Two large banks that cater to the fintech industry—Santa Clara’s Silicon Valley Bank and New York’s Signature Bank—collapsed after a bank run over the weekend of March 10.
This happened just days after Silvergate Capital, a central lender in the crypto industry, announced that it would be winding down operations and liquidating its bank. In extraordinarily rapid response time, we watched government agencies take emergency measures to backstop the crises, heard President Joe Biden reassure Americans that their own deposits remain safe, and listened as the federal government announced that all SVB and Signature deposits—both insured and uninsured—would be protected.
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