Etsy announced on Friday that the company NBC News “We wanted to let you know that there has been a delay in your deposit scheduled for today,” he told affected merchants in an email he shared with . “Please know that our teams are working hard to resolve this issue and send your money back to you as soon as possible.”
An Etsy spokesperson said the company bank some He attributed the delay to the “unexpected collapse of Silicon Valley Bank”, stating that he used it to facilitate payments to merchants. They added that Etsy is working with other payment partners to facilitate deposits. The company expects to pay affected sellers “within the next few business days.” More than 7.5 million sellers to sell their products online Etsy uses.
federal regulators, 2008 on Friday after the biggest bank failure since the financial crisis SVB took over. The failure of SVB, which has close ties to Silicon Valley, in the industry created a cascading effect. On Friday, Roku said it could lose 26% of its cash reserves, or more than $487 million, due to the crash. A day later, USD Coin, a stablecoin pegged to the US dollar, was valued after Circle, the company that manages the currency, announced it had $3.3 billion in the bank. up to $0.87 fell. USD your coin While its value has mostly improved, the news has nevertheless raised fears of a possible financial contagion in the cryptocurrency industry.
Great collapse period in the US economy!
More importantly, there are many people whose paychecks are not paid on time. This also affects employees in early-stage ventures and small business owners who depend on Etsy for their livelihoods. who is a seller Owen McKinney He told NBC News that the delay in deposits could have a “disastrous” effect on his business.
It’s hard to predict what will happen next. On Sunday, the US Treasury Secretary Janey Yellen The federal government’s program Face the Nation aired on CBS. SVB He said he would not save money and would instead focus on helping depositors. Yellen said, “During the financial crisis, Investors and owners of systemic large banks have been bailed out, and the reforms put in place mean we won’t be doing that again,” he said. “But we are dealing with depositors and focused on meeting their needs.”