Key Highlights :
1. 400+ venture capital firms have issued a joint statement in support of the recently collapsed California-based Silicon Valley Bank (SVB), a major lender for startups globally.
2. ETtech reports that the VC firms that co-signed the statement include Accel, Y Combinator, Sequoia Capital, General Catalyst and Matrix Partners, among others.
3. The VC firms that co-signed the statement recognise SVB's role in serving startups globally and their support is not stopping here.
4. SVB's sudden closure has led to solvency fears and sparked the stock crash and scaring customers into pulling out deposits.
5. The bank has $209 billion in assets and about $175.4 billion in deposits as of December 2022.
6. The main office and all branches of it will reopen on March 13 and all insured depositors will have full access to their insured deposits no later than Monday morning, according to a statement from the FDIC.
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Continue Reading at Source : economictimes_indiatimes