Tech’s season of broken banks is in full swing. benpimentel has the latest in his ExTech newsletter.
Tech’s season of broken banks began with Silvergate, the crypto bank that had been teetering for months. Then came the sudden, shocking meltdown of Silicon Valley Bank, the startup world’s go-to bank for four decades. A third failure, Signature Bank, another key crypto player, was unceremoniously shut down by the feds on Sunday.
Times have gotten even more stressful for startups. The party had been over for months, as tech companies posted slower growth, triggering mass layoffs, as VCs also pulled back. Suddenly, tech startups also have to worry about where they keep their money. • And which was uglier? “OK, in this beauty contest, I would say Silvergate is uglier because there's the whole exposure to fraud, a fraudulent scheme like FTX. That's ugly.” And it could get uglier.
• Garry Tan, president of Y Combinator, the Mountain View startup incubator, warned that if the government doesn’t do something, “a whole generation of startups will be wiped off the planet.”
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