Friday, May 24, 2024

Prime 10 Fintech Information Tales for the Week Ending March 11, 2023

What a shocking week of stories this was. If I had informed you final weekend that Silicon Valley Financial institution can be out of enterprise inside every week you wouldn’t have believed me. Nevertheless it has occurred. The sixteenth largest financial institution in America and the main financial institution (by far) for fintech firms was shut down by the California Division of Monetary Safety & Innovation and the FDIC created the Deposit Insurance coverage Nationwide Financial institution of Santa Clara (DINB) to wind down the financial institution. Listed here are what I think about to be the high ten fintech information tales of the previous week.

Banks Lose Billions in Worth After Tech Lender SVB Stumbles from The Wall Road Journal – The primary trace that one thing was critically unsuitable at Silicon Valley Financial institution began circulating late Wednesday however most individuals thought these had been issues the financial institution might overcome.

FDIC Creates a Deposit Insurance coverage Nationwide Financial institution of Santa Clara to Shield Insured Depositors of Silicon Valley Financial institution, Santa Clara, California from the FDIC – The announcement that shocked the banking and tech worlds yesterday simply earlier than midday ET.

Startup Financial institution Had a Startup Financial institution Run from Bloomberg – The inimitable Matt Levine breaks down what really occurred as solely he can.

Silicon Valley Financial institution failure might wipe out ‘an entire technology of startups’ from NPR – That is the massive unknown. Even when a white knight is discovered for Silicon Valley Financial institution this weekend they had been such an integral a part of the startup ecosystem that it could by no means be the identical once more.

Crypto agency Circle reveals $3.3 billion publicity to Silicon Valley Financial institution from CNBC – Circle introduced late Friday that it has $3.3 billion out of its $40 billion of reserves at Silicon Valley Financial institution. USDC promptly misplaced its $1 peg and nonetheless has not recovered as of this writing.

SVB’s Public sale Block Contains VC-Centered Lender, Wealth Unit from Bloomberg – The seek for patrons is on this weekend with many main banks taking a look at Silicon Valley Financial institution’s property.

Crypto-focused financial institution Silvergate is shutting operations and liquidating after market meltdown from CNBC – Keep in mind Silvergate? This was the most important story of the week after they introduced they might be shutting down their operations. Whereas it looks like three weeks in the past, that was really Wednesday once we discovered that information.

SoFi Financial institution sues to dam Biden’s scholar mortgage fee pause from AP Information – SoFi has requested a federal choose to overturn the Biden administration’s newest scholar mortgage extension arguing that’s illegal.

Credit score Karma needs thousands and thousands of Individuals to know their internet price from TechCrunch – On to some precise fintech innovation, Credit score Karma introduced this week a brand new product referred to as Internet Price that may present its customers extra visibility into their complete monetary image.

Amazon To Reportedly Launch NFT Market Subsequent Month from The Defiant – Amazon goes to launch a NFT market subsequent month however it’s being constructed to compete with the likes of Open Sea or Rarible. The platform received’t assist crypto property and can solely settle for credit score or debit playing cards for fee. There can be 15 NFT collections on the market upon launch.

Word: We’ve created a breaking information web page for the Silicon Valley Financial institution information and can be updating it as developments occur over the weekend and into subsequent week.

  • Peter Renton

    Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and occasions firm centered on fintech. Peter has been writing about fintech since 2010 and he’s the creator and creator of the Fintech One-on-One Podcast, the primary and longest-running fintech interview collection. Peter has been interviewed by the Wall Road Journal, Bloomberg, The New York Instances, CNBC, CNN, Fortune, NPR, Fox Enterprise Information, the Monetary Instances, and dozens of different publications.

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