Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Huuuge Inc said over the weekend that it held roughly 10% of its cash and securities at the suddenly collapsed Silicon Valley Bank (SVB).

The company also said it had sufficient resources to meet shorter-term cash requirements.

According to the US-registered mobile games developer, it had nearly $237 million of cash and securities as of March 10th, $24.2 million of which it held at SVB.

Huuuge said that the remaining balance of its cash and cash equivalents was held at “several large reputable financial institutions.”

The abrupt collapse of startup-focused Silicon Valley Bank last Friday became the largest bank failure in the US since the 2008 financial crisis, as it left billions of dollars of deposits stranded.

The bank was closed by California banking regulators on Friday, while the Federal Deposit Insurance Corporation was appointed as receiver for later disposition of SVB’s assets.

The Santa Clara-based SVB Financial Group was the 16th largest lender in the United States at the end of 2022, with its total assets standing at $209 billion.

US authorities said SVB clients would have access to all their deposits as soon as Monday.

The shares of Huuuge Inc (HUGP) were last retreating 2.48% on Monday to trade at PLN 28.30 in Warsaw, while extending the loss from Friday.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: USD/CAD daily trading outlookForex Market: USD/CAD daily trading outlook Friday’s trade saw USD/CAD within the range of 1.3501-1.3566. The pair closed at 1.3513, shedding 0.13% on a daily basis. It has been the 18th drop in the past 39 trading days and also a third consecutive one. In addition, the daily low has […]
  • Forex Market: EUR/USD daily trading forecastForex Market: EUR/USD daily trading forecast Yesterday’s trade saw EUR/USD within the range of 1.2683-1.2765. The pair closed at 1.2734, gaining 0.28% on a daily basis.At 8:54 GMT today EUR/USD was down 0.07% for the day to trade at 1.2727. The pair touched a daily low at 1.2724 at […]
  • US stock-index futures advance before debt talkUS stock-index futures advance before debt talk U.S. stock-index futures soared, arguing that the Standard & Poor’s 500 Index will move up after declining significantly yesterday, as lawmakers planned to resume talks and even vote on raising the debt limit before tomorrow’s […]
  • Copper swings ahead of FOMC meeting, U.S. dataCopper swings ahead of FOMC meeting, U.S. data Copper swung between gains and losses on Tuesday ahead of the two-day FOMC meeting which is expected to conclude with no change in Feds monetary policy, supporting demand outlook for raw materials. Gains were however limited by yesterdays weak […]
  • Forex Market: EUR/CAD daily trading outlookForex Market: EUR/CAD daily trading outlook Yesterday’s trade saw EUR/CAD within the range of 1.4285-1.4168. The pair closed at 1.4221, gaining 0.19% on a daily basis.At 10:04 GMT today EUR/CAD was down 0.08% for the day to trade at 1.4216. The pair ranged between 1.4204 and 1.4237 […]
  • Forex Market: USD/CAD trading outlook for September 21st 2016Forex Market: USD/CAD trading outlook for September 21st 2016 Yesterday’s trade (in GMT terms) saw USD/CAD within the range of 1.3185-1.3244. The pair closed at 1.3190, edging down 0.10% compared to Mondays close. It has been the 162nd drop in the past 342 trading days and also a second consecutive […]