Two days later, Santa Clara, California-based Silicon Valley Financial institution (SVB), a go-to establishment for venture-backed tech startups, was taken over by the California Division of Monetary Safety and Innovation, which stated the agency had “insufficient liquidity and insolvency.” This previous Sunday, New York-based Signature Financial institution was closed by state regulators in what they referred to as an effort “to guard buyers.” Like Silvergate, Signature Financial institution operated its personal real-time funds platform, Signet.
