SVB, crypto-friendly Signature Bank shut down by regulators after Silvergate collapse

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State officials shut down New York-based Signature Bank SBNY,
The Silicon Valley bank was shut down by regulators on Friday in the biggest bank failure since the 2008 financial crisis.

All of Signature Bank’s depositors will be made whole, according to a joint statement from the Department of the Treasury, the Federal Reserve and the FDIC.

See also: Regulators say Silicon Valley Bank depositors will get ‘all their money’

Signature Bank has been popular among crypto companies, especially after crypto-friendly Bank SI,
said last Wednesday that it would cease its operations.

Signature Bank provides deposit services for its customers’ digital assets, but does not invest in, trade in, hold on its own balance sheet, or provide custody of digital assets, and such does not lend or give loans against the properties, the company said.

The Federal Reserve also announced a new emergency loan program on Sunday to bolster the banking system’s capacity.

US equity markets traded higher on Sunday afternoon, with futures YM00,
up 0.5%, and the S&P 500 ES00,
Futures up 0.8%. futures for nasdaq 100 nq00,
rose 0.9%, according to FactSet data.

Major cryptocurrencies halved on Sunday. bitcoin btcUSD,
Over the past 24 hours, Ether is up 6.4% to around $21,842 and ETHUSD,
rose 7% to $1,576, according to CoinDesk data.