In a joint statement addressing the collapse of the Silicon Valley Bank, the Federal Reserve and the US Treasury announced that state authorities closed the crypto-friendly Signature Bank today.
The authorities stated the depositors in both the banks would be made whole, and the payment would not be borne by taxpayers.
Shareholders and some unsecured debenture holders would not be protected.
Additionally, the Federal Reserve also announced that it would “make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.”
This article originally appeared on The Tokenist
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.