Crypto Morning Briefing: Joe Biden’s Government Proposes 30% Crypto Mining Tax
Silicon Valley Bank Closed by California Regulator; Next Stop Shanghai — Ethereum’s Latest Milestone Approaches; DegenZoo Used AI To Create Logan Paul’s NFT Game Without Him; AI Blockchain Solution CryptoGPT (GPT) Gets Listed on Leading Exchange Bitget
Scrutiny Falls on $43B USDC Stablecoin’s Cash Reserves at Failed Silicon Valley Bank
U.S.-based stablecoin issuer Circle held a part of its USDC stablecoin’s cash reserves at Silicon Valley Bank of Jan. 17, according to the firm's latest attestation.
Silicon Valley Bank Closed by California Regulator
Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation. The Federal Deposit Insurance Corporation was appointed as the receiver. The FDIC created the Deposit Insurance National Bank of Santa Clara to protect insured depositors.
Silicon Valley Bank in Talks to Sell Itself After Failed Capital Raise
Silicon Valley Bank (SIVB) is reportedly seeking external acquisition after its efforts to raise over $2 billion in capital have failed. Shares in the bank were down 62% in pre-market trading on Friday, for which trading has now been halted.
Greenoaks Capital VC Firm Warned Founders About SVB Last Year
Venture investment firm Greenoaks Capital Partners warned its startup founders of potential problems at SVB Financial Group’s Silicon Valley Bank last year, months before the bank’s announcement that it was selling assets to shore up capital, according to an email reviewed by Bloomberg News.
Alchemy Pay Has No Exposure to Silicon Valley Bank and Silvergate
Alchemy Pay has no exposure to Silicon Valley Bank and Silvergate, nor do we have any funds deposited in these institutions.
Crypto Evening Briefing: Meta Is Building a Decentralized, Text-Based Social Network
Meta is in the early stages of building a dedicated app for people to post text-based updates. The most remarkable aspect is that Meta plans for the network to be decentralized.
Silicon Valley Bank Rocks Crypto and Equity Markets Ahead of Nonfarm Payrolls
Risk aversion is in full swing, thanks to a crisis at Silicon Valley Bank (SIVB), a pivotal lender to tech startups.
Crypto VCs Ask Portfolios To Pull Funds From Silicon Valley Bank
Crypto-focused venture capital investors have advised their portfolio companies to withdraw funds from Silicon Valley Bank, which is struggling to reassure clients after moves to shore up its balance sheet spooked investors. The warnings arise as startups in the industry look for viable banking options.
Hedge Fund Manager Expresses Concern on Potential Failure of SVB, Calling for Government Bailout
Ackman suggested that if private capital is unable to provide a solution, a highly dilutive government-preferred bailout should be considered.
