the company’s App Store. A request for approval was submitted “months ago,” according to the company, and has been denied for “ever-changing reasons,” founder Hayden Adams tweeted.
Only 10,000 people will be able to download the wallet, which they can do via an Apple program that allows a limited number of users to test applications in their beta phase.
Read the full story in The Defiant
Markets
Markets
Crypto Markets Plunge Amid Silvergate Concerns
Layer 1 Blockchains Endure Rough Week
Digital assets native to Layer 1 blockchains have taken a beating over the past week, weighed down by fears that the industry’s key banking partner might go belly-up.
Crypto assets and the broader equities markets have tended to move in lockstep but diverged sharply on Thursday.
The Nasdaq and S&P 500 are both up around 2% over the past day, according to data from The Defiant Terminal, while Bitcoin and Ether have both dropped more than 5%.
Other Layer 1 blockchains have fared even worse. Cardano, Solana and Polygon are down around 8% over the past week.
Read the full story in The Defiant
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