What a stunning week of news this was. If I had told you last weekend that Silicon Valley Bank would be out of business within a week you would not have believed me. But it has happened. The 16th largest bank in America and the leading bank (by far) for fintech companies was shut down by the California Department of Financial Protection & Innovation and the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB) to wind down the bank. Here are what I consider to be the top ten fintech news stories of the past week.
Amazon To Reportedly Launch NFT Marketplace Next Month from The Defiant – Amazon is going to launch a NFT marketplace next month but it is being built to compete with the likes of Open Sea or Rarible. The platform won’t support crypto assets and will only accept credit or debit cards for payment. There will be 15 NFT collections for sale upon launch.
Note: We have created a breaking news page for the Silicon Valley Bank news and will be updating it as developments happen over the weekend and into next week.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.