BTCS (BTCS) issued a statement on the recent failures of Silicon Valley Bank (SIVB), Silvergate Bank (SI), and Signature Bank (SBNY). Although BTCS did not have any accounts or exposure to either Silicon Valley Bank or Silvergate, as of Friday the Company had an amount equal to approximately the FDIC-insured limit of $250,000 at Signature Bank. Charles Allen, CEO of BTCS, stated, "Crypto was born out of the 2008 financial crisis, teaching us an important lesson – custodying your own assets is one of the safest ways to protect your wealth. Crypto exchanges and banks have failed. At BTCS, we offer a non-custodial solution for crypto enthusiasts to participate in blockchain consensus mechanisms, generate rewards, maintain control of their assets, and mitigate risks associated with bank or exchange failures."
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on BTCS:
- BTCS Confirms No Exposure In Excess of FDIC Limits to Recent Bank Failures
- StakeSeeker by BTCS Now Offers Automated Reward Compounding Through New “AutoStake” Feature
- BTCS announces launch of StakeSeeker’s AutoStake
- BTCS clarifies staking operations in response to SEC complaint against Kraken
- BTCS Clarifies its Staking Operations In Response to the Recent SEC Complaint Against Kraken
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue