Argo Blockchain has affirmed that they are not affected by the recent failures of Silvergate Bank or Silicon Valley Bank. While one of its subsidiaries had cash deposits at Signature Bank in New York as of March 13, 2023, these deposits were secure and accessible.
The US Department of the Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) issued a joint statement assuring depositors of Signature Bank that they would be refunded in full and that the bank was not at risk of systemic collapse on the same day.
Following this announcement, the New York State Department of Financial Services appointed the FDIC as receiver of Signature Bank. Signature Bridge Bank, a full-service bank that will be operated by the FDIC while it seeks potential purchasers, received all deposits and assets.
On March 13, 2023, banking operations, including online banking, resumed, and depositors and debtors were automatically transferred to Signature Bridge Bank. They will continue to receive uninterrupted customer service and have the same access to their funds via ATMs, debit cards, and cheques.
This is reassuring news for Argo Blockchain and its subsidiaries, as well as Signature Bank depositors. While the failure of financial institutions can have far-reaching effects, regulatory bodies and the FDIC appear to have averted significant disruptions to the banking system in this instance.
