Two days later, Santa Clara, California-based Silicon Valley Bank (SVB), a go-to institution for venture-backed tech startups, was taken over by the California Department of Financial Protection and Innovation, which said the firm had โinadequate liquidity and insolvency.โ This past Sunday, New York-based Signature Bank was closed by state regulators in what they called an effort โto protect investors.โ Like Silvergate, Signature Bank operated its own real-time payments platform, Signet.
Friendliness Toward Crypto ‘Does Not Exist’
