FinTech news in SVB 2023 crash category

All in all, the market madness has seemingly created a bullish sentiment in the crypto economy; as traders responded positively to the news, the overall market cap rose on the week and crypto app downloads increased.

African startups impacted by SVB collapse It is not yet clear how many African startups and VCs were affected by SVB’s collapse.

According to Circle’s January attestation report, the firm had about $9.88 billion in cash deposited at regulated banks to back its stablecoin’s value, among other assets. If Circle did have more than a smattering of cash at SVB, concerns could mount that the backing of USDC may no longer be complete and instead be more fractional than is needed for a stablecoin to remain steady.

As a threat of a bank run looms at Silicon Valley Bank, days after Silvergate’s meltdown FDIC takes over SVB