Logo
Cardano Ecosystem

BitcoinEthereumNews

03/15/2023

·

1.1K views


Cardano Founder Charles Hoskinson Says Crypto Should Cut Ties With Banks - BitcoinEthereumNews.com

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 –...

Cardano Founder Charles Hoskinson Says Crypto Should Cut Ties With Banks - BitcoinEthereumNews.com

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).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Source: https://cryptopotato.com/cardano-founder-charles-hoskinson-says-crypto-should-cut-ties-with-banks/

Post navigation

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on BitcoinEthereumNews

ORIGINAL SOURCE

https://bitcoinethereumnews.com/crypto/c...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


An image that says Learn Blockchain technology and get ahead in the industry with a link to the Cardano Academy.

More from BitcoinEthereumNews

See more
Cardano (ADA), Solana (SOL), and TMS Network (TMSN) Offer Exciting Opportunities for Crypto Investors in Q3 2023 – Cryptopolitan - BitcoinEthereumNews.com
BitcoinEthereumNews
Cardano (ADA), Solana (SOL), and TMS Network (TMSN) Offer Exciting Opportunities for Crypto Investors in Q3 2023 – Cryptopolitan - BitcoinEthereumNews.com

03/15/2023

·

1.2K views

Related News

See more
Cardano Summit 2024

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)