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Another big blow for the Crypto industry with Silvergate Capital, one of the largest banks dealing in cryptocurrencies, has announced it is ending operations and liquidating Silvergate Bank.

The company's stocks have been steadily falling for over a year and plummeted after Circle, Coinbase, and Paxos announced they would end their relationships with Silvergate.

Silvergate's customers withdrew $8.1bn between September and December, leading to a decline in the company's stock price.

The bank has also shut down its 24/7 instant payment network and laid off 40% of its workforce. The bank has also been dragged into the FTX investigation by the Justice Department over its dealings with FTX and Alameda Research but no fraud or wrongdoing by the bank has been alledged.

What doesn’t kill you hopefully makes you tougher and it seems that’s what you need at the moment if you are a believer in crypto. The road to mass adoption wasn’t meant to be easy but we could do with a nice straight piece of road for a little while so we atleast keep the crypto car on the road.

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