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New York
CNN
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The collapse of Silicon Valley Bank earlier this month dealt a major blow to the wine and crypto firms that had entrusted their money with the lender and depended on it to stay afloat.
However, it also gave the fine wine and crypto industry a big boost as panicking investors rushed out of the financial sector and into alternative assets.
Bittersweet banking: SVB lent over $4 billion to winery clients since 1994, with over 400 wine industry clients (including wineries, vineyards and vendors) working with the bank’s premium wine division, according to the bank’s website.
Recent SEC filings, meanwhile, indicated SVB had about $1.2 billion in outstanding…
2023-03-30 05:59:11
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