Crypto companies that had money in SVB
Per new bankruptcy filing, BlockFi has $227m in Silicon Valley Bank. The bankruptcy trustee warned them on Mon that bc those funds are in a money market mutual fund, they’re not FDIC secured — which could be a prblm w/ keeping in compliance of bankruptcy law pic.twitter.com/hnpo8anrrS
— Lauren Hirsch (@LaurenSHirsch) March 10, 2023
Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash. While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally.https://t.co/NU82jnajjY
— Circle (@circle) March 10, 2023
In light of recent news, we would like to confirm that the Avalanche Foundation has no exposure to Silvergate and a little over $1.6mm of exposure to Silicon Valley Bank. Avalanche Foundation is saddened by the news about SI and SIVB, and hope that all depositors are made whole.
— Avalanche 🔺 (@avalancheavax) March 10, 2023
2/5: In the spirit of transparency, here’s everything we know about the situation with SVB:
Proof holds cash at SVB, however…
We’ve thankfully diversified our assets across ETH, stablecoins, as well as fiat—so financially and operationally, we’re going to be OK.
— PROOF (🥃,🦉) (@proof_xyz) March 10, 2023
incredible that (3,3) really was the right strategy@novalabs_ has some $ stuck in SVB, but the vast majority is in other institutions
I feel terrible for all the other founders and startups who were not so fortunate. hoping for a speedy resolution 🙏🏽
— amir 🎈 (@amirhaleem) March 11, 2023
Crypto companies claiming no exposure to SVB
Neither labs or foundation banked at svb. Dodged another bullet.
— toly 🇺🇸 (@aeyakovenko) March 10, 2023
Sad day for a lot of companies who are going through the collapse of SVB, and my heart goes out to all these startups exposed to this.
I am grateful that we had no relationship with SVB, and have escaped these bank failures unscathed.
— Ryan Wyatt 💜 (@Fwiz) March 11, 2023
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Sourced from decrypt.co.
Written by Sander Lutz on 2023-03-11 01:56:48.