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Last week was eventful in the finance world. Amid growing concerns over bank meltdowns and the Federal Reserve's plan to convert dollars into digital currency, there were a few very significant developments.
First, Silicon Valley Bank UK gave millions of pounds in bonuses to its employees, just after being rescued by HSBC for a nominal £1. This move has generated criticism and controversy as many believe that the bank should have used the money to stabilize its finances. Then we saw midsize banks in the US ask for government insurance on all deposits for two years, to protect against potential losses due to increasing bank failures.
In other news, the well known XRParcade, an XRP Centric News website dedicated to XRP cryptocurrency news and updates, announced that it will be shutting down. The reason cited was the high costs associated with maintaining the site.
A Massive $1 Million BET offered by entrepreneur and investor Balaji Srinivasan that the price of Bitcoin will increase in the next 90 days. He has set impressive odds of 40:1, given his belief that hyperinflation could render the US dollar nearly worthless.
The latest developments over the past weeks have raised concerns over the stability of traditional banking and the potential of cryptocurrency to replace money in the future - could it be XRP!
Bonuses for a job well done!😑😑
Silicon Valley Bank UK (SVB UK) has granted millions of pounds in employee bonuses, just days after it was rescued by global banking giant HSBC for just 1 British pound, according to unnamed sources.
US midsize banks seek FDIC Insurance on ‘all deposits’ for 2 years: Report
The time to sunset XRParcade has come. Keeping the site up-to-date takes great effort and has proven to be a tedious task while maintaining it is a costly endeavor. A great thank you to the community for embracing XRParcade and a shoutout to @stefanosdeme for his support.