> Sequoia Capital, the world’s most prominent venture-capital firm, got covered the $1 billion it had with the lender. Kanzhun Ltd., a Beijing-based tech company that runs mobile recruiting app Boss Zhipin, received a backstop for more than $900 million.
My lord some of these clients are actual investment firms.
Why the hell is Sequoia hanging on to a billion in cash? I can't imagine cash flow is an issue when you've got those kinds of numbers. They can't find overnight lenders instead of keeping it under SVB's mattress?
> Crypto stablecoin company Circle Internet Financial Ltd. previously disclosed its SVB deposits ... The document listed it as SVB’s biggest depositor with a balance of $3.3 billion.
just when you thought the government was anti-crypto
My lord some of these clients are actual investment firms.
Why the hell is Sequoia hanging on to a billion in cash? I can't imagine cash flow is an issue when you've got those kinds of numbers. They can't find overnight lenders instead of keeping it under SVB's mattress?