On March 19th, the Federal Deposit Insurance Corporation (FDIC) announced that Flagstar Bank, a division of New York Community Bancorp, Inc., had acquired Signature Bank, with the condition that it did not have to assume $4 billion in digital asset deposits/ cryptocurrency. The FDIC stated that it will continue to provide insurance coverage for all deposits up to the insurance limit on behalf of the new owners of Signature, and directly insure the digital asset depositors whose accounts were not assumed in the acquisition.
Flagstar Bank acquires Signature Bank – without $4B of ‘digital banking’ deposits
