Day: March 17, 2023

News

Hong Kong Steps Up Crypto Game with Kaiko’s Data Expertise

by Vladimir

17 Mar, 2023

Paris-based cryptocurrency data provider Kaiko is moving its Asian headquarters from Singapore to Hong Kong in ...

The parent company of Silicon Valley Bank, SVB Financial Group, is reportedly exploring bankruptcy as one of its options to sell off its remaining assets. The company announced on March 13 that it had hired a restructuring team to explore strategic alternatives for the company, along with its two subsidiaries, SVB Capital and SVB Securities, as well as other investments and assets. The company's board of directors is also looking at all alternatives to address its funded debt of approximately $3 billion, which is the only recourse to SVB Financial Group and not guaranteed by its subsidiaries. SVB Financial Group is said to be trying to avoid the bankruptcy process. Banks faltering SVB Capital and SVB Securities are unrelated to Silicon Valley Bank, which regulators shut down on March 10 after experiencing a bank run. The US Federal Deposit Insurance Corporation (FDIC) has taken control of the bank's assets and is currently attempting to sell it after a failed first auction on March 12, which saw no bids from major US banks. The FDIC is now working with Piper Sandler Companies for a new auction, with interested banks having until March 17 to submit their bids. The FDIC is also looking to sell Signature Bank "in its entirety," along with Silicon Valley Bank. Only potential buyers with an existing bank charter can view both banks' financial records before submitting their bids. The agency may also accept bids to purchase parts of the banks if the institutions are not sold as a whole. Additionally, Signature Bank's buyer must be willing to discontinue all cryptocurrency-related business at the bank, as stated by anonymous sources.

News

SVB Parent Firm Considers Bankruptcy as an Option to Sell Off Assets

by Rony Roy

17 Mar, 2023

The parent company of Silicon Valley Bank, SVB Financial Group, is reportedly exploring bankruptcy as one ...

News

Chinese Businessman Charged in $850 Million Crypto Scam

by Rony Roy

17 Mar, 2023

Chinese businessman Miles Guo, also known as Brother Seven, and his financial advisor William Je have ...

News

Zeng Jiajun’s Social Recovery Tool Soul Wallet Raises $3.1M

by Ranjan Yadav

17 Mar, 2023

Former ByteDance employee, Zeng Jiajun, reportedly raises $3.1 million for his social recovery tool Soul Wallet. ...

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