The crypto-focused Bank believes this is the best path forward
Crypto-focused bank Silvergate has revealed it plans to wind down operations and voluntarily liquidate.
This is on the back of the collapse of the FTX exchange late last year.
The bank has been evaluating its ability to operate as a growing concern, admitting it had sold off debt assets, and wasn’t well capitalised going forward.
“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,” a statement from the Bank said.
Several crypto exchanges cut ties with Silvergate last week, including Coinbase and Galaxy Digital.
As it stands, the bank liquidation plan includes a full repayment of deposits.
