Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
The U.K. government has announced that Silicon Valley Bank’s (NASDAQ:SIVB) British arm has been sold to HSBC Holdings Plc. (NYSE:HSBC).
What Happened: The Treasury said in a statement, “Customers of SVB UK will be able to access their deposits and banking services as normal from today.” The Bank of England, in consultation with the Treasury, has facilitated this transaction using powers granted by the Banking Act 2009, stated the Treasury.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
See Also: Over 100 Investors Unite And Sign Statement In Support Of 'Trusted And Long-Time Partner' Silicon Valley Bank
The statement added, “No taxpayer money is involved, and customer deposits have been protected.”
HSBC, in a separate statement, said that its UK ring-fenced subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Limited for £1 ($1.21).
Noel Quinn, the CEO of HSBC Group, said, “This acquisition makes excellent strategic sense for our business in the UK,” and added, “SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC.”
Why It's Important: The deal comes in the wake of the collapse of Silicon Valley Bank, a subsidiary of SVB Financial Group on Friday, following which the Federal Deposit Insurance Corp. assumed control of the bank.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.