Cardano’s Founder – Charles Hoskinskon – believes the cryptocurrency industry should differentiate itself from the “unstable and volatile” banking sector.
Three of America’s leading financial institutions – Silvergate Capital, Silicon Valley Bank, and Signature Bank – were shut down by regulators earlier this month, propelling severe losses for numerous crypto-focused firms.
- In a recent tweet, Hoskinson opined that crypto should stay away from traditional banking since the sector is full of “unstable and volatile” institutions.
Crypto needs to de-risk itself from those unstable and volatile banks
— Charles Hoskinson (@IOHK_Charles) March 15, 2023
- He also predicted a “game over” scenario for banks once “we can digitize treasuries.”
- The collapse of Silvergate, SVB, and the crypto-friendly Signature Bank recently shook America’s financial system.
- Multiple cryptocurrency firms revealed significant exposure to the failed giants, with Circle being among them.
- The company behind the second-largest stablecoin, USDC, had $3.3 billion stuck in Silicon Valley Bank. The asset plunged to as low as $0.87 (CoinGecko data) shortly after that but restored its $1 value in the following days.
- The crypto exchange Coinbase said it held $240 million in corporate cash at Signature Bank, while Paxos had $250 million exposure.
- The President of the United States – Joe Biden – said earlier this week that Americans should have confidence in the domestic banking network, describing it as “safe.”
- He also touched upon the crash of SVB (one of the top 20 largest banks in the US prior to its demise), assuring that “no losses will be borne by the taxpayers.”
- On the other hand, investors in the institution will lose their funds because “that’s how capitalism works,” the political leader outlined.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://cryptopotato.com/cardano-founder-charles-hoskinson-says-crypto-should-cut-ties-with-banks/
- :is
- $3
- $UP
- 000
- 1
- a
- After
- AI
- Americans
- among
- and
- AS
- asset
- At
- background
- Bank
- Banking
- banking sector
- Banks
- BE
- because
- behind
- being
- believes
- biden
- Billion
- binance
- Binance Futures
- border
- by
- CAN
- capital
- capitalism
- Cardano
- Cardano Founder
- Cash
- Charles
- charles hoskinson
- Circle
- code
- CoinGecko
- Collapse
- color
- company
- confidence
- content
- Corporate
- Crash
- crypto
- crypto exchange
- crypto-friendly
- cryptocurrency
- Cryptocurrency Industry
- Cut
- data
- Days
- deposits
- differentiate
- digitize
- Domestic
- down
- Earlier
- enjoy
- Enter
- Ether (ETH)
- exchange
- Exclusive
- Exposure
- external
- Failed
- Fees
- financial
- Financial institutions
- financial system
- firms
- First
- following
- For
- founder
- Free
- from
- full
- funds
- Futures
- hand
- Have
- Held
- Hoskinson
- How
- HTTPS
- in
- industry
- Institution
- institutions
- internal
- Investors
- IT
- ITS
- itself
- Joe Biden
- largest
- leader
- leading
- like
- lose
- losses
- Low
- Margin
- might
- million
- Month
- needs
- network
- numerous
- of
- offer
- on
- ONE
- Other
- outlined
- Paxos
- plato
- Plato Data Intelligence
- PlatoData
- plunged
- political
- predicted
- president
- Prior
- propelling
- Reading
- receive
- recent
- recently
- register
- Regulators
- Revealed
- says
- scenario
- second-largest
- sector
- severe
- Share
- Shortly
- should
- Shut down
- significant
- Silicon
- Silicon Valley
- silicon valley bank
- Silvergate
- since
- solid
- special
- Sponsored
- stablecoin
- States
- stay
- system
- taxpayers
- that
- The
- their
- Them
- this week
- Ties
- to
- top
- touched
- traditional
- traditional banking
- Treasuries
- true
- tweet
- United
- United States
- us
- USDC
- Valley
- value
- volatile
- week
- while
- will
- with
- works
- Your
- zephyrnet
More from CryptoPotato
OneCoin Lawyer Sentenced to 10 Years in $400 Million Cryptocurrency Fraud Scheme
Source Node: 2457651
Time Stamp: Jan 26, 2024
How Will Joe Biden’s Executive Order on Crypto Regulations Change Due to the Russia-Ukraine War?
Source Node: 1622802
Time Stamp: Mar 8, 2022
Crypto Price Analysis & Overview June 25th: Bitcoin, Ethereum, Ripple, Cardano, and Polkadot
Source Node: 943044
Time Stamp: Jun 25, 2021
Judge Suspends Decision Allowing Changpeng Zhao to Leave the US Ahead of Sentencing
Source Node: 2401067
Time Stamp: Nov 28, 2023
Optimism’s Quixotic Hacked, Promises to Reimburse All Affected Users
Source Node: 1552771
Time Stamp: Jul 1, 2022
Citizens of El Salvador To Receive $30 in Bitcoin as the Law Will be Implemented In September
Source Node: 942420
Time Stamp: Jun 25, 2021
BNB Chain Launches Secure Multi-Signature Wallet Service
Source Node: 2357124
Time Stamp: Oct 30, 2023
Two Months Later: The UK FCA Settled its Regulatory Issues With Binance
Source Node: 1043694
Time Stamp: Aug 25, 2021
Australian Federal Police Established a Crypto Unit to Target Criminals (Report)
Source Node: 1653339
Time Stamp: Sep 5, 2022
Solidus AI Tech: Introducing an Eco-Friendly Artificial Intelligence Cryptocurrency
Source Node: 1186976
Time Stamp: Feb 25, 2022
Why Goldman Sachs Is Wrong To Doubt Bitcoin: Bitwise CIO
Source Node: 2534394
Time Stamp: Apr 3, 2024