With hours to go before the trading day begins in Asia, top U.S. regulators have mulled guaranteeing all deposits at Silicon Valley Bank to prevent broader panic in the global financial sector, the Washington Post reported late Sunday. Breaking news: Federal authorities are seriously considering safeguarding all uninsured deposits at Silicon Valley Bank, according to three people with knowledge of the matter,…
After the failure of Silicon Valley Bank (SVB), a great deal of Americans are starting to realize the dangers of fractional-reserve banking. Reports show that SVB suffered a significant bank run after customers attempted to withdraw $42 billion from the bank on Thursday. The following is a look at what fractional-reserve banking is and why the practice can lead to…
Global clearing institution Bank of London has submitted a formal proposal to acquire the Silicon Valley Bank’s subsidiary in the United Kingdom, according to a statement disclosed by Reuters on March 12. As per the statement, the purchase is an effort from a consortium of private equity firms: “A consortium of leading private equity firms, led by The Bank of…
Illustration by Mitchell Preffer for Decrypt Prices took a dive this week as two banks closely connected to the crypto industry both sank. The first was Silvergate, an actual crypto bank, and the second was Silicon Valley Bank, a tech- and startup-focused institution that holds key crypto players as clients, including stablecoin issuer Circle and crypto VC firms Andreessen Horowitz…
The U.S. Federal Deposit Insurance Corporation (FDIC) began an auction process for Silicon Valley Bank (SVB) late Saturday night, according to reports. Final bids are due by Sunday afternoon. Unnamed sources indicate that the FDIC is seeking to close the deal promptly after California regulators closed the bank and placed it into FDIC receivership on Friday. Sources Say FDIC Is…
The U.S. Federal Deposit Insurance Corporation (FDIC) began an auction process for Silicon Valley Bank (SVB) late Saturday night, according to reports. Final bids are due by Sunday afternoon. Unnamed sources indicate that the FDIC is seeking to close the deal promptly after California regulators closed the bank and placed it into FDIC receivership on Friday. Sources Say FDIC Is…
Treasury Secretary Janet Yellen said Sunday that the federal government is not considering a bailout for Silicon Valley Bank, but is focused on addressing the needs of the failed bank’s depositors. During an interview CBS’ “Face the Nation,” Yellen drew a distinction between how the current situation surrounding Silicon Valley Bank would be handled compared to the global financial crisis…
United States authorities are working on “material action” over the weekend in an attempt to limit the ripple effect across the country’s banking system after the Silicon Valley Bank abruptly collapsed on March 10. According to a Reuters report citing unnamed sources, officials in the Joe Biden administration assessed the impact of the bank failure over the weekend with a…
Nonfungible tokens (NFTs) prove ownership by creating a unique digital certificate for a specific asset. A decentralized digital ledger that keeps track of all nonfungible token transactions and ownership changes is used to create each NFT. When generated, an NFT has a unique digital signature, signifying the ownership of the asset it stands for. This signature is recorded on the…
The United States Federal Deposit Insurance Corporation (FIDC) started an auction process on March 11 night for Silicon Valley Bank, Bloomberg reported citing unnamed sources. Bids are allegedly open for just a few hours, before the process closes later this Sunday. According to Bloomberg sources, the FDIC is seeking a buyer for the California bank over the weekend, ahead of…
