Signature Bank
Signet Challenge Coin
簽名銀行
Signet挑戰幣
Item number: A182
Year: AD 1939-2023
Material: Zinc
The results after XRF testing
Zn | 85.75% |
Cu | 14.15% |
Co | 0.103% |
Size: 51.0 x 51.0 x 5.1 mm
Weight: 60.55 g
Provenance: Private Collector, USA, 2024
This is a challenge coin issued by Signature Bank, which closed down during the banking crisis of AD 2023 and had its operations acquired by New York Community Bank. Challenge coins originate from a unique culture within the US military. It is said that during World War I, a lieutenant in the US Army Air Service designed a badge about the size of a coin as a marker for his squadron sent to Europe for combat. Subsequently, the lieutenant was captured by German forces during a mission. Although he managed to escape back to allied lines, he faced the risk of being executed by French troops due to the loss of identification documents. In a critical moment, the lieutenant remembered the badge he carried and handed it to the French troops, which helped identify his identity and saved him from execution. Since then, challenge coins have been passed down within the US military, with the first official record dating back to the Korean War. Today, challenge coins are not limited to the US military and are also created by civilian enterprises or organizations. With advancements in industrial technology, challenge coins are no longer limited to traditional round shapes but can also feature irregular geometric designs.
This challenge coin was commissioned by Signature Bank and supervised in its design by “Signature Coin,” a company specialized in creating challenge coins. The production was carried out by a factory in China, highlighting the cross-border commercial exchanges in the era of globalization. The purpose of Signature Bank issuing this challenge coin was to promote its “Signet” cryptocurrency payment platform, which was launched in AD 2019.
The appearance of this challenge coin is an irregular circle. On the obverse side, it features the uppercase “S” logo of Signature Bank. The central part of the reverse side is engraved with the logos of Signature Bank and the Signet payment platform, along with their website addresses. Surrounding the central design, there is a dark-colored circle with slogans such as “Blockchain, Real-time, 24/7 Payments, Certainty & Transparency, Safety & Security, and USD,” serving as advertising slogans for their cryptocurrency payment platform.
Signature Bank, headquartered in New York, was established as a regional bank in AD 2001. In AD 2018, with the rise of cryptocurrencies, Signature Bank ventured into the cryptocurrency space, aiming to reduce its reliance on traditional real estate lending businesses. On New Year’s Day in AD 2019, Signature Bank officially launched the Signet cryptocurrency payment platform.
Customers are required to maintain a minimum deposit balance of at least $250,000 but can engage in various cryptocurrency transactions around the clock throughout the year. With the support of the Signet platform, Signature Bank’s assets were valued at $110.36 billion, and deposits were $88.59 billion in AD 2022, making it the 19th largest bank in the United States according to Standard & Poor’s. Approximately 30% of its assets are related to cryptocurrencies. By early 2023, it had grown to become the second-largest cryptocurrency service bank in the United States, following Silvergate Bank.
It started at the end of AD 2022 when the fourth-largest cryptocurrency exchange in the virtual currency sphere, FTX, declared bankruptcy, causing a collapse in the cryptocurrency market. Panicked customers began withdrawing their deposits from Signature Bank. On March 9, AD 2023, to reassure investors, Signature Bank issued a press release stating its financial stability and plans to reduce reliance on cryptocurrencies. However, the next day, March 10, Silicon Valley Bank’s takeover marked the first bank closure wave in the United States that year. On that day, Signature Bank faced a run of several billion dollars, causing its stock price to plummet by 23%, ultimately leading to the bank’s bankruptcy.
On March 12, the New York Department of Financial Services ordered Signature Bank to cease operations and placed it under the control of the Federal Deposit Insurance Corporation, marking it as the third-largest bank bankruptcy event in American history. On March 19, New York Community Bank agreed to acquire Signature Bank’s operations for $2.7 billion. However, this deal did not include the $4 billion in cryptocurrency-related deposits, which would be directly refunded to depositors under the supervision of the Federal Deposit Insurance Corporation. The bankruptcy of Signature Bank highlighted the vulnerability of cryptocurrency platforms and prompted the U.S. government to initiate stricter supervision of banks involved in cryptocurrency business.
物件編號: A182
年代: 公元 2019-2023 年
材質:
XRF分析結果
鋅 | 85.75% |
銅 | 14.15% |
鈷 | 0.103% |