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As markets whipsaw amidst uncertainty surrounding the economic and health impacts of the coronavirus, the pipes and plumbing of our financial system, for the most part, has held up. That is even as legions of bankers, traders, and financial services professionals are forced to hunker down in their homes. Last week, there was one exception, however. A reported ransomeware issue at a little-known payments processor caused headaches across mid-sized banks across the country, making it difficult for certain Fedwire wires to execute.
Silvergate, which banks for more than 800 cryptocurrency firms, was one of the firms that had issues with inbound Fedwire transfers. In this episode of The Scoop, Silvergate CEO walks us through the outage, the underpinning of banking and the Fedwire, and the firm's plans for 2020.
As markets whipsaw amidst uncertainty surrounding the economic and health impacts of the coronavirus, the pipes and plumbing of our financial system, for the most part, has held up. That is even as legions of bankers, traders, and financial services professionals are forced to hunker down in their homes. Last week, there was one exception, however. A reported ransomeware issue at a little-known payments processor caused headaches across mid-sized banks across the country, making it difficult for certain Fedwire wires to execute.
Silvergate, which banks for more than 800 cryptocurrency firms, was one of the firms that had issues with inbound Fedwire transfers. In this episode of The Scoop, Silvergate CEO walks us through the outage, the underpinning of banking and the Fedwire, and the firm's plans for 2020.
Welcome to The Scoop, The Block's flagship podcast covering finance and technology industries through unmatched interviews with top thought leaders, cultural icons and industry veterans. The Block’s Frank Chaparro hosts new guests every week, diving into breaking news and topics ranging from NFTs, to the impact of DeFi on Wall Street, to Bitcoin's role in the economy and beyond.