Major cybersecurity companies and startups appear to have contained their risk from the sudden collapse of Silicon Valley Bank over the weekend.
CrowdStrike said in a statement Friday that 90% of the company's funds are "held in large global institutions."
GroupSense CEO Minder told Axios his company was able to access its SVB funds on Monday and moved them to a larger banking institution."If the government hadn't come forward and backstopped like they did, it would have made our life pretty difficult," Minder told Axios.While it's unclear how many cyber companies were SVB customers, some notable names have been linked to the firm,Cloud-based data analytics firm Sumo Logic had a credit line open with SVB and borrowed $24.
Boston-based Rapid7 was also a longtime customer of the bank: In March 2020, Rapid7 CEO Corey Thomas wasNeither company responded to Axios' requests for comment.Minder is now worried about the long-term impact SVB's collapse will have on available venture capital funding as limited partners potentially pull back on their investments.What's next:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
Read more »
Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government?
Read more »
Crypto-friendly Signature Bank shut down by regulators, after collapses of Silicon Valley Bank, SilvergateState authorities closed Signature Bank Sunday, after Silicon Valley Bank was shut down by regulators on Friday in the biggest bank failure since the 2008...
Read more »
U.S. Treasury says Silicon Valley Bank, Signature Bank 'not being bailed out'New policies adopted on Sunday by U.S. banking regulators will 'wipe out' equity and bondholders in Silicon Valley Bank and Signature Bank of New York while protecting all customer deposits, a senior U.S. Treasury official said.
Read more »
Second Bank Shuttered by Regulators After Silicon Valley Bank’s CollapseSignature bank, a titanic figure in the crypto industry, was shut down by New York’s state chartering authority Sunday. It was the second U.S. bank to shutter in the past week.
Read more »
Regulators close New York's Signature Bank following Silicon Valley Bank collapseThe New York Department of Financial Services announced on Sunday that it has taken possession of Signature Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as the bank's receiver.
Read more »