In today's ExchangeWire news digest: TikTok announces "Project Clover" in response to data privacy concerns in Europe; AI firms in China turn to third parties and cloud software to workaround US chip restrictions; and crypto bank Silvergate announces its closure.
Video-sharing app TikTok has announced “Project Clover”, a new initiative to protect European users’ data. The plan comes off the back of increasing concerns that user data collected by TikTok may be accessed and manipulated by Chinese authorities, in addition to the UK's planned overhaul of GDPR. Under Project Clover, data collected from the app’s European users will be stored on servers in Ireland and Norway, a move which will cost the app €1.2bn (~£1.1bn) a year.
Artificial intelligence firms in China are reportedly evading US sanctions and accessing restricted technology. By using cloud providers and forging partnerships with third parties, Chinese AI firms are continuing to acquire Nvidia’s high-end chips, skirting around Washington’s unilateral controls barring US chipmakers from selling to Chinese groups.
California-based bank Silvergate will wind down its operations and refund all deposits at a substantial loss. The lender was one of the most prominent banks in the crypto industry, but suffered a steep decline following the collapse of FTX last year. In a press release issued on Wednesday (8th March), Silvergate stated it was “considering how best to resolve claims and preserve the residual value of its assets”.
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USD$8.1bn (~£6.8bn) - the amount withdrawn from Silvergate following the FTX crash in November.
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