Crypto-focused bank Silvergate plans to wind down following blow from FTX
Published date | 09 March 2023 |
Publication title | The Korea Times |
Crypto-focused bank Silvergate Capital 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 percent 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 favored 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.
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.
Multiple partners of the bank, including high-profile firms like Coinbase Global and Galaxy Digital, severed ties with Silvergate last week.
Silvergate has retained Centerview Partners as a...
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