The US deposit insurance has taken control of the ailing institution.
(Photo: IMAGO/Zoonar)
san francisco Company founder Christian Byza was caught up in the crisis at Silicon Valley Bank (SVB). The CEO of the digital learning platform learn.xyz was waiting for a six-figure payment from an investor to arrive, but the money never arrived. When he followed up, she told him her account is with Silicon Valley Bank and her payment hadn’t gone out.
“Hang in tight”, hold on, the investor advised him, said Byza. You will find an alternative, but that will take some time. “It’s not so bad for us, other founders can no longer pay their staff,” said Byza.
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