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The closure of SVB, Silvergate, Silvergate Exchange Network, and Signature adds stress to a troubled crypto industry; fiat conversion costs may rise by 20%-40% (Bloomberg)

Posted 1 week ago by technology_o6swjd

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Bloomberg:
The closure of SVB, Silvergate, Silvergate Exchange Network, and Signature adds stress to a troubled crypto industry; fiat conversion costs may rise by 20%-40%  —  The digital-asset market is coming off of a turbulent year featuring a number of high-profile blowups.

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← Sources: JPMorgan, PNC, Apollo, and Morgan Stanley are in talks to acquire SVB Financial Group, excluding SVB; interest in SVB cooled after the US backstop (Michael Flaherty/Axios)
Having perfected the art of using hype to move markets, VCs managed to hype their own rumors to collapse SVB, accidentally slaying a much loved accomplice (Sinead O’Sullivan/Financial Times) →

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