The community has been reassured by IOSG Ventures, a venture capital company that finances blockchain projects, that it has no connection to Silvergate or SVB, two institutions that have been implicated in the recent de-pegging of USDC.
In a statement posted to Twitter, IOSG Ventures claimed that it had no exposure to SVB or Silvergate and had not exchanged USDC in the previous seven days. The message continued by urging the cryptocurrency community to "preserve decentralization," a reference to how crucial it is to maintain the decentralized nature of the bitcoin market and its independence from conventional financial institutions.
Regarding the current turbulence after the SVB shutdown:
— IOSG Ventures (@IOSGVC) March 12, 2023
The collateral damage has extended and led to the depeg of USDC, wherein, IOSG Ventures has never made any USDC exchanges in the past 7 days and we have zero exposures to both SVB and Silvergate.
Keep decentralization! https://t.co/eB1PTFeqRf
This claim from IOSG Ventures is crucial because it demonstrates that not all participants in the bitcoin market have been impacted by the recent volatility. Additionally, it emphasizes how crucial decentralization is to the cryptocurrency industry.
While some investors have expressed anxiety over the closure of SVB and the recent depegging of USDC, it's crucial to keep in mind that the cryptocurrency market is still in its early stages and that there will be hiccups along the way.
Some cryptocurrency market investors have expressed concern over the recent de-pegging of USDC, however not all parties have been impacted. The statement from IOSG Ventures serves as a reminder of the value of market decentralization and the necessity of being cautious in the face of uncertainty. It's critical to stay up with the newest developments and be open to new opportunities as the bitcoin industry develops.
