Tag: Bank

Multiple Portfolio Companies Withdraw Funds from Silicon Valley Bank

Crypto venture capital firms advised their portfolio companies to pull their investments from American commercial bank Silicon Valley Bank (SVB). Specifically, five crypto-focused venture capital investors have urged portfolio companies to withdraw their funds from the banks as a precaution. This comes as Silicon Valley Bank Financial Group (NASDAQ: SVB) struggles to convince clients after a capital raise resulted in a major stock collapse. The bank announced proposed offerings of $1.25 billion of its common stock on March 8 to shore up its balance sheet. According to the financial institution, it…

US bank woes? Silicon Valley Bank stocks plunge 1 day after Silvergate downfall

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Fears have been heightened over the future of another United States bank this week after Silicon Valley Bank (SVB) announced a significant sale of assets and stocks aimed at raising additional capital. However, some investors may be concerned that not all is well at the tech startup and VC-focused bank, particularly given the closure of crypto bank Silvergate just a day earlier. Shares in Silicon Valley Bank collapsed over 60%, wiping some $80 billion in value from the bank’s shares. SVB is one of the top 20 largest banks in…

Fed Chair Powell Provides Update on US Central Bank Digital Currency – Regulation Bitcoin News

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Federal Reserve Chairman Jerome Powell has provided an update on the Fed’s central bank digital currency (CBDC) work in a hearing before the House Financial Services Committee. While stating that the Fed is “making progress on technological issues,” Powell stressed that “policy issues are equally important.” Fed Chair Powell on CBDC Progress During a hearing before the House Financial Services Committee on Wednesday, Congressman Stephen Lynch (D-MA) asked Federal Reserve Chairman Jerome Powell for an update on the Fed’s work regarding a possible central bank digital currency (CBDC), the digital…

Bitcoin BTC Price Dips Below $21K to Reach Lowest Level In 7 Weeks as Silvergate Bank Shutdown Shakes Investors

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Ukraine’s central bank sees both promises and threats in Bitcoin

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The National Bank of Ukraine (NBU) has expressed a mixed stance on cryptocurrencies such as Bitcoin (BTC) after a year of war in the country. The central bank of Ukraine sees both good and bad in digital assets, taking a more skeptical approach to crypto due to financial and economic issues caused by the invasion, according to the NBU press office. In April 2022, the NBU prohibited citizens from buying cryptocurrencies like Bitcoin using the national currency, the hryvnia (UAH), only allowing such purchases via foreign currency accounts. The central bank…

Marathon Digital terminates credit facilities with Silvergate Bank

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Bitcoin mining firm Marathon Digital has paid off its term loan and terminated its credit facilities with crypto-friendly Silvergate Bank, just as the bank announced it will be winding down operations. Marathon announced on Mar. 8 that it had prepaid its outstanding loan balance earlier that day, and would be terminating the revolving line of credit facility between the firms after providing Silvergate Bank with the required 30-day notice in early February. Marathon Digital Holdings has repaid its term loan and terminated its credit facilities with Silvergate Bank, reducing Marathon’s…

Bitcoin Miner Marathon Digital Terminates Credit Facility With Crypto Bank Silvergate

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Marathon said that on March 8, the term loan prepayment was completed, and the company’s credit facilities with Silvergate Bank were terminated, reducing its debt by $50 million, according to a statement. The debt paydown also increased its unrestricted bitcoin holdings by 3,132 as the bitcoin that was being held as collateral by a third-party custodian, were returned to the miner, the statement said. Original

Silvergate Bank Announces Voluntary Liquidation as Crypto Industry Woes Persist – Bitcoin News

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At 4:30 p.m. Eastern Time, Silvergate Bank announced its intention to wind down the crypto-friendly bank’s operations and voluntarily liquidate the company’s assets. The news follows significant financial troubles the bank faced, and the firm’s stock plummeted in value. Details of Silvergate’s Wind Down and Liquidation Plan Over the last six months, Silvergate Capital Corporation’s (NYSE: SI) stock dropped 94.82% against the U.S. dollar as the company faced significant financial troubles tied to its exposure to the now-defunct crypto exchange FTX. On Wednesday, March 8, 2023, the company announced it…