A Key Pillar Of The Crypto Industry Falls As Silvergate Shuts Down
Silvergate Capital Corporation, the holding company for Silvergate Bank, has officially announced that it will cease operations entirely. The bank stated that it would be voluntarily liquidated in an orderly fashion and in accordance with applicable regulatory procedures.
The bank further indicated that all customer deposits shall be fully repaid, and that it was currently determining how to resolve claims while maintaining the value of its assets.
Silvergate informed the SEC at the start of the month that it was possibly less than well-capitalized and that it was reassessing its business. Moreover, the bank also admitted that it was unsure of its ability to continue operations going forward.
Needless to say, the news has sent shockwaves through the cryptocurrency industry, with major firms like Coinbase, Circle, CBOE, Paxos, and Galaxy Digital all quickly announcing that they were halting transactions to and from Silvergate.
Not long afterwards, Silvergate also announced the closure of the Silvergate Exchange Network (SEN), which previously allowed users to exchange government-issued currencies for crypto.
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