SVB Financial files for Chapter 11 Bankruptcy as Bitcoin, cryptos see green

ambcrypto.com:

On one hand, Bitcoin (BTC) and other cryptocurrencies have started to thrive in the market. On the other hand, the picture is quite the opposite as far as the traditional banking system in the United States is concerned.

Amidst the collapse of the banking system, SVB Financial group has announced that it is commencing bankruptcy proceedings.According to SVB, this is being done in order to “preserve value.”Read Bitcoin [BTC] Price Prediction 2023-24Notably, the press release made it clear that the group is no longer related to Silicon Valley Bank, which was associated with crypto-entities.

This, because the failed bank’s dealings are handled by the Federal Deposit Insurance Corporation (FDIC). Due to this, the bank will not be participating in the financial group’s bankruptcy proceedings.The Chapter 11 filing was registered in the United States bankruptcy court for the Southern District of New York.

In a press release, the firm also claimed that SVB Securities and SVB Capital’s funds and general partner entities are not included in this filing as they are legally separate from the group.As far as its present financial standing is concerned, the group said its current liquidity stands at around $2.2 billion.