List of Crypto Organizations Affiliated with Silicon Valley Bank

Silicon Valley Bank’s collapse impacts not only the traditional financial market but also the cryptocurrency field. According to AZCoin News, the California state government and the US Federal Deposit Insurance Corporation (FDIC) decided to close and seize the assets of Silicon Valley Bank. The bank had $212 billion in assets as of Q4 2022.

Most of the organizations affected by SVB are investment funds and tech startups. However, some cryptocurrency companies have acknowledged the impact of this event. Here is the list of affected companies from the US bank’s collapse.


Circle, the issuer of the stablecoin USDC, is one of the most affected organizations from SVB. As AZCoin News reported, the company chose SVB to deposit $3.3 billion in cash to secure USDC. The project is currently waiting for a solution from the federal government. The collapse of SVB caused investors to switch from USDC to other stablecoins, causing the USDC rate to drop to $0.87. In the past 24 hours, Circle has burned over 2.34 USDC in the redemption process. Previously, Circle also cut ties with Silvergate, a bank that ceased operations on Wednesday (March 8th).

As the second-largest stablecoin in the market, the depeg of USDC heavily affects other stablecoins that are collateralized by USDC. FRAX, the stablecoin from Frax Finance, has the highest USDC collateral ratio, at 92%. DAI, from MakerDAO, also has 48.3% of reserves in USDC.


BlockFi, a lending platform, is the first name on the list. According to AZCoin News, the company filed for bankruptcy following the collapse of the FTX exchange. BlockFi’s bankruptcy process reported that more than $227 million of the company’s assets were held in SVB. However, this money was not insured by the FDIC because it was in a currency market fund.

BlockFi had previously suspended withdrawals and was offered a $250 million credit line by FTX in June 2022.

Yuga Labs

Yuga Labs, the company behind the popular NFT collection Bored Ape Yacht Club, is also affected by SVB. However, Grey Solano, co-founder of Yuga Labs, said the impact of the incident is limited, but Yuga has not been able to determine a specific number.


Proof, another leading company in the NFT space, seems to be more affected. Kevin Rose, co-founder of Proof, said the company had deposited money in SVB.

“Proof holds cash at SVB. However, we have diversified our portfolio into various assets such as ETH, stablecoins, and fiat currency,” the company said in a statement.

Although Proof did not provide a specific number, the project affirmed that it would not affect customers’ assets.


Currently, the investment fund has not revealed a specific number. However, in a report sent to the SEC on March 2nd, the company mentioned the aforementioned bank as one of three supervisors of its funds.

Pantera is considered one of the world’s largest investment funds. In 2022, the fund raised $1.3 billion in investments in blockchain projects.


The Avalanche Foundation, the organization behind the development of the Avalanche network, has announced that they have $1.6 million in Silicon Valley Bank.

This figure is relatively modest compared to other organizations, while AVAX, the token of Avalanche, is valued at approximately $4.84 billion in the market.

“We want to confirm that Avalanche Foundation is not affected by Silvergate and only has $1.6 million in SVB. We are sorry to hear about SI and SVB,” Avalanche stated.

Nova Labs

Nova Labs, the company behind the Helium decentralized internet network, also announced its situation related to SVB on March 10.

“Nova Labs has some money trapped in SVB, but most of its assets are held in other organizations,” said Amir Haleem, CEO of Nova Labs. After Silvergate, SVB’s collapse is a major event that affects the cryptocurrency market. AZCoin News will continue to update the list of projects affected by SVB as soon as possible.

Following the collapse of Silvergate, the collapse of SVB has had a significant impact on the cryptocurrency market. AZCoin News will continue to update the list of projects affected by SVB as soon as possible.

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