Share to Twitter Share to Linkedin Esteban Castaño TRM LABS Reported by Nina Bambysheva, Michael del Castillo and Steven Ehrlich The cryptophiles are settling into the realities of a bear market, but their recent triumphs should not be lost. A record nine cryptocurrency-focused companies made it onto this year’s Forbes Fintech 50 list–an honor roll of the most innovative private companies in fintech. Collectively, these nine trailblazers have raised $6.5 billion in venture capital, with the lion’s share of that coming within the past 12 months. Leading the pack is billionaire Sam Bankman-Fried’s crypto exchange FTX, which raised $1.5 billion in private funding last year alone, jolting its valuation from $1.2 billion to $25 billion. A $500 million raise this past January took its valuation to $32 billion, making it the third most valuable private fintech headquartered or doing business in the U.S. With its rapidly growing U.S. … [Read more...] about The Future Of Crypto And Blockchain: Fintech 50 2022
Credit suisse first boston
Big money captivated by banking drama as investors brace for more turmoil
NEW YORK/BOSTON – Hedge funds managers and other large investors believe it is far too soon to call an all-clear on turmoil in the global financial sector even after more than a week of financial lifelines, central bank assurances and a massive banking rescue deal. In the past two weeks, two U.S. banks have collapsed, America’s biggest lenders agreed to deposit $30 billion in another ailing firm, First Republic Bank, Credit Suisse Group AG needed a lifeline and at the end of a frenetic weekend agreed to be taken over by UBS. Michael A. Rosen, chief investment officer of Santa Monica-based adviser Angeles Investments, said the UBS-Credit Suisse deal eliminated one potential source of instability, but fundamental problems in the banking system remained, mainly tight monetary policy. “So maybe one hole in the wall has been plugged, but the water’s rising,” he said. One hedge fund manager described trades in the financial sector as being “all over the map”, with nobody agreeing on … [Read more...] about Big money captivated by banking drama as investors brace for more turmoil
Growing 90%, Raleigh-Based First Citizens Buys Assets Of Silicon Valley Bank
Share to Twitter Share to Linkedin The Federal Deposit Insurance Corporation (FDIC) sold a chunk of Santa Clara, Calif.-based Silicon Valley Bank to Raleigh, North Carolina’s First Citizens Bancshares. First Citizens' very rapid growth and its relative lack of experience in working with venture-backed startups raise questions about how well this merger will work. Here are the highlights of the deal: The FDIC took over SVB on March 10 creating Silicon Valley Bridge Bank (SVBB) “after clients withdrew $42 billion in a single day,” according to CNN . On March 26, the FDIC announced a deal to sell part of SVB to First Citizens, which ended 2022 with $111 billion in assets — a whopping 90% increase from the year before. First Citizens will take on “$119 billion in SVB’s deposits and about $72 billion of SVB’s loans at a [23%] discount of $16.5 billion,” according to the FDIC. First Citizens will not acquire about $90 billion of SVB’s … [Read more...] about Growing 90%, Raleigh-Based First Citizens Buys Assets Of Silicon Valley Bank