Silvergate Capital Corporation, the parent company of Silvergate Bank, has announced plans to shut down operations and "voluntarily liquidate" the bank. The bank's wind-down and liquidation plan includes full repayment of all deposits and considering how best to resolve claims and preserve the residual value of its assets, including its proprietary technology and tax assets.
The California-based lender has been struggling to stay afloat following the collapse of FTX. On March 3, Silvergate announced that it would discontinue one of its key offerings, the Silvergate Exchange Network (SEN), a payments network that enabled round-the-clock instantaneous transfers between institutional investors and crypto clients.
Some of the bank's high-profile crypto clients, like Coinbase, Circle, Gemini, and Paxos, distanced themselves from the troubled lender as a precautionary measure. Coinbase and Binance have emphasized zero exposure to Silvergate while adding that customers' funds are safe.
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Silvergate, Liquidation
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#shorts #bitcoin #crypto #ethereum #cryptocurrency #altcoins #eth #cryptonews #ethereum #btc #silvergate #silvergatebank #liquidation
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