Mercury, a banking services startup for other startups, has announced that it has extended FDIC insurance of up to USD 3 million through its new product. It is 12x the set industry standard for businesses of USD 250,000 in FDIC insurance that other competitors offer. This announcement came after the Silicon Valley Bank collapse.
This banking services startup has launched a new product Mercury Vault. The new and current clients with over USD 3 million in their accounts will be encouraged to move funds into Mercury Treasury’s Vanguard money market funds that are 99.5% invested in U.S. government-backed securities and held 100% in the customer’s name.
Read more: Mercury expands FDIC insurance up to $3M through new Vault product
