• The US Federal Deposit Insurance Corporation (FDIC) is looking to make another attempt at auctioning assets of collapsed Silicon Valley Bank (SVB).
• FDIC has more flexibility to sell SVB’s assets after regulators labeled the bank’s collapse a threat to the financial system.
• California regulators shut down SVB on March 10, and HSBC UK Bank acquired the lender’s UK subsidiary for just £1 ($1.21).
FDIC Plans Second Auction For Collapsed SVB
The US Federal Deposit Insurance Corporation (FDIC) is making another attempt at auctioning off the assets of the collapsed Silicon Valley Bank (SVB). After regulators declared that the bank’s collapse was a threat to the financial system, it gave FDIC more room to offer incentives such as loss-sharing agreements for potential buyers.
California Regulators Close Down SVB
California regulators shut down SVB on March 10th, and FDIC took control of its assets in order to protect insured depositors. The agency created Deposit Insurance National Bank of Santa Clara (DINB), and transferred insured deposits of SVB to DINB. All insured depositors were able to have access to their funds by March 13th.
First Auction Attempt Fails
The FDIC started auctioning process of SVB’s assets on March 11th, but failed to find a buyer for it by the next day, when bids were due. Major US banks did not offer any bids for the lender, while an offer from another institution was also rejected by FDIC.
HSBC UK Banks Acquires SVBs UK Subsidiary
Following this failure, HSBC UK Bank acquired SVBs UK subsidiary for just £1 ($1.21). United States President Joe Biden also said that US taxpayers would not bear losses resulting from collapse of both SVB and Signature Bank.
Timetable For Next Auction Unknown
A set timetable for the next auction remains unknown at this time as FDIC plans its second attempt at selling off assets of collapsed Silicon Valley Bank (SVB).
• CAR BAR, an electric car rental platform using non-fungible tokens (NFTs), has been launched in Dubai.
• The daily rates offered by CAR BAR are between 30 and 40% cheaper than traditional car rental services.
• NFT holders will be able to rent Tesla cars and have the option of selling their rights to third parties for a profit.
CAR BAR Launches in Dubai
CAR BAR, an electric car rental platform powered by non-fungible tokens (NFTs), has been launched in Dubai. According to Yaroslav Shakula, the CEO of Yard Hub, this platform is a novel use case for NFTs that aims to further mass adoption of web3 technologies. The daily rates offered through CAR BAR are between 30 and 40% cheaper than traditional car rental services in the UAE.
Renting Luxury Electric Cars with NFTs
To purchase the NFTs from CAR BAR, users must be over 23 years old and hold a valid UAE or international driving license. From Mar 6 to May 31, people can rent three Tesla varieties (Model 3 Standard, Model 3 Performance or Model Y) from one of their rental partners in Dubai once they reserve them three days prior and submit relevant documents including their driving licenses. All vehicles rented will be fully insured.
NFT Holders Can Make Profits
In addition to being able to rent luxury electric cars at discounted prices, holders of CAR BAR’s NFTs will also have the option of selling their rights to third parties for a profit in marketplaces that support Polygon-based NFTs.
Increasing Calls To Preserve The Environment
With increasing calls to preserve the environment, owning a car is becoming unsustainable in big cities such as Dubai – thus encouraging more people towards sustainable transport solutions like car sharing services which offer comfortable travel without adding extra emissions into our atmosphere.
CAR BAR provides users with premium access to discounted luxury electric car rentals while also giving them an opportunity make profits from tokenized rights via marketplaces that support Polygon-based NFTs – all while adhering to sustainability measures set out by governments around the world for protecting our environment!