First Citizens Bank has entered into an agreement with the FDIC to acquire Silicon Valley Bank's assets and deposits. First Citizens will assume $72 billion of SVB's loans, along with $52 billion in deposits.
49 results for
Silicon Valley
Circle CEO Jeremy Allaire has stated that his firm may be able to recover all of the $3.3 billion stuck at Silicon Valley Bank. In case the recovery is delayed, Circle will back USDC using external capital if necessary, he added.
Silicon Valley Bank has been shut down by the California Department of Financial Protection and Innovation due to inadequate liquidity and insolvency. The bank's shares were halted earlier today after a 66% slump in premarket trading.
Sam Bankman-fried was looking for Wall Street and Silicon Valley investors to bailout FTX hours before the acquisition deal with Binance
Documents released by the Federal Deposit Insurance Corp (FDIC) revealed that Sequoia Capital and Circle were among the top depositors at Silicon Valley Bank. These high-profile clients were given backstops of up to $1 billion by the regulator.
Coinbase reportedly offered a $3.3 billion credit line to Circle to ensure liquidity for USDC following the FDIC's decision to shut down Silicon Valley Bank.
The Global Financial Stability Report published by the International Monetary Fund (IMF) has reiterated the need for consistent regulation and adequate regulation of the crypto industry.
Summary: The Twitter account of Circle’s CSO and Head of Global Policy Dante Disparte was compromised on Wednesday. CEO Jeremy...
