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Silicon Valley Bank, a bank specializing in financing technology companies, has just gone bankrupt. This news was shocking for the entrepreneurial community. Silicon Valley Bank (SVB) is known for its important role in supporting the emergence of startups in California and around the world.
The reasons for the bankruptcy of the banking institution are still unknown, but it could be due to the increased competition in the specialized banking sector Tech companies have also seen slower growth over the past year, which likely affected SVB’s financial health.