Immutable Declares Financial Independence with No Exposure to Silvergate and Silicon Valley Bank

03/10/2023 04:47 • Tech Ticker • 166 views

According to reports, Robbie Ferguson, co-founder of Immutable, tweeted, “Immutable has no exposure to Silvergate and Silicon Valley Bank (SVB). We hold A $280 million (about US $184 million, mainly in USD) in the bank, and do not use financial leverage.”

Immutable joint venture: The company has no exposure to Silvergate and Silicon Valley banks

Analysis based on this information:

In a recent tweet, Robbie Ferguson, co-founder of Immutable, revealed that the company has achieved financial independence by avoiding exposure to two major banks in the cryptocurrency sector, Silvergate and Silicon Valley Bank (SVB). The company claims to have a total of A$280 million, approximately US$184 million, mainly in USD held in the bank without any financial leverage.

Ferguson’s announcement is significant for the cryptocurrency market since this sector is notorious for its volatility and lack of regulatory oversight. Over the years, the involvement of major financial institutions such as Silvergate and SVB in the cryptocurrency industry has caused some skeptics to doubt the stability and security of the market. The involvement of these banks is particularly important since they are responsible for managing cryptocurrency transactions for some of the largest players in the industry.

Immutable’s decision to declare its financial independence from these banks is, therefore, noteworthy. By doing so, the company is demonstrating its commitment to self-regulation and transparency, which should instill more confidence in its investors and users. Immutable’s quest for decentralization aligns with the vision of blockchain technology, which is designed to operate independently of central authorities.

Given that Immutable is the creator of one of the most popular NFT games, Gods Unchained, the declaration of financial freedom is particularly important, mainly because it is based on a tokenization platform. The game uses Ethereum blockchain technology to tokenize game assets, ensuring its fungibility, and transparency. Immutable’s financial independence could, therefore, make Gods Unchained more attractive to users who are looking for a more secure platform.

In conclusion, Immutable’s avoidance of financial leverage and exposure to banks such as Silvergate and SVB sends a powerful message to the cryptocurrency industry. The company’s decision to declare financial independence is a reflection of its commitment to the ideals of blockchain technology, which prioritize self-regulation and decentralization.

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