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Tuesday, March 21, 2023

Finances: US crypto bank Silvergate decides on voluntary resolution

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Off in California: After FTX, another crypto institution is now going out of business.

The crisis in the market for digital currencies such as Bitcoin and Ether is bringing another heavyweight in the industry to its knees, the US financial group Silvergate Capital. The crypto bank announced on Wednesday (local time) that it would cease operations and voluntarily initiate its own orderly settlement. In view of the latest developments in the industry, this is the “best way”.

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Silvergate announced that it would fully repay all customer deposits. The shares of the bank, which was founded in 1988 and has developed into one of the largest financial service providers in the crypto industry over the past ten years, fell by 35 percent in after-hours trading. Silvergate had already warned in the wake of the bankruptcy of the large crypto exchange FTX that it might have to shut down business.

Source: Stern

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