Marathon Digital: Deposits held at Signature Bank are secure and available
Crypto mining firm Marathon Digital Holdings has assured investors that the firm's cash deposits at Signature Bank are secure and available for use as of Mar. 13.
In a statement following the closure of New York’s Signature Bank, Marathon disclosed that it has approximately $142 million in cash deposits at Signature Bridge Bank.
The Signature Bridge Bank was set up by the United States Federal Deposit Insurance Corporation (FDIC) to manage customer accounts at the recently shut-down Signature Bank. The bridge bank is aimed at ensuring the flow of funds is not interrupted while the regulator searches for a buyer to acquire the assets of Signature Bank.
Marathon Digital Holdings' deposits that were held at Signature Bank, New York, NY are secure and available for use as of Monday, March 13, 2023. Read the full update here: https://t.co/H5R6wpmB7Q
Marathon also confirmed that it has access to its funds for treasury management purposes, and is conducting its usual business transactions and paying all invoices as usual. Moreover, Marathon still holds over 11,000 Bitcoin (BTC), which the company views as a financial asset that provides flexibility beyond the conventional banking system.
The company also clarified that it has no direct business ties with Silicon Valley Bank, which shut down on Mar. 10.
Signature Bank, a crypto-friendly bank based in New York closed down on Mar. 12 and was taken over by the New York Department of Financial Services (NYDFS).
@federalreserve @USTreasury @FDICgov issue statement on actions to protect the U.S. economy by strengthening public confidence in our banking system, ensuring depositors' savings remain safe: https://t.co/YISeTdFPrO
The Federal Reserve, in a statement released on Mar. 12,
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