Argo Blockchain PLC Announces Update SVB, Silvergate Bank and Signature Bank
Argo Blockchain plc, a cryptocurrency mining leader, confirmed no exposure to Silicon Valley Bank or Silvergate Bank following their recent troubles. A subsidiary holds cash deposits at Signature Bank, which was closed on March 12, 2023. However, the FDIC has ensured that all depositors will be made whole, transferring deposits to Signature Bridge Bank, which will operate under FDIC management to maintain customer services. Argo's operations rely on renewable energy sources and the company is notable for being the first climate-positive cryptocurrency miner.
- No exposure to Silicon Valley Bank or Silvergate Bank.
- Cash deposits at Signature Bank are secure and accessible.
- FDIC assures all Signature Bank depositors will be made whole.
- Closure of Signature Bank may cause temporary operational disruptions.
LONDON, ENGLAND / ACCESSWIRE / March 13, 2023 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK),notes the recent news regarding Silicon Valley Bank and Silvergate Bank and can confirm that neither Argo Blockchain, nor any of its subsidiaries, have any exposure to either institution.
Separately, a subsidiary of Argo held a portion of its operating funds in cash deposits at Signature Bank in New York, NY which are secure and available for use as of Monday, 13 March 2023.
On 12 March 2023, Signature Bank was closed by its state chartering authority, the New York Department of Financial Services. The same evening, a joint statement issued by the Department of the Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation ("FDIC") announced a systemic risk exception for Signature Bank and confirmed that, "All depositors of this institution will be made whole."
In a follow-up announcement from the FDIC, it was announced that the New York State Department of Financial Services had appointed the FDIC as receiver and that, "to protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders…Banking activities will resume Monday, March 13, 2023, including on-line banking. Depositors and borrowers will automatically become customers of Signature Bridge Bank, N.A. and will continue to have uninterrupted customer service and access to their funds by ATM, debit cards, and writing checks in the same manner as before."
For further information please contact:
Argo Blockchain | |
Investor Relations | ir@argoblockchain.com |
finnCap Ltd | |
Corporate Finance Jonny Franklin-Adams Seamus Fricker Joint Corporate Broker Sunila de Silva | +44 207 220 0500 |
Tennyson Securities | |
Joint Corporate Broker Peter Krens | +44 207 186 9030 |
Tancredi Intelligent Communication UK & Europe Media Relations | |
Salamander Davoudi Emma Valgimigli Fabio Galloni-Roversi Monaco Nasser Al-Sayed |
About Argo:
Argo Blockchain plc is a dual-listed (LSE:ARB; NASDAQ:ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining facilities in Quebec, mining operations in Texas, and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. Argo also participates in several Web 3.0, DeFi and GameFi projects through its Argo Labs division, further contributing to its business operations, as well as the development of the cryptocurrency markets. For more information, visit www.argoblockchain.com.
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SOURCE: Argo Blockchain PLC
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https://www.accesswire.com/743454/Argo-Blockchain-PLC-Announces-Update-SVB-Silvergate-Bank-and-Signature-Bank
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