*Note on banking security
Giftbit is not changing our banking information for incoming wires. With the failure of SVB, many businesses will be changing their information. Please be cautious of potential threat actors and fraud attempts.
What is happening?
On Friday March 10th, the Federal Deposit Insurance Corporation (FDIC) announced that Silicon Valley Bank (SVB) was being placed into receivership as depositors rushed to withdraw money due to anxieties over the bank’s health.
The SVB is known to serve technology startups and venture capital based companies. Some of these companies are now unable to pay their workers and are facing collapse.
Is Giftbit affected?
Giftbit is not a client of SVB and is therefore not directly impacted by this crisis. We are closely watching this emerging and dynamic situation and its potential impact on our customers, vendors and banking partner.
How is Giftbit responding?
The executive team is working with institutional investors, Techstars, and others, to help assess how to navigate and protect against this dynamic emerging situation.
If you have any questions about security at Giftbit, check out this page, or reach out to info@giftbit.com
