The U.S. Federal Deposit Insurance Corporation (FDIC) has begun soliciting bids from failed lenders Silicon Valley Bank and banks interested in buying signatories, but according to Reuters, who would bid on signing? However, it has nothing to do with the virtual currency industry.
“Signature buyers must agree to abandon all crypto business in the bank,” two sources familiar with the bank told Reuters. The source asked to remain anonymous due to the sensitivity of the matter.
The FDIC has refused to make a statement on behalf of the SVB as well as the SVB. Signature and Piper Sandler did not immediately respond to requests for comment.
FDIC Plans to Attempt Second Sale
The FDIC is planning a second sale of both banks on March 17 after failing to find a bidder in the first sale attempt on March 12, according to sources.
Crypto Claims Refuted
It would be very dope for cryptocurrencies to work together to save one of these banks and give the order to create the first global cryptocurrency bank, subject to a waiver of no action.
— Ryan Zurrer (@kukulabanze) March 15, 2023