• SVB Financial Group, the parent company of Silicon Valley Bank, has filed for bankruptcy protection.
• The filing has been submitted in the Southern District of New York and aims to preserve company value.
• Customers will regain access to their funds through FDIC insurance and an emergency plan from the Biden administration and U.S. Treasury.

Silicon Valley Bank Parent Company Files for Bankruptcy Protection

SVB Financial Group, the parent company of Silicon Valley Bank, has voluntarily filed for a court-organized reorganization under Chapter 11 of the U.S. Bankruptcy Code in the Southern District of New York according to a press release from the company on March 17th. The legal process will allow it to explore strategic alternatives as determined by a board-appointed restructuring team made up of five members and any sale that is arranged will need to be approved in court before it is executed.

Company Assets

The press release indicated that SVB Financial Group believes it has $2.2 billion of liquidity, $3.3 billion of debt in aggregate principal amount of unsecured notes, and $3.7 billion of outstanding preferred equity associated with its bankruptcy case which aims to preserve company value. Joele Frank, a company known for its involvement in shareholder activism claims, is involved in the case as well.

Continued Operations

Though Silicon Valley Bank has failed, SVB’s other services — SVB Capital and SVB Securities — will continue to provide services as normal despite being no longer associated with the failed Silicon Valley Bank per the press release .

Customer Funds

Silicon Valley Bank halted operations on March 10 as U.S regulators closed down the bank and took control over customer assets shortly after announcing plans to over 2 billion dollars leading to a weekend bank run affecting companies such as Circle and BlockFi among others who had accounts at Silicon Valley Bank . While bankruptcy protection may help with preserving value , customers affected by this closure will receive their insured portion back through Federal Deposit Insurance Corporation (FDIC) while an emergency plan from Biden administration and US Treasury can also provide funds back depending on individual cases .

Conclusion

Overall , this move by SVB Financial Group allows them time investigate strategic options while customers affected get their funds back through FDIC insurance or Biden’s emergency plan .

• The California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) on March 10.
• SVB had $209 billion of assets, making it the second-largest U.S. bank failure in history and the largest since the 2008 financial crisis.
• Crypto companies Circle and BlockFi may have exposure to SVB funds, though this is unclear.

Silicon Valley Bank Closure

The Federal Deposit Insurance Corporation (FDIC) announced on March 10 that the California Department of Financial Protection and Innovation had closed Silicon Valley Bank (SVB). This was prompted by an $1.8 billion loss from a sale proposal, which led to a 60% drop in share value within a day and subsequent bank run. This makes SVB one of the largest bank failures in US history with $209 billion of assets at risk.

Crypto Exposure to Silicon Valley Bank

Though not directly related to the crypto industry, some crypto companies may have exposure to silicon valley bank funds. Circle held funds with various banks including SVB as recently as January, though it has since moved some of its reserves between banks so it is unclear how much money is currently held with SVB specifically. Similarly, BlockFi is reported to hold $227 million with SVB though these funds are unprotected according to a US Trustee filing on March 10th .

Implications

The closure of Silicon Valley Bank has wide-reaching implications for both traditional finance and crypto markets alike due to its size; not just because of potential exposure from crypto companies such as Circle or BlockFi but also larger traditional institutions who have invested heavily in financing businesses under the umbrella of SVB Financial Group.

Executive Involvement

Questions have been raised over executive involvement leading up to this event; CEO Gregory Becker, CFO Daniel Beck and CMO Michelle Draper collectively sold millions worth of stock weeks before the collapse despite continued success being reported across other divisions within the company such as Wealth Management Services or Commercial Banking Services earlier this year..

Conclusion

In conclusion, The FDIC has designated itself as receiver for SVB and eligible customers will be able access insured deposits by March 13th however It remains yet unclear what impact closure will ultimately have on both traditional finance and crypto markets alike due to widespread implications from such a large scale banking failure .

• Ripple conducted a survey and found that 100% of respondents believe crypto and blockchain can result in benefits like efficiency and cost saving for the payments industry.
• The majority of respondents said that the uncertain regulatory environment is the sole barrier to the adoption of crypto payments currently.
• Primary benefits of crypto in payments include drastically lower transaction costs, faster payment times, and savings for both businesses and consumers.

Ripple Survey Reveals Overwhelming Support For Crypto Payments

A survey conducted by Ripple and the U.S Faster Payments Council has revealed overwhelming support for cryptocurrencies and blockchain technology when it comes to payments. The survey found that 100% of respondents believed that these technologies could provide significant benefits such as efficiency, cost savings, faster payment times, and more.

Regulatory Uncertainty Sole Barrier To Adoption

However, despite this positive outlook towards cryptocurrencies, almost 90% of respondents stated that further growth in adoption will depend on regulators providing clear rules around how to operate with these technologies. With this being said, the majority felt that regulatory uncertainty was currently the main barrier preventing widespread adoption of crypto payments.

