Following SVB's collapse, Circle and Sequoia Capital's billion-dollar deposits are under scrutiny. Could US regulators consider raising the $250K insurance limit for all depositors?
Stablecoin issuer Circle and venture capital firm Sequoia Capital were reportedly among the top 10 depositors at the collapsed crypto-friendly Silicon Valley Bank in March.documents suggesting that Circle, Sequoia and others were covered for deposits in the billions of dollars. The Federal Reserve announced following the SVB collapse that it would work with the FDIC to make both insured and uninsured depositors whole — in most situations, the FDIC only insures up to $250,000 per depositor.
Circle reportedly held roughly $3.3 billion in deposits, while Sequoia had roughly $1 billion. Other major depositors included Silicon Valley Bank itself, SVB Financial Group, biotechnology research firm Altos Labs and Kanzhun Limited, a China-based company behind a major online recruitment platform.
WHOA. The FDIC accidentally posted an un-redacted document showing that the big VC firm Sequoia had $1 billion on deposit at SVB when it collapsed
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