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SVP Bank collapse comment

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Bradley Duke, co-CEO at the digital assets ETP provider ETC Group, has commented on the collapse of Silicon Valley Bank. It has been widely reported today that the US government has stepped in to protect depositors of the collapsed Silicon Valley Bank, and HSBC has purchased the lender’s UK arm.

Duke feels this is a positive result for both traditional and crypto investment sectors, commenting: “The announcement by the U.S. Treasury, Federal Reserve and Federal Deposit Insurance Corporation that from today all depositors at Silicon Valley Bank (SVB) will have access to all their money reassures both traditional and crypto markets. Furthermore, it means that Circle, the issuer of the popular Stablecoin USDC, which holds part of the USD backing the coin at SVB, is now out of the woods, which is a huge positive for the crypto world.”

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