#credit suisse

The blockchain platform, founded by Bram Cohen, the creator of BitTorrent, has downsized its workforce, reducing it by 26 out of 70 employees. This development follows Chia’s 5 months filing with the SEC for its public listing, which faced setbacks due to the collapse of its banking partner, Credit Suisse. The company is also considering its first-ever token sale.

The Swiss National Bank has reportedly agreed to extend a secured credit line of $54 billion to Credit Suisse to help it pay off its debts to clients. Additionally, the Swiss regulator is said to be considering the purchase of Credit Suisse's senior debt securities for $2.5 billion in cash. The collapse of Credit Suisse could have far-reaching consequences, potentially surpassing even those resulting from the recent collapse of Silicon Valley Bank. As such, it appears that a banking apocalypse has been averted, at least for the time being.