We will be live-updating this story as new developments emerge.
Watch for updated details coming from our news team and social media throughout the weekend and into next week.
Here is the official notice from the FDIC on what you need to do if you were an SVB account holder.
Taimur Sajid provided practical steps for those with SVB deposits.
Gusto confirms they do not use SVB for payroll.
Gusto does not use Silicon Valley Bank to fund customer payroll services and operations. Therefore, Silicon Valley Bank’s current situation does not affect our ability to provide payroll services to you.
(1 of 2)
— Gusto (@GustoHQ) March 10, 2023
According to a Bloomberg article, one startup was set to announce layoffs but had no funds to cover severance.
David Sacks calls out Janet Yellen for apparent lip service.
Yellen was in Kiev last week to reassure Ukraine that US financial aid would continue. But she can’t reassure 10,000+ small businesses that their deposits are safe. She says she’s “monitoring” the situation. Give me a break.
— David Sacks (@DavidSacks) March 11, 2023
Circle confirms $3.3 billion still in SVB.
1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB.
— Circle (@circle) March 11, 2023
The Wall Street Journal produced a Q&A.
Reuters added an explainer to their main news story.
Watcher.guru points out that BlockFi has $227 million in SVB.
JUST IN: BlockFi #crypto bank has $227 million in now-collapsed Silicon Valley Bank.
— Watcher.Guru (@WatcherGuru) March 10, 2023
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- Source: https://news.fintechnexus.com/live-silicon-valley-bank-crisis/
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