Welcome to This Week in Crypto, where we cover the top trending headlines in the cryptocurrency industry. The world of crypto news moves fast, and we’re here to bring it to you for your weekly digest. This week, we’re looking at major crypto companies leaving Silvergate Bank, a pro-crypto political campaign, and Robinhood’s new Web3 wallet app. Enjoy this week’s top stories!
Crypto Companies Cut Ties with Silvergate Bank Amid Investigation
Several major cryptocurrency firms are limiting relations or cutting ties entirely with Silvergate, a bank popular among crypto businesses for their acceptance of the industry. So far, the firm has lost Coinbase, Circle, Paxos, Galaxy Digital, and CBOE – all large players in the crypto industry. The aforementioned companies are cutting their ties due to an ongoing investigation into Silvergate due to their involvement in FTX’s collapse. On March 3rd, the bank suspended its Silvergate Exchange Network, which provides real-time payments for investors and exchanges. Since losing many important partners, Silvergate shares have dropped 60% in the last week and recently became the most shorted stock on Wall Street.
Coinbase Launches Pro-Crypto Policy Initiative in the United States
Cryptocurrency exchange Coinbase launched Crypto435, a pro-crypto campaign named after the 435 congressional districts in the United states. The company stated on Twitter that “We need thoughtful policymaking and smart regulation so that we can continue to advance crypto and web3, and make progress on our mission to increase economic freedom”. People passionate about the future of crypto can sign up for alerts about the campaign and play a part in the crypto community’s influence on government policy making. It’s encouraging to see large members of the crypto industry take a proactive stance on making a difference on the political front of crypto adoption.
Robinhood Launches Web3 Wallet on the App Store
Popular mobile trading platform Robinhood released its Web3 wallet on the Apple App Store last week. The app enables users to own and store crypto, as well as manage their NFT portfolio. Support for NFTs on Ethereum and Polygon networks also makes it possible for users to store many popular NFT collections in their web3 wallets. Users can also use their tokens to interact with a range of decentralized applications, or DApps. Traditional stock trading and finance platforms are constantly finding ways to integrate cryptocurrency into their business models as it gets more popular.
