Not all Banking news that day is a big story in the startup world, but here we are. Earlier yesterday, the crypto-friendly Silvergate Bank announced that it would be “discontinuing operations and voluntarily liquidating” itself.
The company’s stock has come under heavy pressure in recent months, exacerbated by a March 1 memo from the bank over internal control issues that could delay earnings data. He was also arrested.
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But that’s not it brand new Big banking news creates waves in startup circles.
Silicon Valley Bank (SVB), an institution that works with venture capital firms and startups in the technology industry, has announced that it is raising capital through a stock sale (among other methods), taking a $1.8 billion charge to fund itself. Low yielding assets and double term borrowing.