Crypto-focused bank Silvergate plans to wind down operations after blow from FTX collapse

[Gas Pipelines]

Crypto-focused bank Silvergate plans to wind down operations after blow from FTX collapse

https://www.theglobeandmail.com/busines ... ons-after/

Crypto-focused bank Silvergate Capital Corp

SI-N -42.16% decrease

said on Wednesday it planned to wind down operations and voluntarily liquidate after it was hit with losses following the dramatic collapse of crypto exchange FTX, sending its shares down 35 per cent in after-hours trade.

The decision to shutter the bank comes after the company warned last week that it was evaluating its ability to operate as a going concern, disclosing that it had sold additional debt securities this year at a loss and that further losses mean the bank could be “less than well capitalized.”

The dire outcome for La Jolla, California-based Silvergate, one of the crypto industry’s favoured banks, shows the extent of the impact on the digital asset industry from the downfall of FTX which filed for bankruptcy in November after failing to cover customer withdrawals.

[xkhan]

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[xkhan]

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