BTCS reports amount equal to FDIC-insured limit of $250K at Signature Bank

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."