The collapse of Silicon Valley Bank has had a ripping effect across the tech industry as many start-ups scramble to minimize the impact of its seizure by the federal government.
stated an accounts balance with SVB that totaled less than $250,000, which means it will be insured by the Federal Deposit Insurance Corporation .selling handmade and vintage items, has also been forced to delay vendor contract payments.
A spokesperson for Etsy said in a statement that the company is working "around the clock" to find a solution and intends to pay sellers via other payment partners in the next few days.Though most of these companies noted in their filings that they do not believe SVB's collapse will significantly hinder their operations, it remains unclear how much money they will be able to recover.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silicon Valley Bank spooks Silicon ValleySilicon Valley Bank, long one of the most popular financial institutions among tech and life sciences startups, saw its shares fall more than 60% on Thursday, wiping out a whopping $9.4 billion in market value.
Read more »
Column: The Silicon Valley Bank collapse is Silicon Valley's problem, not yours'Based on the information that has been made public, the bank unwisely put its eggs in one basket by taking deposits from an insular group of depositors: venture-funded startups.' Column by hiltzikm:
Read more »
Roku Has $487M In Cash At Failed Silicon Valley BankRoblox and Vimeo also say they had accounts, none of the companies say the bank's failure will impact operations.
Read more »
Roku Says $487 Million of Its Cash, or 26%, Was Held in Failed Silicon Valley BankAbout one-fourth of Roku’s cash and equivalents — nearly half a billion dollars — has been held in Silicon Valley Bank, which was shut down by financial regulators Friday after it collapsed.
Read more »
Roku warns it has $487M held in deposits with Silicon Valley BankRoku in a regulatory filing also said its deposits with SVB were largely uninsured, sending its shares down 10% in extended trading.
Read more »
Roku says it could lose 25 percent of its cash after Silicon Valley Bank fails | EngadgetThe sudden collapse of Silicon Valley Bank has put more than a quarter of Roku’s cash at risk..
Read more »