BlockFi reportedly shared that it expects to gain access to a significant portion of cash held with Silicon Valley Bank later in the day.
, a major financial institution catering to venture-backed companies. The shutdown makes it the first Federal Deposit Insurance Corporation-insured bank to fail in 2023.
BlockFi had $227 million worth of uninsured fundsAs previously reported by Cointelegragh, Global banking giant HSBC has announced the acquisition of Silicon Valley Bank UK , a subsidiary of the now-collapsed Silicon Valley Bank,
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