BTCS Confirms No Exposure In Excess of FDIC Limits to Recent Bank Failures
BTCS Inc. (Nasdaq: BTCS) announced its financial safety amid recent bank failures, stating it has no exposure to Silicon Valley Bank or Silvergate Bank. However, it holds approximately $250,000 at Signature Bank, which is within the FDIC-insured limit. CEO Charles Allen highlighted the importance of non-custodial asset management, allowing crypto users to control their assets while participating in blockchain consensus mechanisms. BTCS offers a proprietary platform, StakeSeeker, that enables users to stake cryptocurrencies and earn rewards without the risks associated with traditional banks or exchanges.
- BTCS has no exposure to failing banks Silicon Valley Bank and Silvergate Bank.
- The company maintains a safe cash position with only $250,000 at Signature Bank, within the FDIC-insured limit.
- BTCS's non-custodial solution helps mitigate risks related to bank or exchange failures.
- The launch of StakeSeeker enables users to earn staking rewards, enhancing user engagement and potential revenue.
- None.
Silver Spring, MD, March 13, 2023 (GLOBE NEWSWIRE) -- BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, has issued a statement on the recent failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank. 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
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.”
BTCS provides a non-custodial solution for crypto holders to earn rewards by directly participating in blockchain consensus mechanisms. By maintaining control of their assets, delegators are not at risk of exchange or bank failures, which unfortunately have recently been a common occurrence in both the crypto and financial industries.
About BTCS:
BTCS Inc. is a Nasdaq listed company operating in the blockchain technology space since 2014 and is one of the first U.S. publicly traded companies with a primary focus on blockchain infrastructure and staking. BTCS secures and operates validator nodes on disruptive next-generation blockchain networks that power Web 3, earning native token rewards by staking our proof-of-stake digital assets. “StakeSeeker” is BTCS’ newly introduced proprietary Cryptocurrency Dashboard and Staking-as-a-Service platform, developed to empower users to better understand and grow their crypto holdings with innovative portfolio analytics and a non-custodial process to earn staking rewards on digital asset holdings. Users can easily link and monitor their cryptocurrency portfolios across exchanges, wallets, validator nodes, and other sources; and have access to a suite of data analytic tools such as performance and reward tracking. StakeSeeker’s Staking Hub allows users to earn rewards by participating in network consensus mechanisms by staking and delegating their cryptocurrencies to company-operated validator nodes for a growing number of supported blockchains. As a non-custodial validator operator, BTCS will receive a percentage of token holders staking rewards generated as a validator node fee, creating the potential opportunity for a highly scalable business with limited additional costs. For more information visit: www.btcs.com.
Investor Relations:
Public Relations:
Mercy Chikowore
m.chikowore@btcs.com
FAQ
What is BTCS's exposure to recent bank failures?
How does BTCS protect its customers' assets?
What is StakeSeeker by BTCS?
What is the potential business model for BTCS?
