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.
As Americans prepare for a long weekend of grilling, Impossible Foods wants to put aside the culture wars, win over meat eaters – and IPO when it's 'ready.'
In April, grocery prices rose by 1.2 percent, reaching pre-pandemic levels of food inflation. Could an e-commerce grocer be the solution? Thrive Market says yes
The Recording Academy CEO, Harvey Mason Jr., sat down with Cheddar to discuss what to expect on Sunday, February 2nd 2025 at the 67th Annual Grammy Awards.
Parsing through the latest news might make it feel impossible to tell how the U.S. economy is doing. This analyst's take? We're in the best case scenario.
