Search Results for "silicon valley bank"
All You Need to Know About the Silicon Valley Cryptocurrency
The rising popularity of cryptocurrency has contributed to a revolution in the digital currency industry. Currently, a U.S based venture capital firm, Andra Capital, has announced its desire to introduce its own Silicon Valley cryptocurrency to leverage its business. It is interesting to see that the company has joined the list of other enterprises like JPMorgan Chase, Arias Intel Corp, Facebook, and others that have created or in the process of creating cryptocurrencies they call their own.
SVC Bank Caught in SVB Collapse Confusion
India's SVC Bank faced panic due to a mixup with collapsing Silicon Valley Bank, as their acronyms' similarity caused confusion among Indian citizens.
Investors Rally to Support Silicon Valley Bank Amidst Possible Closure
Over 125 venture capitalists and investors, including Sequoia Capital and General Catalyst, have pledged their support for Silicon Valley Bank (SVB) as the 40-year-old banking institution winds down its operations. The investors signed a statement in an effort to cushion the impact of the bank's possible closure and limit the fallout on tech companies that rely on SVB for funding and banking services.
Circle Unable to Withdraw $3.3 Billion from SVB, Causing USDC Sell-Off
Circle, the issuer of USD Coin (USDC), was unable to withdraw $3.3 billion of its $40 billion reserves from Silicon Valley Bank (SVB), leading to a sell-off that caused the stablecoin's value to drop below its $1 peg. Circle initiated a wire transfer to remove the funds from SVB as the FDIC-insured bank was about to shut operations, but the transfer was not wholly processed, leaving $3.3 billion of USDC reserves with SVB. Dante Disparte, Circle's chief strategy officer, warned that SVB's failure could have broader implications for the US economy.
Defunct Crypto Lender BlockFi Has $227 Million in Uninsured Funds with Troubled Silicon Valley Bank
A bankruptcy filing has revealed that BlockFi has $227 million in uninsured funds allocated to a money market mutual fund (MMMF) offered by Silicon Valley Bank (SVB), which was shut down by the California Department of Financial Protection and Innovation on March 10. While the investment may not be at risk despite SVB's troubles, the filing highlights that the funds are not FDIC-insured, not insured by any federal government agency, and "not guaranteed by the bank." The recent Silvergate bankruptcy has also impacted the crypto market.
First Citizens Bank to Acquire Silicon Valley Bank Deposits and Loans
First Citizens Bank will acquire all deposits and loans of Silicon Valley Bank after its collapse following rumors of a liquidity crisis. The FDIC has approved the purchase and assumption agreement, and Silicon Valley Bank depositors will become depositors of First Citizens Bank. The North Carolina-based bank is now the 30th largest commercial bank in the US.
Federal Regulators Testify on Bank Failures
Representatives from the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve will testify before the United States House Financial Services Commission in a hearing investigating the collapse of Silicon Valley Bank and Signature Bank. Lawmakers are seeking to understand why and how these banks failed. The hearing is expected to take place on March 29, and both the FDIC chair and the Fed Vice Chair for Supervision will appear before Congress.
Report: US Banks Face Satisfaction Paradox, Following Silicon Valley Bank Collapse
GFT's study shows 42% of US banking customers are satisfied, but 58% feel there's room for improvement. Despite this, only 14% of global consumers are considering a change, while trust remains strong with 78% still relying on traditional institutions.
Circle's Stablecoin USDC Affected by Collapsed Bank
Circle's USDC stablecoin briefly de-pegged after news that $3.3 billion of its cash reserves were stuck with collapsed bank Silicon Valley Bank. USDC's dollar peg has since recovered, but mass redemptions have led to a drop in the stablecoin's market cap by nearly 10% since March 11.
HSBC approves multi-million-pound bonuses for Silicon Valley Bank UK staff
HSBC UK Bank, which acquired Silicon Valley Bank UK for just one pound, has reportedly approved multi-million-pound bonuses for its staff and senior executives. The bonus pool, totaling between £15m and £20m, was described as "modest" by insiders and was said to be in honor of previously agreed payments and to retain key staff.
US DOJ and SEC launch inquiries into Silicon Valley Bank collapse
The DoJ and SEC have started investigations into the sudden collapse of Silicon Valley Bank and the stock sales made by its financial officers leading up to its closure. The probes are in their early stages and may not result in charges or allegations of wrongdoing.
Circle Plans to Cover USDC Shortfall After SVB Shutdown
Circle, the issuer of the stablecoin USD Coin (USDC), has announced that it will use corporate resources to cover the shortfall on its reserves after Silicon Valley Bank (SVB) was shut down by the California Department of Financial Protection and Innovation. USDC liquidity operations will resume as normal when banks open on Monday, enabling redemption at 1:1 with the US dollar. The stablecoin lost its $1 peg on March 11, trading as low as $0.87, due to the disclosure of $3.3 billion of Circle's reserve held at SVB.