UBS won the bid for the acquisition of Credit Suisse as the banking crisis is boosting the use of the Bitcoin network. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Switzerland: UBS comes to the rescue of Credit Suisse
📍Swiss private equity and investment bank UBS has agreed to buy Credit Suisse for $2.100 billion. Over the weekend, UBS, one of Switzerland's largest banks, increased its bid to acquire Credit Suisse, the country's second-largest bank by market size.
The Financial Times reported UBS has raised its initial offer to buy Credit Suisse to $2.100 billion. The acquisition of the Swiss bank represents an emergency rescue with which the Swiss authorities seek to guarantee security and protection to clients and investors following the collapse of three major US banks: Silvergate Bank, Silicon Valley Bank and Signature Bank, last week.
On UBS's acquisition of the Swiss bank, Tron founder Justin Sun had tweeted that he would improve UBS's offer to acquire Credit Suisse in order to make the bank crypto- and Web3-friendly. However, Sun's offer was $1.500 billion, 28% less than the one submitted by UBS.
The offer submitted by UBS is well below the valuation the bank had before its closing at the weekend.
Bitcoin usage grows amid banking panic
📍The banking crisis is driving investors into Bitcoin. On-chain data shows exponential growth in blockchain network activity. According to Blockworks, the liquidation of US banks appears to be driving Bitcoin usage up.
The current crisis has heightened the risk involved in entrusting your funds to third parties. In this sense, the Bitcoiners' motto “Not your keys, not your coins” has gained greater strength in recent days.
Cryptocurrency firms turn to JP Morgan and other banks
📍Meanwhile, banks Citi, JP Morgan and HSBC are welcoming new crypto-related users. In addition to the interest that Bitcoin is receiving following the collapse of several US banks, others such as Citi, JP Morgan, HSBC and Deutsche Bank are welcoming new crypto clients.
The New York publication Intelligencer ensures that cryptocurrency companies are turning to JP Morgan as a custodian for their funds and that the bank is opening new accounts for these companies.
From cryptocurrency platforms to crypto venture capital funds and Web3 infrastructure companies, many are flocking to the bank run by Jamie Dimon, one of the leading crypto skeptics, the publication notes.
According to sources consulted by Intelligencer, JP Morgan, Citi and the rest of the banks mentioned above are considered “too big” to go bankrupt, and they are being especially receptive to crypto companies despite the uncertainty and disbelief on Wall Street.
Continue reading: Microsoft is integrating a Web3 wallet into its Edge browser
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
