World-renowned businessperson Elon Musk said on Twitter that he is open to the idea of buying Silicon Valley Bank (SVB).
Elon Musk May Buy Silicon Valley Bank
After Silvergate Capital, on Friday, March 10, California Banking regulators announced the closure of the Silicon Valley Bank (SVB) Finance Group. While the shutdown of Silicon Valley Bank is recorded as the biggest banking bankruptcy since the 2008 crisis, developments are emerging on the other hand.
As the developments unfolded, Min Liang Tan suggested on Twitter that Twitter should buy Silicon Valley Bank and turn it into a digital bank. Interestingly, Elon Musk responded to this tweet with, “I’m open to the idea”
The Mission to Make Twitter the Largest Financial Institution
While there is no clarity on what Elon Musk’s plans for Silicon Valley Bank (SVB) will be, Musk is keen to turn everything into an X app for Twitter. It could also be very significant for the world-famous businessperson to acquire SVB and make its banking infrastructure ready. Elon Musk recently shared his mission to make Twitter the largest financial institution.
In an interview with Morgan Stanley executive Michael Grimes earlier this week on March 7, Musk said: “I think it’s possible to become the biggest financial institution in the world, just by providing people with convenient payment options.”
Silicon Valley Bank’s Risk to the Crypto Sector
Following the closure of SBV, the Ripple effect is likely to spread throughout the crypto industry, with stablecoin issuer USDC (oğuz’un yazının linkini ver) being among the main ones affected by this crisis.
On the other hand, stablecoin issuer Tether confirmed that it had not been exposed to SBV in any way.
Also, some of the players in the blockchain area with links to SVB are Blockchain Capital, Castle Island Ventures, Dragonfly, and Pantera.
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