It’s not every day banking news is the big story in the startup world, but here we are. Yesterday, formerly crypto-friendly Silvergate Bank announced it would “wind down operations and voluntarily liquidate itself.”
The company’s stock has been under tremendous pressure in recent months, exacerbated by a letter from the bank on March 1 that earnings data would be delayed due to potential issues with internal controls. It was also under regulatory scrutiny.
The Exchange examines startups, markets and money.
Read it every morning on australiabusinessblog.com+ or get The Exchange’s newsletter every Saturday.
But that’s not the new big banking news is making waves in startup circles.
Silicon Valley Bank (SVB), a well-known technology industry institution that works with venture capital firms and start-ups, announced that it was raising capital through a share sale, among other things, costing $1.8 billion to pay itself off. of low-yield assets and a doubling of loan maturities.