Bitrue Bulletin | 13.3.2023 -19.3.2023 |

Bitrue
3 min readMar 20, 2023

| 13.3.2023 -19.3.2023 |

SVB Financial Group Files for Chapter 11 Bankruptcy — SVB Financial Group, the former parent company of Silicon Valley Bank, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court to preserve value, but its venture capital arm, SVB Capital, and broker-dealer SVB Securities, as well as funds of general partner entities, are not included in the proceedings. SVB Group aims to evaluate strategic alternatives for its prized businesses and assets, especially SVB Capital and SVB Securities. The ongoing SVB crisis has triggered uncertainty, including in the cryptocurrency markets, with Circle, the operator of the major stablecoin USD Coin, having $3.3 billion tied to SVB.

HSBC acquires Silicon Valley Bank UK for £1 in rescue deal — HSBC has announced that its subsidiary, HSBC UK Bank, will acquire Silicon Valley Bank UK for £1 ($1.21), after the US ordered the bank to shut down operations on 10 March. HSBC CEO Noel Quinn said the acquisition made “excellent strategic sense” for HSBC’s UK business, strengthening its commercial banking franchise and enhancing its ability to serve innovative and fast-growing firms. The acquisition is expected to be funded from existing resources and completed immediately, with SVB UK’s customers able to continue banking as usual.

Circle announces new banking partner and expands ties with BNY Mellon after SVB’s failure — Circle has announced Cross River Bank as its new commercial banking partner for the USD Coin, a stablecoin. Additionally, Circle has strengthened its relationships with other banking partners, including the Bank of New York Mellon (BNY Mellon). After a weekend that saw Circle’s flagship stablecoin break its peg to the dollar, Circle confirmed that the remaining cash from the now-collapsed Silicon Valley Bank would be transferred to BNY Mellon, with USDC liquidity operations set to resume on Monday.

NEW EVENTS

CSPR and ICP Staking is available now in Yield Farming at up to 7.6% APY

USDC and USDT Staking is available now in Yield Farming at up to 11.2% APY

SOL Staking available now in Yield Farming — Earn 25% APY in 7 Days

Bitrue will support the upcoming airdrop of Coreum to users on Bitrue who own COREUM, SOLO, and XRP. Please refer to the official airdrop announcement from the Coreum team for more information about the rationale behind this airdrop.

In case you missed out, listen to Bitrue x Coreum’s Twitter Spaces AMA recording here. Co-Creator & Technical Lead of Coreum, Reza Bashash, tell us about Coreum’s recent developments, future plans, and their long-anticipated airdrop.

--

--

Bitrue

Leading crypto exchange offering access to 700+ cryptocurrencies, with services including spot, futures, OTC, staking, auto-invest, copy trading, and more.