The decision to shutter the bank comes after Silvergate Capital warned last week that it was evaluating its ability to operate as a going concern
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.
In a statement, Silvergate said the decision to wind down its bank was “the best path forward” in light of “recent industry and regulatory developments.” Its wind-down and liquidation plan includes full repayment of deposits, the bank added. Silvergate reported a $1-billion loss for the fourth quarter as investors raced to withdraw more than $8-billion in deposits.
Last week, Silvergate discontinued the Silvergate Exchange Network, its crypto payments network and one of its most popular offerings. That network enabled round-the-clock transfers between investors and crypto exchanges, unlike traditional bank wires, which can often take days to settle.
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