Crypto corporations that had cash in SVB
In keeping with new chapter submitting, BlockFi has $227m in Silicon Valley Bank. The chapter trustee warned them on Mon that bc the ones price range are in a cash marketplace mutual fund, they’re no longer FDIC secured — which generally is a prblm w/ preserving in compliance of chapter regulation pic.twitter.com/hnpo8anrrS
— Lauren Hirsch (@LaurenSHirsch) March 10, 2023
Silicon Valley Bank is one among six banking companions Circle makes use of for managing the ~25% portion of USDC reserves held in money. Whilst we watch for readability on how the FDIC receivership of SVB will affect its depositors, Circle & USDC proceed to function typically.https://t.co/NU82jnajjY
— Circle (@circle) March 10, 2023
In gentle of new information, we wish to ascertain that the Avalanche Basis has no publicity to Silvergate and a little bit over $1.6mm of publicity to Silicon Valley Bank. Avalanche Basis is saddened by way of the scoop about SI and SIVB, and hope that every one depositors are made entire.
— Avalanche 🔺 (@avalancheavax) March 10, 2023
2/5: Within the spirit of transparency, right here’s the whole lot we all know concerning the state of affairs with SVB:
Evidence holds money at SVB, then again…
We’ve fortunately assorted our property throughout ETH, stablecoins, in addition to fiat—so financially and operationally, we’re going to be OK.
— PROOF (🥃,🦉) (@proof_xyz) March 10, 2023
fantastic that (3,3) truly used to be the fitting technique@novalabs_ has some $ caught in SVB, however the overwhelming majority is in different establishments
I believe horrible for the entire different founders and startups who weren’t so lucky. hoping for a fast solution 🙏🏽
— amir 🎈 (@amirhaleem) March 11, 2023
Crypto corporations claiming no publicity to SVB
Neither labs or basis banked at svb. Dodged any other bullet.
— toly 🇺🇸 (@aeyakovenko) March 10, 2023
Unhappy day for a large number of corporations who’re going in the course of the cave in of SVB, and my middle is going out to these kind of startups uncovered to this.
I’m thankful that we had no courting with SVB, and feature escaped those financial institution disasters unscathed.
— Ryan Wyatt 💜 (@Fwiz) March 11, 2023