Circle and Sequoia had been amongst high depositors at Silicon Valley Financial institution: Report

Stablecoin issuer Circle and enterprise capital agency Sequoia Capital had been reportedly among the many high 10 depositors on the collapsed crypto-friendly Silicon Valley Financial institution (SVB) in March.

In accordance with a June 23 report from Bloomberg, the Federal Deposit Insurance coverage Company (FDIC) supplied paperwork suggesting that Circle, Sequoia and others had been lined for deposits within the billions of {dollars}. The Federal Reserve introduced following the SVB collapse that it might work with the FDIC to make each insured and uninsured depositors complete — in most conditions, the FDIC solely insures as much as $250,000 per depositor.

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