Explained: Silicon Valley Bank (SVB) Crisis
Central idea: The shutdown and takeover of Silicon Valley Bank (SVB) by US regulators has raised questions on how it impacts India’s startup industry. It was an important partner for the global startup economy. Silicon Valley Bank (SVB) It is a financial institution that provides banking services to the technology industry and venture capital firms. Founded in 1983, it has since become the go-to bank for startups and entrepreneurs in Silicon Valley and beyond. It is unique in that it understands the specific needs and challenges of the tech industry, and provides a range of services that cater to startups, including loans, deposits, and investment management. It has become a critical player in the startup ecosystem, providing funding and financial services to many of the world’s most successful startups, including Tesla, Uber, and LinkedIn. What is SVB crisis? SVB Financial Group runs one of the largest American commercial banks – Silicon Valley Bank. Last week...