As recent incidents demonstrated, even the most reputable financial organizations may suffer security breaches and unforeseen breakdowns. The Silvergate, Silicon Valley Bank, and Signature Bank instances have raised worries regarding the safety of storing money in institutions. In this article, we’ll look at these occurrences in order to consider if it’s safe to store your money in a bank and also find a new place to store your assets.
About Silvergate, Silicon Valley Bank and Signature Bank incident
In less than a week, two of the banks that were friendliest to the crypto sector and the largest bank for digital entrepreneurs all failed. While cryptocurrency prices were rising on Sunday night following the federal government’s intervention to offer a guarantee for depositors at two of the banks, the events sparked instability in the stablecoin market.
Silvergate Capital, a central lender to the cryptocurrency sector, said on Wednesday that it will be shutting down and liquidating its bank. Silicon Valley Bank, a significant startup lender, went bankrupt on Friday after depositors withdrew more than $42 billion in response to the bank’s Wednesday announcement that it needed to withdraw $2.25 billion to shore up its balance sheet. Signature, which also had a significant crypto concentrate but was far larger than Silvergate, was seized by banking regulators on Sunday evening.
As a result, consumers are becoming concerned and seeking other ways to store their assets that are safer and more trustworthy than banks.
Where to keep your assets rather than bank
So, if you’re concerned about the safety of your bank accounts, what can you do to protect yourself? The first step is to select a trustworthy bank that has a proven track record of security and dependability. Search for institutions that have invested in cutting-edge security systems and have a track record of safeguarding consumer accounts.
Other types of investing, such as cryptocurrency or gold, are another choice. While these investments come with their own set of risks, they can offer diversification and possibly better returns than standard bank deposits. But, keep in mind that because these investments are not guaranteed or supported by the government, there still has a chance of loss. To avoid the risks of losing your funds, you should find a reliable crypto exchange that provides high security and trustworthiness. And that should be FMCPAY Exchange.
Why FMCPAY is a safe place to store your funds?
FMCPAY Exchange takes security seriously and has put in place a number of safeguards to protect your payments and personal information:
- Two-factor authentication
- KYC
- Email verification
As the most trusted platform for cryptocurrency exchange by digital securities registered in the USA, FMCPAY can ensure your assets will be protected whenever you invest in this exchange. Moreover, it is the most suitable for newcomers in this crypto economy. Market cap & rank, prices, exchange volumes, and currency conversion! Track your holdings with our new portfolio and make detailed comparisons – plus stay updated with crypto news. With its user-friendly interface, you will find it easy to use and start investing or trading crypto.
If you had any problem or question, the 24/7 Customer Support Team will help you answer and solve your issue as soon as possible to secure your funds along with your trust in FMCPAY Exchange.
Closing thoughts
To summarize, while the recent occurrences involving Silvergate, Silicon Valley Bank, and Signature Bank are worrisome, they are not reflective of the banking sector as a whole. Banks are subject to stringent laws and security requirements aimed to protect consumer assets. But, there is always the possibility of loss or theft, so it is critical to select a reputable bank and examine various types of investing to diversify your portfolio, like converting your assets into crypto and securing your funds in a crypto exchange.