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Yes, I know. This is old news. It happened yesterday, but I was too busy to report it.
“This week has seen major trouble for financial institutions tied to innovative and forward-looking sectors of the economy. Silvergate Capital, a holding company for a bank that since 2016 had bet big on servicing the emerging crypto economy, announced Thursday that it will wind down bank operations. Silicon Valley Bank (SVB), which has long played a similar role managing money for venture capital-funded startups, was shut down by state regulators Friday.”