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VC Darling Crypto Sui Makes Waves With Market Debut, Price Sinks 37% From All-Time High

VC Darling Crypto Sui Makes Waves With Market Debut, Price Sinks 37% From All-Time HighA buzz has been generated around a new layer one (L1) proof-of-stake blockchain initiative named Sui, following the network’s mainnet debut on May 3, 2023. The native token SUI has been listed on various cryptocurrency exchanges, drawing attention to the project. On the same day the network launched, SUI peaked at $2.16 per unit, but […]

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

Bank of England Shuts Down Silicon Valley Bank’s UK Branch After US Regulators Close Parent Company

Bank of England Shuts Down Silicon Valley Bank’s UK Branch After US Regulators Close Parent CompanyAfter U.S. regulators shut down Silicon Valley Bank (SVB) on Friday, the Bank of England has closed the company’s U.K.-based arm. The central bank explained that it intends to place the subsidiary into bank insolvency procedures. Fallout From SVB Failure Prompts BOE to Close U.K. Branch The ripple effect of the 16th largest bank in […]

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

Failed tech bank SVB held over $5B for prominent crypto VCs: Report

It is unclear how much assets custodied on behalf of crypto VCs are stuck in Silicon Valley Bank.

According to a report that began circulating on March 11 in the aftermath of the collapse of Silicon Valley Bank (SVB), prominent blockchain venture capitalists (VCs) have over $6 billion worth of assets held by the now-defunct financial entity. These include $2.85 billion from Andreessen Horowitz (a16z), $1.72 billion from Paradigm and $560 million from Pantera Capital.

A16z currently holds active investments in projects such as Alchemy, Sky Mavis and Yuga Labs, and was previously an investor in cryptocurrency exchange Coinbase. Paradigm has invested in projects such as Compound, Cosmos and Uniswap. Meanwhile, Pantera Capital holds stakes in projects such as 1inch, Ankr and Zcash.

The report, compiled by Castle Hall due diligence and extracted from United States Securities and Exchange Commission filings, is a point-time disclosure of the VCs’ assets held in custody by SVB. It does not include updates such as recent withdrawals, deposits or transfers after the time of disclosure. In addition, while the said firms are prominent investors in the crypto space, not all its assets held by SVB are used in crypto investments.

SVB, a significant financial lender servicing venture capital firms and tech companies, was shut down by California regulators on March 10. At the time, it was the 16th largest bank in the U.S., with over $212 billion in assets. The cause of the collapse was, apparently, a failed leveraged bet on U.S. treasury bonds that led to $1.8 billion in losses on its $21 billion portfolio after the U.S. Federal Reserve repeatedly raised interest rates this past year — sharply driving down the prices of bonds. 

Despite the relatively small loss, a crisis of confidence ensued, leading to tens of billions of dollars of redemption demands in a couple of days. The company reportedly has $74 billion left of longer-term U.S. Treasurys, which it has yet to liquidate to meet redemptions. Circle, the issuer of the popular USD Coin (USDC) stablecoin, currently has $3.3 billion worth of deposits stuck in SVB.

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

US Venture Capital Firm Leads New Investment in Nigerian Startup Teamapt

US Venture Capital Firm Leads New Investment in Nigerian Startup TeamaptThe United States-based venture capital (VC) firm, QED Investors, recently led an investment round that raised more than $50 million for the Nigerian fintech Teamapt. The investment, as well as the VC firm’s hiring of personnel tasked with spearheading its investments in Africa, seem to point to QED Investors’ newfound commitment towards the continent. Teamapt’s […]

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

Ethereum Co-Founder Vitalik Buterin Criticizes Corporate Metaverse Attempts — ‘Anything Facebook Creates Now Will Misfire’

Ethereum Co-Founder Vitalik Buterin Criticizes Corporate Metaverse Attempts — ‘Anything Facebook Creates Now Will Misfire’On Saturday, the co-founder of Ethereum, Vitalik Buterin, took to Twitter and gave his perspective on the “existing corporate attempts to create the metaverse.” Buterin noted that a metaverse will happen, but he doesnt believe the current corporate metaverse attempts are going anywhere. Ethereum’s Vitalik Buterin Shares His Thoughts on Existing Corporate Metaverse Attempts This […]

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

Nigerian Fintech Founder: ‘African Fintechs Have a Greater Scale Potential Than Other Tech Startups’

Nigerian Fintech Founder: ‘African Fintechs Have a Greater Scale Potential Than Other Tech Startups’The African fintech industry has grown rapidly over the past few years and this has caught the attention of some well-resourced venture capital (VC) firms. As one would expect, Nigerian fintech startups have dominated the continent in terms of funds raised or the number of transactions performed. Nigeria’s Burgeoning Fintech Scene This dominance has convinced […]

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

Solana’s Phantom Raises $109 Million in a Series B Fundraise Obtaining Unicorn Status

Solana’s Phantom Raises 9 Million in a Series B Fundraise Obtaining Unicorn StatusOn Monday, the team behind the Solana Web3 wallet platform Phantom announced it had raised $109 million in a Series B fundraise. The crypto company is now a Unicorn with a post valuation of $1.2 billion in value. Solana Web3 Wallet Phantom Raises $109 Million The Phantom wallet team has raised $109 million in a […]

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit

Tesla CEO Elon Musk Reveals Why He’s Pro Dogecoin Amid Debate Over Web3, Ethereum, Decentralization

Tesla CEO Elon Musk Reveals Why He’s Pro Dogecoin Amid Debate Over Web3, Ethereum, DecentralizationTesla and Spacex CEO Elon Musk has explained why he’s pro dogecoin as the debate over web3, Ethereum, and decentralization intensifies. In the same conversation, former Twitter CEO Jack Dorsey insisted that he is not anti-ETH. “I’m anti-centralized, VC-owned, single point of failure, and corporate-controlled lies,” he stressed. Elon Musk Shares Why He’s Pro Doge […]

Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit