Silicon Valley Bank has failed. It’s the second largest bank failure in US history. Roughly 95% of Silicon Valley Bank’s deposits were FIDC uninsured.
SVB works with literally like half of all US VC-backed startups, and is similarly popular for their banking services in the UK and wider Europe. If they find they’ve lost any significant portion of their funding then we’re going to see a large wave of western start-ups wiped/ significantly hobbled by SVB collapsing. $42B WITHDRAWN …