Silicon Valley Bank UK branch collapsed recently. Now HSBC Holdings is coming to rescue the UK-based branch of the collapsed silicon valley bank with a new acquisition.
SVB UK got a profit of 88 million GBP ($107 million), before tax. This is for the financial year 2022. But the bank still collapsed.
HSBC says it is excellent for the UK and its economy as a whole. SVB UK was shut down by authorities on march 10, amid the panic in the crypto market. Major crypto companies like Circle and Coinbase have significant exposure to the bank.
Coinbase had around $240 million in corporate funds at Signature, while Paxos has $250 million.
What will happen to their investments? More importantly, what will this acquisition mean for the metaverse as a whole?
