Digital IP and Gaming company, Animoca Brands has issued a statement to its shareholders that clearly indicates it doesn’t have a relationship with Silvergate Bank (NYSE: SI; “Silvergate”) or Silicon Valley Bank (NASDAQ: SIVB; “SVB”).
The statement comes on the heels of news this Friday from California Banking regulators of a shutdown of Silicon Valley Bank (SVB) Financial Group after the bank experienced a bank run in the week in addition to filing to raise much need capital.
This is also the second such California Bank to be shut down this week, as Silvergate Capital also experience a shutdown.
There are even suggestions that Elon Musk Shows Interest In Buying The Troubled Silicon Valley Bank which might be an interesting prospect given twitters prospects as a payment powerhouse.
An interesting thread in connection with these banks is the fact that they are aimed squarely at tech firms and small businesses hence the impact might be felt far and wide.
SVB will reopen Monday with the FDIC in charge and depositors will have access to up to 250,000 per depositor.
Animoca Brands then closes the statement with the affirmation that “The Company maintains multiple banking relationships globally and is carefully monitoring balances.”
Even the stablecoin, Tether has had to confirm it doesn’t have exposure to SVB given a large number of crypto-relevant companies which have exposure to SVB. companies such as Crypto Exchange Circle and Blockchain Capital, just to name a few along with other tech-relevant companies.