The current trending news says, "The 18th largest bank in the US has collapsed."
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According to the Federal Deposit Insurance Corporation (FDIC), the Department of Financial Protection and Innovation in California closed down the bank on Friday, March 10, 2023.
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The bank is called "Silicon Valley Bank" or SVB and is based in Santa Clara, California. Santa Clara falls very close to San Jose and is the heart of the so-called silicon valley.
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During the last several decades, SVB has been the bank supporting many big tech companies by providing huge loans for development.
SVB's clients include many famous venture capital firms and startups. SVB became a big lender bank among its bigger-name competitor banks
What could be the implications of SVB collapse?
The collapse of the Silicon Valley Bank aroused fear among the investors of the big tech companies.
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The fear in the banking and financial sector is not baseless!
Screenshot Source
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What would happen to the investors' funds in the technology sector?
If the banking sector doesn't get its plans and strategies correct, the future of banking is in real danger.
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Could this be the spark that may start another significant financial crisis?
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Does it signal that the big techs would follow the crisis?
<> Several unpleasant questions arise.
Silicon valley can't afford to float in the air of sweet dreams.
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I remember staying in Santa Clara for about a week in February 1995 when I attended a conference at the San Jose Convention Center.
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I saw the Intel headquarters and many big tech companies.
<> Are all tech companies funded by SVB running well and making good profits?
<> Is the future of silicon valley in California and around the globe secured?
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There are so many questions that rally amidst such a banking crisis.
Indeed, the business world, specifically the technology businesses, faces a crisis turn on the way of their projected success.
Who I am
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I am from Science, Technology, Engineering, and Mathematics (STEM). I have also added "Arts" and "Fine Art" to my interests and made my interests STEAM - Science, Technology, Engineering, Arts, and Mathematics.
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I develop solutions for passwords and cybersecurity relevant to cryptocurrencies, blockchain, and blockless distributed ledgers.
I hope the entire blogging community will strive here and elsewhere.
The article was originally posted on ReadCash.
Cheers! Debesh Choudhury
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Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.
Mar 14, 2023
