Yesterday, California banking regulators announced the closure of the Silicon Valley Bank (SVB) financial group and the transfer of all structures under the external management of the Federal Deposit Insurance Corporation (FDIC).
SVB was considered a high-tech and “crypto-friendly” bank. He has served crypto hedge funds as well as venture capital firms in the industry such as Circle, Blockchain Capital, Castle Island Ventures, Dragonfly and Pantera Capital. According to independent sources, the bank has funded more than 30,000 startups.
As events unfold, Razer co-founder and CEO Min-Liang Tan tweeted to Elon Musk and suggested they consider buying SVB and turning Twitter into a digital bank. Elon Musk replied to this: “I am open to this idea.”
I’m open to the idea
— Elon Musk (@elonmusk) March 11, 2023
Earlier in an interview with Morgan Stanley CEO Michael Grimes, Musk saidthat Twitter has every chance of becoming the world’s largest financial institution simply by providing people with convenient payment options. The acquisition of the developed infrastructure of Silicon Valley could be a natural step in the implementation of Musk’s plans.
Silicon Valley Bank’s total assets were about $209 billion at the time of the introduction of external administration, according to the FDIC. The regulator notified SVB clients that all deposits up to $250,000 would be available to their holders on Monday morning, March 13.
Today, the operator of one of the largest stablecoins, Circle, announced that $3.3 billion of USDC reserves are being held at the Silicon Valley bank. Against this background, the USDC and DAI rates got rid of the dollar.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
