CRYPTOCURRENCY
Bitget Launches Web3 Fund
Bitget has launched a Web3 Fund to support venture firms and projects globally, with a focus on Asian projects solving real-world problems. Bitget plans to partner with venture capitalists and expand its products and services in 2023.
Bank of England halts Silicon Valley Bank UK branch operations
The Bank of England has ordered the Silicon Valley Bank's UK branch to halt its operations as it has limited presence and no critical functions supporting the financial system. The bank will be placed into a Bank Insolvency Procedure, and eligible depositors will be paid out by the Financial Services Compensation Scheme up to the protected limit of £85,000, with the remaining assets and liabilities being managed by bank liquidators. UK venture capitalists and a nonprofit organization have expressed concern as several startups and investors have significant exposure to the SVB UK, including prominent blockchain VCs who have over $6 billion in assets at the bank.
Investors Rally to Support Silicon Valley Bank Amidst Possible Closure
Over 125 venture capitalists and investors, including Sequoia Capital and General Catalyst, have pledged their support for Silicon Valley Bank (SVB) as the 40-year-old banking institution winds down its operations. The investors signed a statement in an effort to cushion the impact of the bank's possible closure and limit the fallout on tech companies that rely on SVB for funding and banking services.
Coinbase Finally Files IPO with SEC—Is Brian Armstrong a Capitalist or Cypherpunk?
The Coinbase Initial Public Offering (IPO) has finally been filed and now awaits the review and approval of the Securities and Exchange Commission (SEC).
Brock Pierce's Presidential Campaign Enlists Akon as Chief Strategist
Crypto entrepreneur Akon has announced that he will be endorsing Brock Pierce’s presidential campaign and joining the crypto venture capitalist’s campaign team.