U.S. federal officials have been discussing with Silvergate Capital Corp's management to avoid a shutdown, Bloomberg News reported on Tuesday, citing people familiar with the matter.
Shares of the cryptocurrency-focused bank rose about 5% in after-market trading.it was delaying its annual report and said it was evaluating its ability to operate as a going concern.discontinue
the Silvergate Exchange Network, which enabled round-the-clock transfers between investors and crypto exchanges, unlike traditional bank wires, which can often take days to settle. U.S. regulators have been sent to the headquarters of Silvergate as the company looks for a way to stay in business, the report said.
One possible option involves lining up crypto-industry investors to help Silvergate shore up its liquidity, the report said. Federal Deposit Insurance Corp examiners were authorized to go to Silvergate's offices by the Federal Reserve, which is its main federal overseer and the examiners are reviewing the company's books and records, Bloomberg News added.
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