Market - Optimisus

Ark Invest, the investment firm headed by Cathie Wood, has invested around $6.4 million in Block shares

1 week ago 1 min read

Ark Invest Buys Block Shares Worth $6.4 Million Across Multiple Funds

Ark Invest, the investment firm headed by Cathie Wood, has invested around $6.4 million in Block shares across three of its funds. According to its latest trade filing, Ark Invest added a total of 92,165 Block shares on Monday, with 77,991 shares going to the Ark Innovation ETF, 13,170 shares to Ark Next Generation Internet, and 1,004 shares to the Ark Fintech Innovation ETF. Block’s shares closed down about 2.2% on Monday, ending the day at $69.46. Block, which was founded by Jack Dorsey, recently sought feedback from developers for its bitcoin “mining development kit.” The company believes that the

Biden's vow to bring those behind SVB and Signature Bank collapse to justice

1 week ago 1 min read

Biden promises justice for victims of SVB and Signature Bank collapse

On March 12, 2023, the New York District of Financial Services took possession of Signature Bank and announced the closure of Silicon Valley Bank to protect the US economy and strengthen public confidence in the banking system. This move was met with praise from US politicians, including President Joe Biden, who tweeted that he was pleased with the solution that protects workers, small businesses, taxpayers, and the financial system. Biden also vowed to hold accountable those responsible for the collapse of the banks while reassuring Americans that their deposits are safe. He added that he would have more to say

Investor David Sacks: Second Regional Bank Experiences Bank Run Following SVB Collapse

1 week ago 1 min read

Investor David Sacks: SVB Collapse Triggers Bank Run at Another Regional Bank

Former PayPal executive and tech investor David Sacks has revealed that another bank run is underway at a second regional bank, following the sudden collapse of Silicon Valley Bank. In an interview with UnHerd, Sacks stated that he knew of at least one other bank that was facing mass withdrawals from corporate clients. While Sacks declined to name the bank in question, he stated that there were other regional banks whose stocks had dropped by 20% on Thursday and Friday, indicating that the market was throwing the question of whether the SVB problem would spread. Sacks also noted that the

1 week ago 1 min read

Coinbase CEO Considers Adding Banking Features Amid Silicon Valley Bank Turmoil

The cryptocurrency industry has been rocked by the closure of three major American banks, including Silicon Valley Bank (SVB), which has traditionally served startups across several innovation sector industries. The closure of SVB was particularly devastating, as USD Coin (USDC) issuer Circle had over $3.3 billion of its $40 billion reserves locked up in the bank. The news caused shockwaves through the industry, with the USDC stablecoin briefly losing its $1 peg. Given the tumult of the past few days, the cryptocurrency ecosystem is now taking a closer look at ties to traditional finance institutions that serve fiat currency deposits,

Ministers Call on EU Merchants to Adopt Digital Euro Payment Options

1 week ago 2 mins read

EU Ministers Urge Merchants to Embrace Digital Euro Payments

Merchants in the euro area may soon be required to accept the digital euro as legal tender, according to a recent development in the world of finance. The move is said to be in response to the increasing demand for a cashless payment system, which has been fueled by the COVID-19 pandemic. The proposal, which was presented to finance ministers in a paper seen by CoinDesk, suggests that giving the central bank digital currency (CBDC) the same status as banknotes and coins would mean payments legally discharge obligations to pay. The paper goes on to state that with mandatory acceptance

Federal regulators have closed Signature Bank

1 week ago 1 min read

Signature Bank Collapses, Prompting Federal Authorities to Take Action

In another blow to the US banking industry, Federal regulators have closed Signature Bank, citing systemic risk. The closure comes after Silicon Valley Bank’s closure sparked fears across the country. The Federal Reserve expressed concerns about the systemic risks posed by the crypto-focused bank, marking the latest bank to be shut down. The Federal Deposit Insurance Corporation (FDIC) has announced that it will make all depositors of Signature Bank whole. The move is a bid to protect the country’s economy, with regulators seeking to strengthen public confidence in the banking system. They are confident that measures taken after the 2008

acquisition of Silicon Valley Bank U.K. for £1 ($1.21).

