# Mobile games developer Huuuge says has $24.2 million at SVB
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-03-13
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Huuuge Inc. assures sufficient resources despite SVB
Meta Description: Huuuge Inc, a mobile games developer, maintains financial stability despite 10% of its cash held at collapsed SVB. Ready for future cash requirements.
URL: https://financedigest.com/mobile-games-developer-huuuge-says-has-24-2-million-at-svbhtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-03-13t063119z2lynxmpej2c07frtroptp4global-markets-banks-sector-1736814338537-compressed.jpg)

(Reuters) – Mobile games developer Huuuge Inc said late on Saturday about 10% of its cash and securities were held at the collapsed Silicon Valley Bank (SVB), adding it has sufficient resources to meet cash requirements for the foreseeable future.

U.S.-registered Huuuge said it had about $237 million of cash and securities as of March 10 and about $24.2 million of that was held at SVB.

Startup-focused [lender SVB](https://www.financedigest.com/u-s-mid-tier-lenders-shares-rise-in-frankfurt-after-svb-deal.html "U.S. mid-tier lenders shares rise in Frankfurt after SVB deal") became the largest U.S. [bank to fail since the 2008 financial crisis](https://www.financedigest.com/how-the-2023-banking-crisis-unfolded.html "How the 2023 banking crisis unfolded") on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded.

U.S. authorities stepped in to limit the fallout from SVB’s collapse, [saying the failed bank’s](https://www.financedigest.com/boes-bailey-says-bank-reforms-worked-but-questions-about-liquidity-buffers.html "BoE’s Bailey says bank reforms worked but questions about liquidity buffers") customers will have access to all their deposits starting Monday and set up a new facility to give banks access to emergency funds.

The Warsaw-listed company known for its social casino games said the remaining balance of its cash and cash equivalents is held across “several large reputable [financial institutions”](https://www.financedigest.com/a-cloud-migration-guide-for-financial-institutions.html "A Cloud Migration Guide for Financial Institutions").

The [recovery of the funds](https://www.financedigest.com/hungary-pledges-legal-changes-to-secure-eu-recovery-funding-govt.html "Hungary pledges legal changes to secure EU recovery funding – govt") will be subject to the FDIC (Federal Deposit Insurance Corporation) process and the Issuer is unable to determine the exact timing and the extent to which the assets held at SVB can be recovered,” Huuuge said.

(Reporting by Anna Pruchnicka; Editing by Kim Coghill)


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---