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About a month ago, Silicon Valley Bank (often known as SVB) went bankrupt and crashed, and many analysts say it was one of the largest financial collapses to occur in America since 2008 and the Great Recession.
Silicon Valley Bank Has Been Sinking
During that time, as we all remember, banks like Washington Mutual either collapsed into piles of ash and brimstone or were bought out by larger monetary corporations like Chase Bank. In any case, Silicon Valley Bank has many worried as it is now the second bank to collapse in just the last few weeks, the first being Silvergate Bank. The institution is a popular crypto-friendly bank that gave a lot of money for digital currencies and new technologies in the past.
There are tons of crypto companies out there that could potentially come to the rescue of Silicon Valley Bank. While nothing is certain yet, it seems that there are several digital currency companies commenting on the possibility of buying Silicon Valley Bank and helping it maintain its footing, or at least buy its debt. Either way, these two routes should give institutions a second chance.
One of the people considering buying the bank is Changpeng Zhao, the man behind Binance. As the world’s largest and most popular digital currency exchange, Binance has the power, finances, and energy to make Silicon Valley Bank the definitive new division. The only question now is whether Zhao’s comments moved into the “action” department.
In a recent series of social media posts, Zhao said:
Is it time? Not sure. There are people who hold certain types of local licenses, traditional banking, payment service providers, even banks. We’re looking at those things. We want to be a bridge between crypto and the world of traditional finance.
Zhao isn’t the only one looking into buying a bank. Elon Musk – the billionaire South African entrepreneur behind mega-corporations like Tesla, SpaceX and now Twitter – has said he is open to buying the bank and he could potentially make it a dedicated division of Twitter, thus turning the social media platform into a social media platform. finance one of them.
Will Elon Musk Move?
His words were in response to comments from Min-Liang Tan, chief executive of computer gaming company Razor. Tan stated in a recent post:
I think Twitter should buy SVB and become a digital bank.
It doesn’t appear that Musk is opposed to the suggestion, though neither he nor Zhao have – at the time of writing – given clear indications on how they plan to buy the bank should either of them decide to go ahead with the plan.
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