Silicon Valley Bank Collapse: Relief Efforts Underway for Depo | Coinseek

Silicon Valley Bank Collapse: Relief Efforts Underway for Depositors as Multiple Sources Confirm Deposit Guarantees and Long-Term Recovery

Relief efforts are underway less than 72 hours after the collapse of prominent American tech bank Silicon Valley Bank (SVB), according to a post on Mar. 11 by Bob Elliot, a chief investment officer of Unlimited Funds.

The collapse has affected prominent blockchain ventures capital firms such as a16z, Pantera Capital, and Paradigm, which had an estimated $5 billion in funds custodied by SVB. Circle, the issuer of the USD Coin (USDC) stablecoin, also had over $3.3 billion in reserves stuck in the troubled bank out of over $40 billion.

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