Silvergate Plans to Wind Down Bank Operations and Liquidate
- Company specialized in services for crypto clients like FTX
- As digital assets plunged Silvergate lost billions in deposits
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Silvergate Capital Corp. plans to wind down operations and liquidate its bank after the crypto industry’s meltdown sapped the company’s financial strength, sending shares plunging.
“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 statement late Wednesday. “The bank’s wind-down and liquidation plan includes full repayment of all deposits.”