1 week ago 1 min read

Silicon Valley Bank’s UK Unit Sold to HSBC Subsidiary for Nearly Nothing

HSBC U.K. Bank, the ring-fenced subsidiary of HSBC Holdings Plc (HSBA), has announced its acquisition of Silicon Valley Bank U.K. (SVB U.K.) for £1 ($1.21), according to a filing. SVB U.K. had loans worth approximately $6.6 billion and deposits worth around $8.1 billion as of March 10, as per the filing. This acquisition is expected to provide strategic benefits to HSBC’s commercial banking franchise and enhance its ability to serve innovative and fast-growing companies, particularly in the technology and life-science sectors, in the U.K. and beyond, said Noel Quinn, HSBC Group CEO. The sale, which was announced on Monday, was

The Bank of England has stopped the operations of Silicon Valley Bank’s U.K. branch

1 week ago 1 min read

Bank of England orders Silicon Valley Bank’s UK branch to close

The Bank of England (BoE) has stopped the operations of Silicon Valley Bank’s U.K. branch (SVB UK), stating that it has a limited presence in the UK and no critical functions supporting the financial system. The bank regulator issued a statement on March 10, announcing that SVB UK will stop making payments or accepting deposits as it seeks to place the bank into a Bank Insolvency Procedure. The move comes on the same day that the California Department of Financial Protection and Innovation ordered the closure of Silicon Valley Bank (SVB) in the United States. BoE explained that a bank

The Federal Reserve and the FDIC have been at the forefront of discussions regarding the future of Silicon Valley Bank.

1 week ago 2 mins read

Potential Silicon Valley Bank Collapse Raises Concerns for U.S. Regional Banks

The Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) have been at the forefront of discussions regarding the future of Silicon Valley Bank. Former Bridgewater executive and CEO of investment firm Unlimited, Bob Elliot, warns that decisions made regarding SVB could have far-reaching effects on regional banks throughout the United States, putting trillions of dollars at risk of a bank run. In a recent Twitter thread, Elliot shared that nearly a third of all deposits in the US are held in small banks, with around 50% of these deposits being uninsured. While the FDIC insures small deposits in all

2 weeks ago 1 min read

Federal Reserve Failing to Reign in Corporate Greed, Economist Warns

Samuel Rines, Chief Economist of Corbu LLC, has voiced his concerns about companies using macroeconomic events to test consumer tolerance to price increases. Rines believes that this strategy could make the Federal Reserve’s hawkish policy meaningless, and investors who rely too much on U.S. economic data may be following a false narrative. Rines cited examples such as PepsiCo, which used its 4% Russian revenue loss from the Ukraine war to justify double-digit price increases. Rines argues that competitors Coca-Cola, Dr. Pepper, and Snapple followed suit. In addition, the aviation-themed chicken wing chain Wingstop raised the cost of their food using

2 weeks ago 1 min read

Zero-Knowledge Crypto Firm Proven Raises $15.8M in Initial Funding Round

Proven, a zero-knowledge (ZK) proof developer for exchange and asset management clients, has secured $15.8 million in seed funding. Led by crypto-focused venture capital firm Framework Ventures, the round also saw participation from Balaji Srinivasan, Roger Chen, and Ada Yeo. The capital will be used to expand the Proven team and scale infrastructure. Proven’s technology leverages ZK proofs and quantitative solutions, enabling asset managers, stablecoin issuers, exchanges, and custodians to prove their assets and liabilities to potential customers and regulators without publicly disclosing sensitive information. The company’s “Proof of Solvency” can be run daily for increased transparency. Following a year

The U.S. DOJ has filed an appeal challenging the decision of a New York bankruptcy judge to allow Binance.US to acquire Voyager Digital

2 weeks ago 1 min read

U.S. Government Opposes Voyager’s Sale to Binance.US

The U.S. Department of Justice (DOJ) has filed an appeal challenging the decision of a New York bankruptcy judge to allow Binance.US to acquire the assets of bankrupt crypto lender, Voyager Digital. The appeal was filed by the U.S. Trustee’s Office, which oversees bankruptcies, just one day after Judge Michael Wiles approved the deal following a contentious, four-day-long hearing. Regulators, including the U.S. Securities and Exchange Commission (SEC), have opposed the acquisition, with the SEC arguing that Binance.US may be violating federal securities laws by operating an unregistered securities exchange in the U.S. However, Judge Wiles appeared unmoved by the