The collapse of Silicon Valley Bank has sent shockwaves through the tech industry and hit the crypto world hard. Here’s a list of the crypto firms caught in the crosshairs of SVB’s closure:
- BlockFi: The crypto lending and borrowing platform has confirmed its exposure to SVB but noted that its balance with the bank was minimal and that it had shifted its cash management to other banks.
- Circle: Circle, the company behind the USDC stablecoin, revealed on Friday night that $3.3 billion worth of the cash reserves that back USDC remain held at Silicon Valley Bank. Circle said Silicon Valley Bank is one of six banks it uses for managing 25% of USDC reserves.
- Pantera Capital: The crypto investment firm said that it had a small amount of capital with Silicon Valley Bank but that its exposure was “well below the threshold for any concern.”
- Avalanche: The blockchain platform said it had no funds directly deposited with Silicon Valley Bank but that some of its liquidity providers might have deposits with the bank.
- Proof: The blockchain data verification platform said it had no funds with Silicon Valley Bank.
- Yuga Labs: The firm behind the popular NFT collection Bored Ape Yacht Club confirmed that it had some cash with Silicon Valley Bank but that it had already moved it to other banks.
- Kraken: The crypto exchange said it did not have any deposits with Silicon Valley Bank and that its customers’ funds were safe.
- Coinbase: Though Coinbase has not disclosed its exposure to Silicon Valley Bank, the company said on Friday night that it would temporarily suspend USDC conversion to USD while banks are closed over the weekend.
- Binance: The crypto exchange said it would temporarily suspend auto-conversion of USDC to BUSD due to “current market conditions” while it monitors the situation.
It’s worth noting that many of these crypto firms have already taken action to move their funds away from Silicon Valley Bank or have claimed their exposure is minimal. As the situation unfolds, it remains to be seen what the lasting impact of SVB’s collapse will be on the crypto industry.