Bank Of London Makes Bid For Silicon Valley Bank UK Subsidiary, While Bitcoin, Ethereum And USDC Rebound

Bank Of London Makes Bid For Silicon Valley Bank UK Subsidiary, While Bitcoin, Ethereum And USDC Rebound

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The Bank of London submitted an official offer on Sunday to acquire UK subsidiary of Silicon Valley Bank BLIMS.

The offer was presented by a group of important private companies capital companies led by bank of london.

In a published statement, Bank of London confirmed the submission of the proposal and the consortium’s intention to acquire Silicon Valley Bank UK.

“A consortium of leading private equity firms, led by the Bank of London, confirms that it has submitted formal proposals to Her Majesty’s Treasury, the Bank of England Prudential Regulation Authority and the Board of Silicon Valley Bank UK,” it reads. in the statement. .

He Federal Deposit Insurance Corporation (FDIC) had started an auction process for Silicon Valley Bank on Sunday morning, with final bids for the bank expected to come in late afternoon. A final decision has not yet been made, and it remains possible that no deal will be reached.

Also read: CZ speculates on government plot to liquidate banks; Circle responds to the fall of SVB

With the auction underway, the Bank of London emerged as a potential suitor, submitting a bid just before the auction closed.

In other news, following a sharp drop on Friday amid concerns about the collapse of Silicon Valley Bank, Bitcoin USD/BTC and Ether EUR/USD experienced a rally of about 4% in the last 24 hours.

Circle, the issuer of USD currency USDC/USDinitially contributed to the distribution of risks to the cryptocurrency markets, after the company shared that it had been exposed to the bank. Still, Bitcoin managed to break above the $21,000 mark on Saturday, while Ether broke above $1,541, sharing early indications of market stabilization. Both tokens had previously dipped below strong resistance levels on Friday.

Similarly, Polygon MATIC/USD experienced an increase of more than 6%, while bnb (CRYPTO BNB) was trading more than 3% as of Sunday.

By contrast, other cryptocurrencies have not shown similar gains, suggesting that traders are unwilling to take risks with lesser-known tokens at this time.

Read next: JPMorgan Predicts Imminent Disaster for Crypto Market Following Silvergate Shutdown

Photo: Shutterstock

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