Silicon Valley Bank: bad news

Silicon Valley Bank: bad news 

10 March 2023

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Silicon Valley Bank is one of the biggest banks in USA and the biggest in Silicon Valley. It’s a branch of SVB Financial Group. 

The Silicon Valley Bank provided financial services to many crypto-focused venture firms.

The Bank ran out of capital following nearly $2 billion in losses on its investments, especially US government bonds. 

The Silicon Valley Bank then issued shares worth $2,2 billion to try to raise cash and bolster its capital eroded by liabilities: the operation failed…and consequently and, consequently, the entire banking giant. 

SOURCE: CoinTelegraph

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