Argo Blockchain, the UK-based cryptocurrency mining firm, has revealed that it has zero exposure to Silicon Valley Bank (SVB) and Silvergate Bank, which recently experienced outages that led to customer complaints. The company attributes this to its use of an alternative banking partner that is not reliant on those banks, allowing it to avoid any potential disruptions to its operations. This news may alleviate concerns among Argo’s investors and customers who may have been worried about the impact of the SVB and Silvergate outages on the company’s finances and services.
Argo Blockchain has confirmed that it has not been affected by the closure of Silicon Valley Bank (SVB) and Silvergate Bank. In response to the bank issues, Argo Blockchain shared a post confirming that neither the company nor its subsidiaries are exposed to the risks stemming from the bank closures. Generally, all crypto firms exposed to these banks felt the heat of the fallout at the time. However, from Argo Blockchain’s recent statements, it is not part of the firms with funds tied to the banks. The collapse of SVB and Silvergate Bank created chaos and affected many crypto firms. Argo Blockchain had secured some of its funds in Signature Bank, which later collapsed after SVB and Silvergate, but as of March 13, these funds were still safe and available to users.