What a shocking week of stories this was. If I had advised you final weekend that Silicon Valley Financial institution can be out of enterprise inside per week you wouldn’t have believed me. But it surely has occurred. The sixteenth largest financial institution in America and the main financial institution (by far) for fintech firms was shut down by the California Division of Monetary Safety & Innovation and the FDIC created the Deposit Insurance coverage Nationwide Financial institution of Santa Clara (DINB) to wind down the financial institution. Listed below are what I contemplate to be the high ten fintech information tales of the previous week.
Banks Lose Billions in Worth After Tech Lender SVB Stumbles from The Wall Avenue Journal – The primary trace that one thing was critically flawed at Silicon Valley Financial institution began circulating late Wednesday however most individuals thought these have been issues the financial institution may overcome.
FDIC Creates a Deposit Insurance coverage Nationwide Financial institution of Santa Clara to Defend Insured Depositors of Silicon Valley Financial institution, Santa Clara, California from the FDIC – The announcement that shocked the banking and tech worlds yesterday simply earlier than midday ET.
Startup Financial institution Had a Startup Financial institution Run from Bloomberg – The inimitable Matt Levine breaks down what truly occurred as solely he can.
Silicon Valley Financial institution failure may wipe out ‘a complete era of startups’ from NPR – That is the large unknown. Even when a white knight is discovered for Silicon Valley Financial institution this weekend they have been such an integral a part of the startup ecosystem that it might by no means be the identical once more.
Crypto agency Circle reveals $3.3 billion publicity to Silicon Valley Financial institution from CNBC – Circle introduced late Friday that it has $3.3 billion out of its $40 billion of reserves at Silicon Valley Financial institution. USDC promptly misplaced its $1 peg and nonetheless has not recovered as of this writing.
SVB’s Public sale Block Consists of VC-Centered Lender, Wealth Unit from Bloomberg – The seek for consumers is on this weekend with many main banks taking a look at Silicon Valley Financial institution’s property.
Crypto-focused financial institution Silvergate is shutting operations and liquidating after market meltdown from CNBC – Bear in mind Silvergate? This was the largest story of the week once they introduced they’d be shutting down their operations. Whereas it appears like three weeks in the past, that was truly Wednesday once we discovered that information.
SoFi Financial institution sues to dam Biden’s scholar mortgage fee pause from AP Information – SoFi has requested a federal choose to overturn the Biden administration’s newest scholar mortgage extension arguing that’s illegal.
Credit score Karma needs thousands and thousands of Individuals to know their web price from TechCrunch – On to some precise fintech innovation, Credit score Karma introduced this week a brand new product known as Web Price that may present its customers extra visibility into their complete monetary image.
Amazon To Reportedly Launch NFT Market Subsequent Month from The Defiant – Amazon goes to launch a NFT market subsequent month however it’s being constructed to compete with the likes of Open Sea or Rarible. The platform received’t help crypto property and can solely settle for credit score or debit playing cards for fee. There will likely be 15 NFT collections on the market upon launch.
Observe: We’ve created a breaking information web page for the Silicon Valley Financial institution information and will likely be updating it as developments occur over the weekend and into subsequent week.
