It’s not everyone day when banking news is the biggest story in the startup world, but here we are. Yesterday, formerly crypto-friendly Silvergate Bank announced that it would be “ceasing operations and voluntarily liquidating.”
The company’s shares have come under massive pressure in recent months, exacerbated by a note from the bank on March 1 that its earnings data would be delayed due to possible internal control issues. It was also under regulatory investigation.
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But that’s not it new big banking news is making waves in startup circles.
Silicon Valley Bank (SVB), a well-known technology institution that works with venture capital firms and startups alike, announced that it is raising capital through the sale of shares (among other mechanisms), taking a fee of 1.8 billion of dollars to sell. of low-yielding assets and double the long-term loans.