You may be aware that in the US, the Federal Deposit Insurance Corporation (FDIC) has announced that Silicon Valley Bank (SVB) is in receivership.
BOXX has no material exposure to Silicon Valley Bank.
We work with a Canadian Tier One bank that provides the majority of our operational banking requirements including foreign exchange (FX) liquidity and transaction services for the USA.
We are taking the precaution of limiting any financial dealings through SVB in the USA and believe this will have limited to no impact on our clients.
SVB UK announced its sale to HSBC today.
Our team is available if you have any questions.