A Tale of 2 Banks: Why Silvergate and Silicon Valley Bank Collapsed
Every U.S. bank is facing similar structural pressures to what drove crypto’s one-time favorite bank to the moon - then into the ground. Original Source
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Silicon Valley Bank shut down by California regulator
Silicon Valley Bank, a major financial institution for venture-backed companies, was shut down by California’s financial watchdog on March 10 — marking the first Federal Deposit Insurance Corporation-insured bank to fail in 2023. The California Department of Financial Protection and Innovation confirmed that Silicon Valley Bank was ordered to close but
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Silicon Valley Bank sends stock market crashing, crypto follows
As Silicon Valley Bank fails to reassure customers of its financial state, crypto-focused venture capital investors urge the firms to remove assets from the bank. Both stock and crypto markets are in the red, causing panic among traders. The announcement follows a dramatic decrease in the shares of SVB Financial Group, the
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Silicon Valley Bank Rocks Crypto and Equity Markets Ahead of Nonfarm Payrolls
Pressure on the U.S. banking system is questioning whether the Fed can push ahead with such an aggressive tightening cycle, analysts at ING said. Source
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Silicon Valley Bank CEO Reassuring Clients After 60% Slump
Silicon Valley Bank operating as SVB Financial Group is seeing the worst of its days with its share price plunging by 23.52% in the Pre-Market, following a massive slump of 60.41% on Thursday. Considering the massive selloff in the bank’s stock, SVB Financial Group (NASDAQ: SIVB) is now changing hands at
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Multiple Portfolio Companies Withdraw Funds from Silicon Valley Bank
Crypto venture capital firms advised their portfolio companies to pull their investments from American commercial bank Silicon Valley Bank (SVB). Specifically, five crypto-focused venture capital investors have urged portfolio companies to withdraw their funds from the banks as a precaution. This comes as Silicon Valley Bank Financial Group (NASDAQ: SVB)
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Israeli Startup Chain Reaction Raises $70 Million to Build Blockchain Silicon – Blockchain Bitcoin News
Chain Reaction, a Tel Aviv-based blockchain startup, announced it has raised $70 million as part of its Series C funding round. The objective of the company is to expand its engineering staff to accelerate the production of its blockchain-focused silicon and collaborate in the development of its cryptographic-focused chips. Chain Reaction
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Uniswap Vote on BNB Deployment Ends With Silicon Valley’s A16Z on Losing Side
“[W]e do not believe Wormhole offers the most secure or decentralized bridging option,” wrote Porter Smith, a partner at a16z Crypto, citing last year’s $326 million hack of the Wormhole platform as a key factor in the firm’s opinion. An a16z representative also told CoinDesk the firm took issue with
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Silicon Valley tech CEOs are not big fans of metaverses
During a Wall Street Journal event, Microsoft gaming chief Phil Spencer and Snap CEO Evan Spiegel revealed that they are not big fans of the metaverse in its current form.Spencer called the metaverse’s current iteration a “poorly built video game,” referring to the ecosystem’s bad graphics and low-quality interfaces.The Microsoft
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‘Pig slaughtering’ crypto scams reap millions on Silicon Valley dating apps
Lonely hearts in Silicon Valley are reportedly falling prey to a wave of "pig slaughtering” crypto scams via dating apps. An investigator for cybersecurity company Sift found that one in 20 people who approached her on dating apps in San Francisco was working the scam.Pig slaughtering, or butchering, is a
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