The Bank of England (The Bank of England) has suspended the operations of the British division of Silicon Valley Bank (SVB UK), assuring that these actions will not hit the UK financial system due to the bank’s insignificant influence on the local market. The regulator ordered SVB UK to suspend payments and accept deposits. The Bank of England has sued
start a business on the insolvency of SVB UK.
A number of large companies, including blockchain investors like Accel, Index Ventures and Atomico, did not agree with such a formulation of the issue. They released a joint statement stating that SVB UK is a valued and trusted partner that plays an important role in supporting start-ups in the UK.
The Central Bank promises that the procedure for liquidating the British branch of the bank will end with the payment of the so-called “protected limit” to customers through the Financial Services Compensation System (FSCS). The limit is 85,000 pounds (just under $103,000). In turn, up to 170,000 pounds (about $204,500) will be returned to joint accounts.
Earlier, Elon Musk showed interest in buying Silicon Valley Bank, where the assets of Circle, the issuer of the USDC stablecoin, were stored.
Source: Bits
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