Signature Bank closed by New York banking authorities

[ad_1] The Board of Governors at the United States Federal Reserve has taken immediate action to close down Signature Bank.The Federal Reserve explained in a Mar. 12 press release that the decision was made in order to to protect the U.S. economy by strengthening public confidence in the banking system."This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access

Bank of London bids to acquire Silicon Valley Bank’s UK arm

[ad_1] Global clearing institution Bank of London has submitted a formal proposal to acquire the Silicon Valley Bank's subsidiary in the United Kingdom, according to a statement disclosed by Reuters on March 12. As per the statement, the purchase is an effort from a consortium of private equity firms:"A consortium of leading private equity firms, led by The Bank of London, confirms it has submitted formal proposals to His Majesty’s Treasury,

U.S. authorities preparing ‘material action’ to curb SVB contagion

[ad_1] United States authorities are working on "material action" over the weekend in an attempt to limit the ripple effect across the country's banking system after the Silicon Valley Bank abruptly collapsed on March 10.According to a Reuters report citing unnamed sources, officials in the Joe Biden administration assessed the impact of the bank failure over the weekend with a keen attention to venture capital firms and regional banks. "This

How blockchain technology revolutionizes digital ownership?

[ad_1] Nonfungible tokens (NFTs) prove ownership by creating a unique digital certificate for a specific asset. A decentralized digital ledger that keeps track of all nonfungible token transactions and ownership changes is used to create each NFT. When generated, an NFT has a unique digital signature, signifying the ownership of the asset it stands for. This signature is recorded on the blockchain with all the information about the asset and

FDIC bidding for Silicon Valley Bank is in progress: Report

[ad_1] The United States Federal Deposit Insurance Corporation (FIDC) started an auction process on March 11 night for Silicon Valley Bank, Bloomberg reported citing unnamed sources. Bids are allegedly open for just a few hours, before the process closes later this Sunday. According to Bloomberg sources, the FDIC is seeking a buyer for the California bank over the weekend, ahead of the markets open on March 13. However, a final decision

Watch these 5 cryptocurrencies for a potential price rebound next week

[ad_1] Traders dumped risky assets following the crisis and failure of Silicon Valley Bank (SVB). The S&P 500 Index plunged 4.55% while Bitcoin (BTC) is down about 9% this week. The collapse of SVB led to a crisis in the crypto space with USD Coin (USDC) losing its peg to the U.S. dollar on reports that $3.3 billion of Circle’s $40 billion of USDC reserves were held at SVB. After trading

UK regulators moving “at pace” to deliver plan for tech firms hurt by SVB collapse

[ad_1] A plan to rescue startups and tech companies affected by the Silicon Valley Bank collapse is underway in the United Kingdom, according to multiple reports on March 12. The emergency plan will include a cash lifeline to a number of businesses. Prime Minister Rishi Sunak said the government is working "at pace" to deliver a plan in the coming hours that would secure "operational liquidity and cash-flow needs" for Silicon

U.S. Treasury Janet Yellen working on SVB collapse, not at bailout: Report

[ad_1] United States Treasury Secretary Janet Yellen is reportedly working with regulators to address Silicon Valley Bank collapse and protect investors, but not considering a major bailout.Yellen made the comments during an interview with CBS News on March 12, claiming that regulators are designing "appropriate policies to address the situation" at the bank. She stated:"During the financial crisis, there were investors and owners of systemic large banks that were bailed

How and why do stablecoins depeg?

[ad_1] Stablecoins are a type of cryptocurrency designed to have a stable value relative to a specific asset or a basket of assets, typically a fiat currency such as the U.S. dollar, euro or Japanese yen.Stablecoins are designed to offer a “stable” store of value and medium of exchange compared with more traditional cryptocurrencies like Bitcoin (BTC) and Ether (ETH), which can be highly volatile.Fiat money, cryptocurrencies, and commodities like