Silicon Valley Bank received support from more than 100 VCs and investors including Sequoia Capital

ChainCatcher news, according to Bloomberg News, more than 100 venture capital and investment firms have signed a statement in support of Silicon Valley Bank, which is part of a growing industry call to reduce the impact of Silicon Valley Bank’s failure and prevent technology companies from An “extinction-level event” occurred. About 125 venture capital firms, including Sequoia Capital, had signed on to the statement as of Saturday afternoon San Francisco time, led by venture capital firm General Catalyst, according to a person familiar with the matter. The statement was first released last Friday by a small group of signatories. The statement called the events of the past two days “deeply disappointing and concerning” and said investors would continue their relationship with the agency should it be acquired by another entity. Also on Saturday, startup incubator Y Combinator released a petition signed by hundreds of founders and CEOs to U.S. Treasury Secretary Janet Yellen and other regulators demanding “relief and attention to small business , start-ups and their employees as bank depositors have a direct and significant impact”. The petition calls for a crackdown on small businesses depositing money with Silicon Valley banks and asks Congress to “reinstate stricter regulatory and capital requirements” for regional banks. (source link)

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