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Following the Silicon Valley Bank collapse, Etsy has warned sellers that it may take longer than usual for the company to process some payments. “We wanted to let you know that today’s scheduled deposit has been delayed,” Etsy told affected merchants on Friday in an email shared by the company. “Please know that our team is working hard to resolve this issue and transfer the funds as soon as possible.”
An Etsy spokesperson attributed the delay to the “unexpected collapse of Silicon Valley Bank,” noting that the company uses banks to facilitate payments to some merchants. They added that Etsy works with other payment partners to facilitate deposits. The company plans to pay affected sellers “within the next few business days.” Over 7.5 million merchants use his Etsy to sell their products online.
Federal regulators took over the SVB on Friday in the biggest bank collapse since the 2008 financial crisis. His SVB failure with close ties to Silicon Valley had ripple effects throughout the tech industry. On Friday, Roku said the collapse could cost him more than $487 million. The next day, the value of USD Coin, a stablecoin pegged to the U.S. dollar, was revealed after Circle, the company that controls the currency, revealed $3.3 billion was stuck in banks. While USD Coin has nearly recovered in value, the news nonetheless raised concerns about the potential economic repercussions within the cryptocurrency industry.
More importantly, there are many people whose next paycheck does not come on time.For that Small business owners who rely on Etsy for a living. One seller, Owen McKinney, said. NBC News A late payment can have a “catastrophic” effect on his business.
It’s hard to say what comes next.On Sunday, US Treasury Secretary Jenny Yellen said The federal government will not bail out the SVB, instead focusing on helping depositors. Yellen said, “I want to be clear that during the financial crisis, investors and owners of large institutional banks were bailed out…and the reforms that have been implemented are not going to make us do the same thing again.” means that,” he said. “But we care about our depositors and are focused on meeting their needs.”