La Jolla-based Silvergate Bank, an institution that deals largely in crypto currency, announced today it will wind down operations and voluntarily liquidate. Earlier this year, Silvergate reported a net loss of $1 billion in the fourth quarter alone amid
SAN DIEGO – La Jolla-based crypto-focused Silvergate Bank announced today it will wind down operations and voluntarily liquidate.
A statement released by the bank’s parent company, Silvergate Capital, said, “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of bank operations and a voluntary liquidation of the bank is the best path forward.” Silvergate says it will fully repay all deposits as part of the shutdown. Last week, the bank also discontinued its Silvergate Exchange Network, which the company said would allow round-the-clock digital currency transfers.
Earlier this year, Silvergate reported a net loss of $1 billion in the fourth quarter alone amid what the company said was “a transformational shift in the digital asset industry,” leading to “several high-profile bankruptcies” among other digital currency exchanges and layoffs of members of Silvergate’s workforce.
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