Primary Benefits Of Crypto In Payments

Cryptocurrencies are expected to save up to $10 billion in costs by 2030 within the payments industry according to this report. These cost savings are mainly due to drastically lower transaction fees as well as faster settlement times resulting in savings both businesses and consumers alike. This is especially true when compared against traditional methods which often suffer from pre-funding issues, high fees, slow settlement times, and opaque capital flows amongst other problems.

Three Year Timeline Estimate For Widespread Adoption

The survey also revealed that 97% of participants believed cryptocurrencies would have a “significant role” within three years when it comes to enabling faster payments throughout the world. This further cements confidence in cryptocurrency technology as an integral part moving forwards with regards to revolutionizing how we handle money today.

Conclusion

To conclude then, it appears that cryptocurrencies have tremendous potential when it comes to revolutionizing how we send and receive money today – with their proponents citing massive cost savings opportunities amongst other advantages over traditional methods such as banks or wire transfers etc… However until regulators provide clear guidelines on working with these technologies – widespread adoption may be delayed somewhat – though many feel this is only a matter of time before this happens!

• Montana’s state senate passed a bill on Feb. 23 to protect individuals‘ and businesses‘ right to engage in cryptocurrency mining.
• The bill aims to prevent the government from imposing higher electricity rates on crypto miners and additional taxes on cryptocurrencies.
• Firms including Madison River Equity, Marathon Digital, Atlas Power, Bitzero, and Project Spokane have operated or attempted to operate in the state.

Montana Passes Right to Mine Crypto Bill

Montana’s state senate passed a bill on Feb. 23 that seeks to protect individuals‘ and businesses‘ right to engage in cryptocurrency mining. The bill is designed to prevent the government from imposing higher electricity rates on crypto miners or additional taxes on cryptocurrencies. It also ensures that mining firms can operate in industrial zones and individual miners can operate in residential areas (with an exception for noise complaints).

Bill Passes With Overwhelming Support

The bill passed with 37 votes in favor and 13 votes opposed, receiving backing from Dennis Porter, CEO and co-founder of the Satoshi Action Fund. It must now pass through the house before being signed by the governor into law.

Opposing Regulations Already Passed In Missoula County

The pro-crypto bill may counteract an earlier Missoula County law that has introduced new environmental zoning regulations for cryptocurrency mining operations.

Montana A Popular Destination For Mining

Montana appears to be a popular destination for industrial crypto miners as firms such as Madison River Equity, Marathon Digital, Atlas Power, Bitzero, and Project Spokane have either operated or attempted to operate within its borders. Other states have tried both restricting or liberalizing their own laws regarding cryptocurrency mining – New York passed a restrictive bill while Mississippi approved legislation preventing discriminatory laws against crypto miners earlier this year.

Conclusion:

If signed into law by the Governor of Montana, this „right-to-mine“ crypto bill will help protect individuals‘ and businesses‘ rights to mine cryptocurrencies without facing higher electricity prices or extra taxes from local governments. This could make Montana an even more attractive location for large scale industrial crypto miners who are looking for secure places with fair regulations for their operations.

• Two of the largest creditors of Mt. Gox have chosen an early payment option that allows them to receive their funds without having to sell off their Bitcoin holdings.
• The two creditors, Bitcoinica and MtGox Investment Funds (MGIF), are expected to receive 90% of their recoverable funds in a mix of BTC, BCH, and yen by September 2023.
• If creditors decline the lump sum payout, they will have to wait for the conclusion of civil rehabilitation litigation which could take up to 9 years.

Mt. Gox Creditors Opt for Bitcoin Payment

Mt. Gox, the now-defunct cryptocurrency exchange that got hacked in 2014 leading to the loss of 850,000 BTC, has two largest creditors who have opted for an early lump sum payment option that will not require a selloff of their Bitcoin holdings.

Payment Details

The payment is scheduled for September 2023 and includes a mix of BTC, BCH, and yen as compensation for 90% of recoverable funds estimated at 21% of original holdings at the time of hack. This is an attractive option compared to waiting until all Mt. Gox litigation concludes which could take 5-9 years with no guarantee on how much creditors would receive in return.

Background Information

When hackers stole 850,000 BTC from Mt. Gox in 2014 it was valued at $460 million at the time leaving 142,000 BTC remaining alongside 143,000 bitcoin cash (BCH) and 69 billion Japanese yen left behind on the platform.

Benefits Of Early Payout Option

By opting for this early payout option both Bitcoinica and MGIF can receive payments sooner without having worry about any potential market impacts from large-scale selloffs taking place within this period.

Conclusion

By selecting an early payment option these two biggest creditors are guaranteed 90% of recoverable funds while avoiding any subsequent market impacts that could occur due to large scale sell-offs over a long period

NEO Price Breaks Out, Posts 25-Week High to $10.70

• NEO outperforms Bitcoin off the back of news the project is moving into Web3 gaming in a big way.
• A strong performance sees NEO touch $10.73 for the first time since August 2022.
• The token has continued to run as Bitcoin and the broader market has lost momentum.

