These Cryptocurrency Companies Revealed To Have Exposure To The Bankrupt SVB Bank!

The California regulator shut down Silicon Valley Bank on Friday and appointed the Federal Deposit Insurance Corporation as its trustee.

Silicon Valley Bank had total assets of approximately $209 billion and total deposits of approximately $175.4 billion as of December 31, 2022.

as far as Silvergate”cryptocurrency While not perceived as ‘friendly’, the tech-focused Silicon Valley Bank served as a client to a number of crypto institutions, particularly hedge funds and VC firms.

Numerous Cryptocurrency Companies Have Relationships with the Failed SVB Bank

According to CoinDesk research, Blockchain Capital, Castle Island Ventures, Dragonfly, and Pantera had relationships with the bank in question. USDC also has some reserves at Silicon Valley Bank. The amount is not yet known.

The collapse of the SVB, with $209 billion in assets, is among the biggest collapses in history since the bankruptcy of Washington Mutual Bank during the Great Financial Crisis of 2008.

DFPI said in a statement that it had seized the bank “on the grounds of insufficient liquidity and bankruptcy.”

According to a press release by the FDIC on Friday, “all insured depositors will have full access to their insured deposits by Monday morning at the latest.”

Uninsured depositors will receive an “advance dividend” next week and will be able to receive more as the FDIC sells SVB’s holdings.

The bank’s closure comes just after rival Silvergate was voluntarily liquidated earlier this week. The bank’s parent company, Silvergate Corp. announced earlier this week that all deposits will be repaid.

*Not investment advice.