Crypto bank Silvergate Capital has announced that it is winding down its operations and liquidating its assets.
"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," the company said in a news release. "The Bank’s wind down and liquidation plan includes full repayment of all deposits. The Company is also considering how best to resolve claims and preserve the residual value of its assets, including its proprietary technology and tax assets."
The company's primary role was in helping large investors navigate the crypto space, moving their money in and out of crypto exchanges. It also operated its own exchange, called the Silvergate Exchange Network, which shut down last week.
The bank struggled with liquidity issues as the broader crypto space declined over the past year. These market headwinds combined with regulatory pressure to eventually make the bank's situation untenable.
It is one of the few non-crypto firms to collapse since the market took a turn last year.
Soundhound AI co-founder, president, and CEO Keyvan Mojaver discusses bringing its audio tools to cars and drive-thrus, plus why smaller companies may benefit from the A.I. boom.
Deiya Pernas, co-founder of Pernas Research, breaks down Nvidia’s blockbuster earnings, why energy is a sector to watch, and why the A.I. trend is far from over.
The NBA is organizing its next media rights deal to figure out which networks and streaming services will show their games for the next decade. Last time, most of the prominent streaming services didn't exist yet.
Jessica Traver Ingram, CEO and co-founder of IntuiTap Medical, discusses developing the company's Ver Touch device, the crucial FDA approval it just won, and why innovation in spinal blocks and epidurals is long overdue.
Matt Stucky, Chief Portfolio Manager of Equities at Northwestern Mutual Wealth Management chats why Nvidia has been unsteady leading up to its latest earnings results, plus what’s to come for the so-called ‘Magnificent 7.’