YTD Gains at the Top of Current Daily Wick

The chart below shows that since the start of the new year, NEO’s price performance has largely matched that of market leader Bitcoin. However, a noticeable difference lies in NEO’s continuation of form; from Feb 02, BTC topped out at $24,296 to record YTD gains of 46% at that point, yet NEO has continued to run as Bitcoin and the broader market have lost momentum. A 23% upside swing on Feb 09 saw the token break $9.18 resistance established in early November 2022 just before FTX’s collapse; YTD gains at the top of current daily wick come in at 75%. However, a spill in early hours (GMT) has recorded a long bottom wick combined with a firm rejection at 10.73 to print a “Darth Maul” candle (aka high wave spinning top), suggesting prior uptrend has hit point of indecision.

NEO Global Development Program

On Feb 07 NEO announced partnering with “FindTruman” – a Web3 game that brings “a first-person immersion style” story format – enabling governance rights and staking rewards via its FTG token with plans to integrate AR/VR technology too. FindTruman creators want game creators & players to get fairer share of gaming ecosystem they contribute & develop; they see Web3 & blockchain as path to fulfilling ambition & was incubated through NEO’s EcoBoost Program providing $200 million worth funding for small/medium projects developing on N3 Blockchain platform.

Conclusion

In conclusion, NEO’s price continues to perform well despite other cryptos faltering slightly this week due partially thanks to their global development program and partnership with FindTruman which is aiming to bring fairer shares for gamers within their own ecosystems through Web 3 technologies and blockchain integration allowing users access more control over their data usage within these systems. This could be an interesting trend going forward for crypto investors so it will be interesting how NEO continues performing against other cryptos later down this year!

Author Profile

Samuel Wan is an analyst at CryptoSlate who is relatively new to cryptocurrency but keen on making up for lost time having bought his first bitcoin in 2017! He believes strongly in individual autonomy and personal freedom which ties into his analysis on why he believes NEO will continue its upward trajectory throughout 2021!

– Aptos (APT) is a layer 1 proof-of-stake blockchain that supports smart contracts and decentralized applications.
– The token has surged more than 343% in the last 30 days due to renewed interest in layer 1 blockchains.
– L1 blockchains refer to the base-level chains that compose a given network, allowing for an ecosystem of other potential applications to be built on top of it.

Aptos (APT) is a layer 1 proof-of-stake blockchain that supports smart contracts and decentralized applications. This blockchain was developed by ex-Meta staff, and has seen immense success in the past month, with the token surging more than 343.76% over the past 30 days. This surge in price is attributed to the renewed interest in layer 1 (L1) blockchains.

Aptos was funded with $350m in two rounds of financing in 2022 from a16z, Tiger Global, and Multicoin Capital, among others. In July of that same year, the company raised $150 million in a Series A financing round led by Sam Bankman-Fried’s FTX Ventures and Jump Crypto. However, the initial launch resulted in some criticism over the tokenomics, leading to a somewhat tumultuous start.

But now, the coin is proving to be one of the hottest in a period that has seen a renewed interest in layer 1 (L1) blockchains. These blockchains refer to the base-level chains that compose a given network, allowing for an ecosystem of other potential applications to be built on top of it.

Aptos is unique as the project was borne by developers who had previously worked on Diem, Meta’s now-shelved blockchain initiative. The Aptos blockchain uses a Rust-based programming language that, according to its whitepaper, can process more than 130,000 transactions per second, using a process called „proof-of-stake consensus.“

The surge in APT’s price, along with the renewed interest in layer 1 blockchains, points to a larger trend of increased confidence in the crypto space. With the introduction of more secure, efficient, and cost-effective blockchains, the crypto industry appears to be headed for a bright future.

• Injective has launched a $150 million ecosystem fund that is backed by Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, and IDG Capital.
• The fund aims to accelerate DeFi adoption by providing support to founders building within Injective and the Cosmos ecosystem.
• Injective has also announced a hackathon to be launched in March with $1 million in prizes.

Injective, a finance-focused blockchain, has announced the launch of a $150 million ecosystem fund to further accelerate the adoption of decentralized finance (DeFi) and interoperable infrastructure. The fund has been backed by marquee Web 3.0 firms, including Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, and IDG Capital.

The fund will be limited to founders building within Injective and the broader Cosmos ecosystem. Built using the Cosmos SDK, Injective provides native access to Cosmos IBC-enabled chains and Ethereum. The consortium will support promising projects focusing on interoperability, DeFi, trading, proof-of-stake (PoS) infrastructure, and scalability solutions.

Eric Chen, co-founder and CEO of Injective Labs, said in the press statement, “Developer activity on Injective is rapidly increasing with major projects and this new ecosystem fund will provide unmatched opportunities for new builders entering Web3 and the Cosmos ecosystem overall.”

Select Web 3.0 projects will receive bespoke token and equity investments as well as mentorship in technical development, cryptographic research, business development, marketing, and community growth. Injective has also announced a hackathon to be launched in March with $1 million in prizes, giving developers the opportunity to showcase their projects and win prizes.

The launch of the $150 million ecosystem fund aims to accelerate DeFi adoption by providing support to founders building within Injective and the Cosmos ecosystem. By providing these resources, Injective hopes to create a foundation for a more open, interoperable, and secure financial system, which will enable more people to access the financial markets.