Marathon Digital have fund in Signature Bank; Coinbase has suspended BUSD transactions; Meta plans to reduce NFT support.
Meta plans to reduce NFT support
Meta executive Stephane Kasriel said that they will take a break from NFT collections for a while due to the change in the priorities the company wants to give.
Kasriel used the following statements in a statement on his Twitter account:
“We’re taking a close look at what we prioritize to increase our focus across the company. We’re now reducing digital collectibles (NFTs) to focus on other ways to support creators, people and businesses.”
Meta has stated in the past that NFTs will help expand the creator economy.
It’s still very early for NFTs, Kasriel said in a blog post he wrote in November.
Meta executive Stephane Kasriel stated that they will focus more on areas where they can be effective on a larger scale, such as Reels, and that they will also invest in payment methods.
Marathon Digital have fund in Signature Bank
In the past week, three US crypto-friendly banks have collapsed one by one. While Silvergate Bank decided to close itself, Silicon Valley Bank and Signature Bank were also closed by the US authorities without a clear explanation.
Marathon Digital has $142 million holdings at Signature Bank
However, a statement from the crypto industry also came from mining company Marathon Digital. New York-based Marathon Digital said it has approximately $142 million in cash deposits at Sinature Bank.
Marathon also confirmed that it has access to its funds for treasury management purposes and is running its usual business operations and paying all bills as usual. In addition, the mining firm still holds more than 11,000 Bitcoins (BTC), which the company sees as a financial asset that provides flexibility beyond the traditional banking system.
The company also clarified that it has no direct business ties to Silicon Valley Bank, which closed on March 10.
According to Frank, the bank showed no signs of trouble beyond a deposit flow of more than $10 billion, which he attributed to the contagion from the collapse of Silicon Valley Bank.
Coinbase has suspended BUSD transactions
Coinbase, the largest US cryptocurrency exchange, has suspended trading of Binance USD (BUSD).
The exchange announced on February 27 that BUSD transactions would be suspended.
The exchange made the announcement via its Twitter account. The statement included the following statements:
“We have disabled Binance USD (BUSD) trading. You will still have access to your BUSD funds and you will be able to withdraw your funds at any time”
Coinbase CEO Brian Armstrong cited potential liquidity issues as the reason for the announcement.
The exchange stated that this decision may apply to Coinbase.com, Coinbase Pro, Coinbase Exchange and Coinbase Prime.
A spokesperson for Coinbase used the following statements in a statement on February 27.
“Our decision to suspend BUSD trading is based on our monitoring and review processes. While reviewing BUSD, we felt that the asset no longer met our listing standards and we decided to suspend trading”