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Crypto-focused bank Silvergate is shutting operations and liquidating after market meltdown - TL;DR CNBC

Crypto-focused bank Silvergate is shutting operations and liquidating after market meltdown

Publishing timestamp: 2023-03-08 18:27:37


Summary

Silvergate Capital, one of the main banks for the crypto industry, has announced that it will wind down operations and liquidate its bank. The company has just over $11 billion in assets and has been struggling for months, reporting a nearly $1 billion net loss in the fourth quarter of last year. All deposits will be fully repaid, according to the liquidation plan, but it is unclear how the company plans to resolve claims against its business. The announcement comes less than a week after Silvergate discontinued its payments platform and delayed filing its annual report due to regulatory crackdowns and investigations. Investment firms Citadel Securities and BlackRock recently took major stakes in Silvergate, buying up 5.5% and 7%, respectively.


Sentiment: NEGATIVE

Tickers: COINSBNYSIBBBYBLKCVNASI'A

Keywords: breaking news: marketscoinbase global incbusiness newssignature bankbreaking news: technologyblackrock incsilvergate capital corpcarvana cobed bath & beyond inc

Source: https://www.cnbc.com/2023/03/08/silvergate-shutting-down-operations-and-liquidating-bank.html


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