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Crypto-friendly bank Silvergate to wind down after FTX blow-up
linkweb3
2023-03-09
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Summary：Silvergate Capital Corporation, the holding company of crypto-focused Silvergate Bank, announced Wednesday its intent to wind down operations and voluntarily liquidate the banking unit. The move came days after Silvergate shocked the industry with news that it was facing a financial crisis. The institution, which was one of the few banks that acted as an intermediary in the space of institutional crypto, is yet another victim of the "crypto winter" following the implosion of FTX, which used th
Silvergate Capital Corporation, the holding company of crypto-focused Silvergate Bank, announced Wednesday its intent to wind down operations and voluntarily liquidate the banking unit. The move came days after Silvergate shocked the industry with news that it was facing a financial crisis. The institution, which was one of the few banks that acted as an intermediary in the space of institutional crypto, is yet another victim of the "crypto winter" following the implosion of FTX, which used the bank to transfer customer funds.
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