FDIC bidding for Silicon Valley Bank is in progress: Report
The FDIC reportedly started an auction process late on March 11 for Silicon Valley Bank. Bids were to be open for just a few hours. Read More
US authorities preparing ‘material action’ to curb SVB contagion
The White House assessed the impact of Silicon Valley Bank’s failure over the weekend with keen attention to venture capital firms and regional banks. Read More
Binance CEO CZ ‘Banks are a risk to fiat-backed stable coins’ in reaction to SVB, USDC Depegging
CZ, the CEO of Binance, has suggested purchasing the ailing Silicon Valley Bank, which entered into a Federal receivership on March 10 after it had been exposed due to risky lending practices. The post Binance CEO CZ ‘Banks are a risk to fiat-backed stable coins’ in reaction to SVB, USDC Depegging appeared first on CryptoSlate. Read More
Bank of London bids to acquire Silicon Valley Bank’s UK arm
The global clearing bank is leading a consortium of private equity firms seeking to purchase SVB’s British arm. Read More
Silicon Valley Bank collapse: Everything that’s happened until now
Events surrounding Silicon Valley Bank are moving fast. Here is a breakdown of the major developments over the course of three days. Read More
US Fed announces $25B in funding to backstop banks
The Federal Reserve established a funding program for banks, making $25 billion available to eligible firms in a bid to avoid further banking liquidity issues. Read More
Ripple CEO assures ‘strong financial position’ despite SVB collapse
In a short tweet thread with no specifics, Garlinghouse said the SVB situation would not disrupt daily operations. Read More
USDC bounces back toward $1 peg after Fed announcement
Positive developments concerning Circle’s $3.3 billion worth of reserves held at Silicon Valley Bank and its new banking partners have seen USDC climb back toward its $1 peg. Read More
Silicon Valley Bank down, USDC depegged, FTX billed $34M in Jan.: Hodler’s Digest, March 5-11
Bank run on Silicon Valley Bank, USDC depegged from U.S. dollar and FTX’s bankruptcy expenses hit $34 million in January. Read More
Insolvency fears led many to turn to other stablecoins, sell USDC at a major discount
Several USDC holders have fled to other stablecoins amid fears surrounding its solvency. Read More