Agoric OpCo and SVB

General
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The US banking industry is currently facing additional turmoil (from non-crypto sources) due to the failure of SVB. Like many companies within the technology sector and blockchain industry, Agoric OpCo has used SVB for business operations. However, we have we have deliberately diversified across multiple institutions, custody providers, and USD-backed assets to manage our financial risks and ensure our financial stability.

We are in a healthy financial position and are continuing to build software for the Agoric network. However, we understand the importance of maintaining financial security and are actively seeking new banking relationships to further safeguard our stability.

We send our sympathies to companies and employees who have been more directly impacted by these recent events. We appreciate all your continued support and contributions to the Agoric community and ecosystem.

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Thanks for keeping the community updated @dtribble.

It is comforting to hear that Agoric OpCo thinks as deeply about financial risk as it does about risks related to software vulnerabilities.

I’m sure i speak for the rest of the community when I say that we are here for the long haul. You’ll have our continued support through the good times as well as the bad.

Thoughts going out to everyone affected during this time though.

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